Monark building DTCC for private markets
Ben Haber, CEO of Monark, on building the DTCC for the private markets
The big shift is that private market access is moving from a hit driven product into a portfolio product. Single names like SpaceX and Stripe are the hook because retail investors search for brands they already know, but diversified evergreen funds are easier to slot into a brokerage or advisor workflow because they are continuously open, can take subscriptions at any time, and give exposure without asking an investor to pick one winner.
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Monark is building both sides of this menu. It started with pre IPO SPVs, then added registered funds to the same API, so a brokerage can begin with a headline name and later add Blackstone, KKR, or Apollo style fund exposure without building a second back office workflow.
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The buyer profile also changes by channel. Self directed retail shows the strongest pull for single company exposure, while RIAs and robo style platforms want alt sleeves inside model portfolios. Evergreen funds fit that need because advisors can buy them like a standing allocation rather than waiting for a one off deal window.
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This pattern matches the broader history of private markets. Direct company exposure creates excitement, but diversified vehicles usually become the scaling layer because they lower selection risk for investors and operational friction for platforms. That is how private assets move from a niche trade into a repeat product on mainstream brokerage shelves.
The next step is a two tier market. Branded pre IPO names will keep bringing investors into private markets, then evergreen funds, model portfolios, and other diversified wrappers will turn that curiosity into recurring allocations. The winners will be the infrastructure providers that let brokerages offer both through one account, one custody path, and one compliance stack.