Pre-IPO Access Grows Brokerage AUM
Ben Haber, CEO of Monark, on why 2026 is the year of alts
This shows pre-IPO access is working as a customer acquisition and wallet consolidation tool for brokerages, not just a niche trading feature. Monark plugs private deals into an investor’s existing brokerage account, so a platform like BBAE can attract wealthier users, pull over larger cash balances, and make those assets visible on the same statement as stocks and ETFs. That is a much stronger behavior change than a one off alternative investment purchase.
-
Pre-IPO is Monark’s wedge product because it creates immediate demand. Investors can browse an offering inside their brokerage app, complete accreditation checks, invest from existing cash balances, and then see the SPV interest reflected in custody and account reporting. That makes the brokerage feel more like a full wealth platform.
-
The broader pattern is that incumbent distribution platforms want alternatives to increase wallet share. Monark is selling this infrastructure into brokerages and wealth platforms, while iCapital does something similar for private credit and evergreen funds, and Zanbato remains more institutional and broker driven in private stock trading.
-
This matters because the old pre-IPO market was fragmented and manual, with brokers matching buyers and sellers off platform. Embedding the workflow inside retail brokerages lowers friction, keeps assets on platform, and turns private markets from an external destination into another account feature that can lift deposits and account size.
The next step is moving from single name pre-IPO deals into evergreen private funds and model portfolio sleeves. If brokerages can start with a high demand flagship product, then add always on private credit and private equity funds, private markets become a recurring AUM and retention engine rather than an occasional special offering.