Zanbato targeting private credit and alternatives
Zanbato
The strategic prize for Zanbato is becoming the settlement and price discovery layer for illiquid assets beyond venture stock. Its core asset is not just access to pre-IPO shares, but a broker network, institutional buyer base, and workflow for handling hard to transfer positions. Those same pipes can be reused for private credit, real estate interests, and other alternative assets where trades are large, bespoke, and operationally messy.
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Zanbato already operates where adjacency matters most, large block institutional trades. From 2017 to 2020 it processed more than $29B of orders across 500 plus issuers, with average trade size of $14M. That maps more naturally to private debt and fund interests than to small retail tickets.
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The comparable path in alts is specialization by asset class. Monark is building brokerage infrastructure for pre-IPO stock and funds, while iCapital is the reference point in private credit distribution. That suggests Zanbato can expand by keeping its trading workflow and swapping in new asset inventories and buyers.
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The bottleneck in private markets is usually not demand, it is execution. Existing research on secondaries points to 3 to 6 month transfer cycles, issuer approvals, and fragmented broker communication. Augment is attacking that with software for brokers and issuers, which shows where Zanbato would need deeper tooling to win adjacent markets.
The next phase is a broader private market operating system where equity is only one product line. If Zanbato can shorten settlement, standardize documentation, and give institutions reliable market data across more asset classes, it can move from being a private stock venue to a core trading rail for alternative assets.