Private capital is harder to move than ever. EVIDENT moves it. We are a principal buyer in the secondary market, and we run the digital infrastructure that makes private positions liquid in the first place: capital on one side, a market built for liquidity on the other.
For most of the last century, the way out of a private investment was an IPO or a sale. Today the most valuable companies stay private for a decade or more, and those windows open late and unpredictably. The secondary market has become the principal route for capital to exit private markets.
This is structural, not cyclical. As long as companies stay private longer, the need to move capital between investors only grows.
Performance used to be measured on paper, by IRR. Investors now ask a harder question first: how much capital have you actually returned? DPI, distributions to paid-in capital, has become the measure that matters most.
With traditional exits slow, the secondary market is how managers answer it, returning capital without waiting for an IPO that may be years away. While companies stay private longer, that pressure only builds.
The demand for liquidity is structural, and it sits on every side of the market.
Sources: Lazard, 2025 Secondary Market Report; Jefferies, Global Secondary Market Review (2025).
We address this in two ways at once. On the first level, we are a principal in the secondary market as it works today: a buyer with capital and a network of demand. On the second, and the one that matters more over time, we run the infrastructure that changes how the market itself works.
Counterparty
We buy positions today, with our own capital and a network of private-wealth demand.
Infrastructure
We run the digital market that makes those positions liquid in the first place.
When a position needs to move, EVIDENT is the buyer. We commit our own capital, and we bring demand that the institutional market cannot reach: family offices, external asset managers, and private banks seeking private exposure they could not otherwise reach. Our AI-driven request-for-quote system reaches the whole market to surface real buyers and real prices; where market liquidity is constrained, we may facilitate transactions as a principal counterparty, subject to our strict conflict of interest policies and best execution duties.
The deeper change is the infrastructure underneath. When a security is brought onto EVIDENT, it is on-ramped to a digital market: its record, its ownership, and its transfers all live on one system, on a shared ledger with an AI layer over the top.
From that point, liquidity is no longer arranged deal by deal. It becomes a property of the asset itself. Discovery, pricing, clearing, and settlement run on the same infrastructure and reach the whole market, so a position can change hands faster, at lower cost, and more often.
More efficiency means more liquidity. The easier a position is to find, price, and settle, the more readily it changes hands, and the deeper the market in that asset becomes. That is the part that compounds.
See the infrastructure underneath →Private secondaries have long run through a gray market of opaque vehicles, layered fees, and prices disconnected from reality. EVIDENT is the opposite.
Every transfer is legal and permissioned, structured as a regulated security, and priced through a competitive process. Clean price discovery, transparent terms, and a counterparty that stands behind the transaction.
EVIDENT operates as a licensed broker-dealer with a separately licensed administrator. See how we are built.
If you are an LP, GP, manager, or founder with a private position to sell, or an investor seeking secondary exposure, we would welcome the conversation.
partners@evident.capitalPrivate market investments and secondary market transactions involve a high degree of risk, are highly illiquid, and are subject to the total loss of invested capital. Past performance metrics (including DPI or IRR) are not indicative of future results. Services are only available to Professional Investors as defined under the Securities and Futures Ordinance.