Trade Private Market Investments as if They Were Bonds




The private markets have sporadic liquidity and no efficient way for investors to hedge or transfer risk. XTAL unlocks new ways to access and trade the private markets to meet the requirements of the private market industry participants seeking better price transparency and liquidity terms, lighter capital solutions and more efficient risk management instruments – as they prepare for broader distribution to retail and DC plans and for increased institutional regulation.

XTAL’s Markets offer GPs, private market intermediaries and investors, an unprecedented set of solutions within an established capital markets framework to bridge this gap.


You can’t trade future Net Asset Values.

There is no way to predict a given level of invested capital at a future date, due to the variability of cash flows.

You can’t trade IRRs.

Internal Rates of Return can’t be traded over time (lacking proper reference to time and underlying amount).

You can trade DARC Yields, spot and forward.

Yields transfer the exact economic interest of a fund, spot and forward, conditionally and unconditionally in a seamless way.

You can settle in kind or with cash.

Contracts will allow flexibility to deliver or receive the cash payment or the fund / portfolio interest, as agreed by the parties.