Owning the SPV Ledger Unlocks Liquidity

Owning the SPV ledger matters more than owning the marketplace, because the party that standardizes how LP interests are created and recorded can make private assets tradable without touching the issuer cap table. That shifts the bottleneck from company approval and transfer paperwork to software. It also turns a slow, broker driven process into a repeatable transaction rail for fund interests, SPV interests, and eventually recurring secondary liquidity.

• The practical unlock is that an SPV sits on the company cap table while its LPs sit behind it. Trading an LP interest can often happen without adding a new name to the issuer cap table, which avoids the ROFR, consent, and transfer friction that makes direct private share sales slow and expensive.
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• That is why Sydecar focused on standardization and its own ledger. It automated entity formation, banking, tax, compliance, and post close administration across 300 plus transactions and about $400M in value, building the back office needed to support transfers inside the vehicle instead of one off manual deals.
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• The opportunity is large because only about $30B of private company shares traded annually against roughly $1.5T of late stage venture equity value, and a 15% yearly liquidity float implies a $225B market. Earlier attempts like Forge, EquityZen, Carta, and Nasdaq Private Market each solved part of the problem, but none fully removed broker and issuer friction.
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The next phase is likely a stack where SPV infrastructure providers power many front ends, while marketplaces, banks, and wealth platforms compete on distribution. If a common SPV standard takes hold, secondary trading in private funds and privates starts to look less like bespoke brokerage and more like routine market plumbing, with the ledger owner capturing the highest leverage position.