What new changes do you anticipate for private markets that do not exist currently, given Caplight's role in private market infrastructure maturation?

I think research is a huge one, and I think that it's still in the early phases. I go back to the comments that I made around Sacra and some of the other groups that we're looking to partner up with. There's a massive opportunity here, with sell-side research being such an engaging tool with the investment banks in terms of going and serving their clients. It just seems obvious in the private markets that something like that would exist.

Outside of that, I think there's a really big opportunity for data. I know a couple of groups are out in the market with their own data product, and that's really important work and it's bringing value to the markets. I still think that there's an opportunity to consolidate everyone's information in a way that doesn't hurt any of the people who are participating by sharing that information, but that makes the entire market, including the people who are sharing the data, way better and easier to transact.

What I've learned in private markets in the past five years is, as much as you can reduce the friction, reduce it, because something else will come up that presents itself as a problem that you weren't anticipating. So where you can make the whole process smoother, do it. It seems like needing, on a transaction-by-transaction basis, to go out and scour several different platforms for data, just to answer your own question on where you would be comfortable pricing something, is a somewhat unnecessary requirement to trading in this asset class.