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February 2023
Private Market Report - February 2023
In the doldrums
Market conditions remained depressed in January. While the total number of orders on our system rose by about 30% in January vs. December, the total value of listings actually declined, primarily reflecting a further tapering of seller price expectations. Indeed, both the median bid and the median ask, compared to last round value, declined materially again in January. Other metrics like the bid/ask ratio, the bid/ask spread, and average transaction price, all stabilized during the month.
Marketplace highlights
220
Private issuers with activity on the platform during the month
868
Live orders to buy or sell on platform
60%
Average transaction price as % of last known funding round
$847MM
Value of listings for sale on the platform
Market momentum
Median bid
The median discount level of bids on platform deepened significantly to 52.4% from 44.4% in December, signalling that buyers do not believe the market has hit bottom.
Median ask
The median discount at which sellers sought to sell sank to 31.8% from 25.9% in December, suggesting that sellers also anticipate further declines.
Bid/ask ratio
The bid/ask ratio’s skew in favor of buyers moderated slightly in January from December’s reading of 0.42 but remained firmly within a buyer’s market.
Average bid/ask spread
The bid/ask spread narrowed by roughly 3.5% suggesting that market liquidity has stabilized somewhat for now.
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