According to data from Pitchbook, the number of secondary SPV transactions through Sydecar, an SPV automation platform, increased by 682% through the end of 2025 from 2023 levels.

"We're blowing through our projections," says Sydecar cofounder and CEO Nik Talreja. He thinks Sydecar could double its assets under administration again to $10 billion in the next 12 months.

Sydecar was named as one of the top 50 private markets technologies to work for by Search Chain Partners.

"The story of growth in American equities is increasingly being told in the private markets and not in the public markets," said Shriram Bhashyam, the chief operating officer of Sydecar, which handles the administrative side of private stock sales.

Sydecar data shows the median secondary SPV in Q1 raised $850,000 in just 14 days, with an average LP contribution of $69,400.

“There is less incentive to sell into a tender the closer a company gets to an IPO, as the employees can sense a liquidity event on the horizon,” said Shriram Bhashyam, COO of Sydecar, an SPV execution platform.

Sydecar ranked No. 37 overall (out of 300) and No. 5 in the fintech, financial services & insurance category.

Sydecar's COO, Shriram Bhashyma, was interviewed on the Trading Places podcast to discuss secondary markets, M&A, layered SPVs, and more.

DXYZ may have underperformed in the past because it traded at too high of a premium to its NAV, according to Nik Talreja, CEO of the venture-investment platform Sydecar.

On Sydecar, AI, aerospace and defense, and fintech represented 41%, 23%, and 7% of secondary special purpose vehicle (SPV) volume, respectively.