We quietly launched Nodem in the summer of 2024 to meet an acute need across Next Wave markets for a creative liquidity provider. We broadly define Next Wave markets as the world minus the 10 “legacy” advanced economies (North America, Western Europe, etc.).

The firm will offer liquidity to the holders of VC-backed assets in markets that include (but are not limited to) Emerging Europe, Turkey, Latin America, Southeast Asia and India. I have spent my career as a GP and LP across emerging markets at leading investment firms Cambridge Associates and Sturgeon Capital and deeply understand the liquidity needs of ecosystem participants. 

Nodem is well into the process of seeking FCA authorisation. Anchor capital is in place, and all investment activities will commence once regulatory approvals are in place.

The scale of the opportunity

The scale of the opportunity Nodem is tapping into is vast: Next Wave markets have many brilliant companies and funds for which a subset of underlying LPs/investors have good reasons for wanting interim liquidity. With few existing options, Nodem has entered the market to provide liquidity against the very best mature private assets approaching exit. We estimate our investable universe to be around $15 billion today, and we expect this number to grow nearly ten times over the next decade. 

From an almost non-existent base in 2011-12, there has been a rapid build-up in capital raised by VC funds across Next Wave markets, peaking in 2021, when nearly $57bn was raised. The explosion in capital raising from 2019-21 was fueled by earlier successes in the US/China and major early mobile internet successes by Next Wave VCs (2011-12 vintages). More and more of these VC funds with meaningful residual value are hitting the 10-year mark.

Today, it feels like a perfect entry point for Nodem with very limited competition, normalised valuations and the near-term prospect of exits. The scale of the opportunity is vast and will endure from today through the coming decades.

Nodem will focus on offering partial liquidity (through preferred equity investments) to “non-sellers” who want to maintain exposure/control but accelerate liquidity for distributions or growth.

Interested to learn more?

Subject to FCA authorisation, qualified investors can access our deals through internally managed funds and/or our co-investment program.

Please use the website contact form for more information and/or to apply to join our mailing list. 

Best,

Alex