In this special edition of The Distribution, host Brandon Sedloff sits down with Chris Tinsley and Rory Mabin of NASDAQ’s fund secondaries business, recorded live from NASDAQ’s Times Square studio. 

The conversation unpacks the evolution of the fund secondaries market, highlighting how NASDAQ is bringing technology, transparency, and regulatory clarity to a historically opaque and manual process. Chris and Rory share how their unique professional journeys—from institutional investing to pioneering fintech—positioned them to rethink secondary liquidity in private markets. 

They dive deep into the complexities of LP transactions, the origins of NASDAQ’s platform, and the structural and regulatory innovations making scaled, GP-sponsored liquidity a reality today.

They discuss:

* How NASDAQ’s acquisition of SecondMarket evolved into a fund secondaries platform

* Why secondary LP transactions are more like M\&A deals than stock trades

* The value of “GP-sponsored” liquidity programs and how they differ from GP-led deals

* How NASDAQ’s Qualified Matching Service (QMS) helps GPs avoid tax complications while scaling liquidity

* Why scalable technology and a growing buyer base—including family offices and institutional LPs—are reshaping the future of private market secondaries

This episode is essential listening for GPs navigating LP liquidity needs or building next-gen fund structures in private markets.

Links:

Nasdaq Fund Secondaries - https://www.nasdaq.com/solutions/fund-secondaries

Chris Tinsley on LinkedIn - https://www.linkedin.com/in/christoffertinsley/

Rory Mabin on LinkedIn - https://www.linkedin.com/in/rory-mabin-966a1333/

Brandon on LinkedIn - https://www.linkedin.com/in/bsedloff/

Juniper Square - https://www.junipersquare.com/

Topics:

(00:00:00 ) - Intro

(00:01:20 ) - Introducing Chris Tinsley and Rory Mabin

(00:01:45 ) - NASDAQ's role in private market secondaries

(00:02:09 ) - Chris Tinsley's journey to NASDAQ

(00:03:55 ) - Rory Mabin's background in fund secondaries

(00:05:04 ) - Understanding NASDAQ beyond the exchange

(00:06:40 ) - The origin of NASDAQ's fund secondaries business

(00:10:28 ) - Challenges in fund secondaries transactions

(00:17:40 ) - The role of technology in streamlining processes

(00:23:49 ) - Adapting to investor needs in private markets

(00:27:26 ) - Enhanced liquidity options for limited partnerships

(00:31:02 ) - Understanding Qualified Matching Service (QMS)

(00:33:28 ) - Challenges and solutions in providing liquidity

(00:36:52 ) - The role of technology in liquidity solutions

(00:38:03 ) - Practical implementation of embedded liquidity

(00:46:37 ) - The future of secondary markets and AI integration

(00:50:02 ) - Conclusion and final thoughts