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Tom Callahan is the CEO of Nasdaq Private Market (NPM), the New York firm building the plumbing for trading shares in companies that have not gone public. A 30-year markets veteran who ran a $700 billion cash business at BlackRock and led NYSE Liffe U.S., he took NPM's helm in 2022 and frames the private market as a multi-trillion-dollar asset class 'hiding in plain sight' - one whose infrastructure, he says, resembles the bond market of 1970. He argues tender offers will soon outpace IPOs as the way late-stage companies deliver liquidity.

tom callahannasdaq private marketnpmprivate marketssecondary marketfintech