# Tom Callahan

> 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.

- **Role:** Chief Executive Officer at Nasdaq Private Market
- **Organizations:** Nasdaq Private Market, BlackRock, NYSE Liffe U.S., NYSE Euronext, Merrill Lynch
- **Nationality:** American
- **Education:** Bachelor of Arts, Harvard University
- **Known for:** Transformed BlackRock's global cash management platform, a $700 billion business, and grew assets under management by over $500 billion., Led NYSE Liffe U.S. as CEO, running a U.S. futures exchange., As NPM CEO, scaled a platform that has facilitated roughly $40 billion in secondary liquidity for around 150,000 stakeholders across 500+ private companies.

## Career timeline

- **1991** — Graduated from Harvard University with a Bachelor of Arts.
- **1990s-2000s** — Spent nearly 15 years at Merrill Lynch in New York and London, including roles as Co-Head of Global Prime Brokerage and Head of Global Money Markets.
- **2008-2013** — Served as CEO of NYSE Liffe U.S., the U.S. futures exchange of NYSE Euronext, for roughly five years.
- **2013-2022** — Head of Global Cash Management and member of the Global Operating Committee at BlackRock, leading a $700 billion business and growing AUM by over $500 billion.
- **2022** — Appointed Chief Executive Officer of Nasdaq Private Market.
- **2025** — Public campaign making the bull case for private markets across CNBC, FIA, and finance podcasts; NPM executes tenders including a $1.6B single transaction.

## Achievements

- Transformed BlackRock's global cash management platform, a $700 billion business, and grew assets under management by over $500 billion.
- Led NYSE Liffe U.S. as CEO, running a U.S. futures exchange.
- As NPM CEO, scaled a platform that has facilitated roughly $40 billion in secondary liquidity for around 150,000 stakeholders across 500+ private companies.
- Oversaw tender offers including a single transaction of approximately $1.6 billion.

## Latest updates

- **2025-09** — Appeared on CNBC to make his bull case for private markets, arguing public markets are shrinking while private companies grow.
- **2025-08** — Told Axios that tender activity is poised to overtake IPO volume as late-stage companies choose structured liquidity over public exits.

## Links

- Website: https://www.nasdaqprivatemarket.com
- LinkedIn: https://www.linkedin.com/in/tom-callahan-8a1112a/
- Twitter/X: https://twitter.com/NPM
- Facebook: https://www.facebook.com/NasdaqPrivateMarket/

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Profile page: https://yespress.io/tom-callahan
Published by YesPress — https://yespress.io
Last updated: 2026-06-03