On February 10, 2026, Nasdaq Inc. (Nasdaq: NDAQ) announced a significant development in private market analytics with the launch of its Nasdaq Private Capital™ Indexes. This innovative suite of benchmarks aims to provide greater transparency and reliability for institutional investors navigating the complexities of private capital markets.

1. Addressing the Fragmentation of Private Markets

The launch of these indexes represents a critical evolution in Nasdaq's Private Capital Solutions, which is designed to offer institutional-quality data and analytics. Oliver Albers, Executive Vice President and Chief Product Officer at Nasdaq, emphasized the urgency of this initiative, stating, “Private markets are at a pivotal moment, growing rapidly in both importance and complexity. Yet the ecosystem remains highly fragmented, with data trapped in silos, inconsistent benchmarks, and limited interoperability.”

By introducing the Private Capital™ Indexes, Nasdaq seeks to unify various aspects of private market data, providing a comprehensive tool for performance benchmarking and exposure analysis.

2. Robust Methodology and Comprehensive Coverage

Constructed from a vast dataset of over 14,000 institutional private market funds that collectively represent more than $11.4 trillion in global assets under management (AUM), the Nasdaq Private Capital™ Indexes are built on a solid foundation of LP-reported fund performance. The indexes employ a rigorous, rules-based methodology that includes:

Modified Dietz quarterly performance measurement: This method ensures that the performance metrics are accurate and reflective of real investment conditions.

NAV-weighted aggregation: This approach aligns the index results with the size and significance of individual funds.

Standardized two-quarter restatement process: This feature is designed to meet institutional governance expectations for accuracy and reliability.

The index suite encompasses a variety of strategies, including private equity, buyout, venture capital, private debt, fund of funds, and real estate.

3. Enhanced Tools for Investors

The Nasdaq Private Capital™ Indexes will be delivered through the Nasdaq eVestment TopQ+ platform, known for its private markets fund research and performance analytics. This integration aims to provide investors with objective, rules-based benchmarks that offer valuable insights for asset allocation and comparative performance analysis.

Albers noted the increasing demand for enhanced transparency and operational infrastructure in private markets, stating, “As allocations to private markets grow, institutions increasingly expect greater transparency, data, and stronger operational infrastructure to support their investment processes.” The introduction of these indexes reflects Nasdaq's commitment to equipping investors with the necessary tools for informed decision-making in an evolving landscape.

4. Future Outlook

The launch of the Nasdaq Private Capital™ Indexes is a strategic move to meet the growing needs of institutional investors and consultants who require reliable benchmarks to navigate the intricacies of private capital markets. This initiative not only underscores Nasdaq's dedication to improving market transparency but also positions the company as a leader in the ongoing development of private market analytics.

With the introduction of these indexes, Nasdaq is poised to enhance the operational framework of private capital investments, setting a new standard for performance measurement and data integrity in a sector that has historically lacked objective benchmarks.

For more information on the Nasdaq Private Capital™ Indexes and the broader Private Capital Solutions platform, interested parties can visit Nasdaq's official website.

In conclusion, the Nasdaq Private Capital™ Indexes represent a significant advancement in the capability of institutional investors to benchmark and analyze private market performance with confidence, promising to reshape the investment landscape in the years ahead.

Original press release