Zanbato powering private market indexes

This partnership turns Zanbato from a place where private shares trade into part of the pricing infrastructure that institutions can plug into. Zanbato is supplying secondary market data to power the NYSE OPEN Venture Unicorn Index, a benchmark tracking 50 large U.S. unicorns, which means its closed trade data can be packaged into index values, benchmarks, and downstream market data products instead of earning money only when a trade happens.

• In practice, this is the private market version of what public exchanges sell every day, not just execution, but the reference prices, constituent data, and calculated index values that asset managers, banks, and research desks use to benchmark portfolios and build products.
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• Zanbato is positioned for this because ZX already aggregates institutional secondary activity across more than 220 trading groups, and ZXData holds over $18B of closed trade data. That gives it raw material for index construction that smaller marketplaces or issuer specific tender platforms do not have at the same depth.
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• This is also a competitive wedge versus platforms like Carta, Forge, and Nasdaq Private Market. Those businesses help complete liquidity events, but Zanbato’s inter broker model produces a cross market view of bids, trades, and price formation that is more naturally turned into benchmark data for institutions.
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The next step is a fuller private market data stack, where trading venues, benchmark providers, and fund products reinforce each other. As private companies stay private longer, whoever controls the cleanest transaction data will be in position to define the reference prices, indexes, and portfolio tools that make private markets feel more like a real asset class.