Harrison Street and Nasdaq Fund Secondaries Test New Liquidity Model

The September 23 auction proved that demand for alternative liquidity exists, with 41% of sellers receiving prices better than their initial requests. While many sellers anticipated a 20% discount to net asset value, the clearing price settled at a 15% discount. Because the platform matches existing investors directly, the fund itself remained untouched, avoiding the need to sell property or dip into capital reserves to satisfy exit requests.

This mechanism addresses a common friction point in semi-liquid vehicles, which have grown to nearly $600 billion in assets as of early 2026. By providing a market-based exit option alongside traditional repurchase programs, the firms aim to offer greater flexibility for financial advisors and their clients. Following this outcome, a second auction for the Harrison Street Real Assets Fund is scheduled for October 2, 2026, as the partners look to scale the model across a wider range of private market strategies.