This week, Brian Belley and Scott Kitun unpack the biggest private-markets headlines: Morgan Stanley’s move into secondaries via a leading pre-IPO platform, the surge of H1 2025 secondary volume past $100B (with Evercore on 52%), and why that matters for liquidity. We also break down the Republic “MIRA tokens” model—how mirror/forward exposure differs from owning shares, accreditation/filings nuances, and why tokenized infrastructure could reshape access (or not). Plus: a quick debrief from Washington, D.C.—CFPA Summit takeaways, SEC/FINRA conversations, and Brian’s incoming CFPA board presidency. We close with the perennial question: should the accredited investor definition evolve, and how would that change Reg CF/Reg A dynamics? Clear context, practical implications, and what we’re watching next.
Highlights include...
Secondary market shift: H1 2025 > $100B; Evercore’s 52% share—why it matters
Why big banks want pre-IPO pipes—and what changes (and doesn’t) for individuals
Rumor mill vs reality: portal acquisitions vs white-label infrastructure
Tokenization 101: how “mirror” exposure differs from owning shares; risks & mechanics
CFPA Summit takeaways: demand-driven products, regulatory conversations, retail access
Accredited investor debate: possible tests, impacts on Reg CF/Reg A/Reg D
How investors can navigate: expectations on upside, timelines, and due diligence