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Nasdaq has announced the launch of exclusive API access to Tape D, a real-time private company pricing dataset developed by Nasdaq Private Market. The move is designed to offer institutional clients, advisors, and investors greater insight into the opaque valuation environment of private companies, including unicorns and late-stage startups.
As the exclusive distributor of Tape D via Nasdaq Data Link, Nasdaq is expanding its role in private market infrastructure by making secondary transaction pricing, primary funding data, and accounting-based valuations available through a single API integration. The Tape D dataset blends inputs such as mutual fund marks, 409A valuations, and private equity rounds to support more informed capital allocation and liquidity planning decisions.
“The private market is now a critical arena for valuation, investment, and planning”
Oliver Albers, Executive Vice President and Chief Product Officer of Capital Access Platforms at Nasdaq, commented,
“Nasdaq was founded on the principle of leveraging technology to make markets more efficient, and we are committed to driving the same transformation in private markets that we’ve achieved in public markets. The collaboration with Nasdaq Private Market builds upon this foundation, reflecting Nasdaq’s continued commitment to creating an ecosystem where transparency, accessibility, and improved outcomes naturally extend across the entire investment lifecycle.”
Tape D is now available to Nasdaq clients through API integration and also via subscription through Nasdaq Private Market. The platform is positioned as a response to long-standing data limitations in the private sector, where price discovery has been fragmented, infrequent, and difficult to benchmark.
Marc Perkins, CFA, Senior Vice President of Product at Nasdaq Private Market, commented, “The private market is now a critical arena for valuation, investment, and planning, and requires accurate, real-time data. With over 1,200 unicorns and billions in equity held by private shareholders, the need for a reliable valuation benchmark is greater than ever. Tape D brings essential clarity to private markets, and we are excited to partner with Nasdaq to broaden access to market participants.”
The partnership reinforces Nasdaq’s commitment to providing transparency across the full lifecycle of investments. In recent years, Nasdaq has introduced services such as Nasdaq Fund Secondaries and cross-market portfolio tools for asset owners and allocators. These initiatives support the firm’s strategy of expanding beyond its traditional public market infrastructure to serve growing demand for data and execution services in private markets.
Tape D’s target users include private fund managers, banks structuring secondary transactions, and wealth managers advising clients on illiquid asset portfolios. The data API allows for integration into internal systems, streamlining tasks such as pricing updates, client reporting, and investment committee decisions.
Since its founding in 2013 as a Nasdaq initiative, Nasdaq Private Market has processed nearly $60 billion in secondary liquidity transactions. Now operating independently, NPM counts Goldman Sachs, Morgan Stanley, Citi, UBS, and other major institutions among its investors.
The launch of the Tape D API comes as more asset managers seek tools to track unrealized gains, support liquidity events, and evaluate pricing in non-public investments. The broader private market, with over 1,200 unicorns and a growing pool of institutional capital, has increasingly demanded infrastructure akin to public markets. Nasdaq’s move to provide structured, real-time data reflects that trend.
The service aims to address longstanding issues around delayed or manually collected private company valuations, giving stakeholders—from company boards to fund administrators—access to normalized and benchmarked pricing data in near real time.
