Overview
Brokerages and platforms are packaging late-stage private-company exposure for accredited/qualified investors with research, financing, and UX borrowed from public markets — while legal structures remain fund/SPV layered.
Timeline
- 2026-07-31: clear-street launches Private Markets with databricks debut (2026-08-02-clear-street-private-markets-official-pr)
- 2026-07: databricks $188B private mark (term sheet)
Key Players
Analysis
Marketing language of “access” must be separated from direct ownership and issuer endorsement. Secondary-sale crackdowns by some AI companies raise structural risk.