1. The Problem

Private markets hold most of the world's productive assets, yet their value is not discovered in markets.

It is reported by fund managers and appraisers through Net Asset Value statements.

NAVs rise gently because they are modeled, not traded.

This apparent stability hides volatility and delays information.

Real-world assets, whether real estate, private credit, or infrastructure, generate genuine yield, but these cashflows are invisible between distribution events.

Investors cannot trade, hedge, or express conviction until the asset is sold and its value finally realized.

Private capital remains illiquid not because assets are slow but because price discovery is slow.