The digital marketplace for LP‑led secondaries
Palico is the premier online marketplace for buying and selling stakes in private funds, serving smaller and mid-sized secondary transactions, across all strategies and regions.
Transacted on Palico —
Comprehensive Solutions for the Secondary Market
For Sellers —
Liquidity for Limited Partners
Sell your fund positions efficiently through a fully digital and secure marketplace, with access to a global network of 2,000+ accredited investors.
For Buyers —
Curated Secondary Deal flow
Access exclusive private fund positions, all through a fully digital, secure, and effective marketplace.
For General Partners —
Liquidity Tool for Fund Investors
Palico’s digital platform empowers General Partners to support their Limited Partner exits smoothly, without disrupting your fund operations.
For Asset Managers, Banks & Agents —
Integrated White Label Solution
Empower your clients with seamless access to liquidity and dealflow through your fully branded, digital secondary marketplace.
Join the Leading Digital Investor Community in Secondaries
Investors and seasoned PE professionals built Palico to unlock the next stage of the evolution of the secondary market.
Digitization Is The Future of Secondaries
Unlock the full potential of the secondary market using the only FINRA-approved broker-dealer digital marketplace for LP-led secondaries.
Efficiency
Reduce the time and complexity of traditional secondary transactions with a seamless end-to-end digital workflow.
Transparency
Receive clear insights into the market value of fund positions through the platform.
Confidentiality
Your privacy and data security are ensured at every stage.
A Thriving Digital Community for LP-Led Secondary Transactions
2,000+
Traditional and non-traditional buyers with more joining each week
90%
Of secondary capital represented in the Palico marketplace
$1B+
Secondary sales listed since 2024
200+
Fund positions made available since 2024
Get started today
Whether you’re a seller, a buyer, a General Partner, or looking to offer a liquidity solution to your clients, Palico makes transacting private fund positions simple, secure, and fully digital.
As Featured In —
Frequently Asked Questions
What is Palico?
Palico is the premier online marketplace for buying and selling LP stakes in private funds, serving smaller and mid-sized secondary transactions, across all strategies and regions. Palico empowers buyers and sellers by offering a secure, efficient, and fully digital platform to facilitate LP-led secondary transactions. With regulatory approval from FINRA and led by seasoned professionals with decades of experience in private markets, Palico stands as a pioneer in transforming the LP-led secondary market.
Who are Palico's LP Members?
- Pension Funds
- Governments and Sovereign Wealth Funds
- Foundations and Endowments
- Fund of Funds
- Family Offices
- Registered Investment Advisers
- Gatekeepers
- Banks and Insurance Companies
- Corporate Investors
- Asset Managers
- Ultra High Net Worth Individuals (on a case-by-case basis)
What is the KYC process for members?
To become a member of Palico’s marketplace, you can fill out our sign-up form in under five minutes. Once submitted, Palico’s internal compliance team handles the rest:
For LPs :
LP applicants complete a brief sign-up form. Our compliance team then validates the member across four areas:
- User Identity – Confirm identity and employment.
- Accredited Investor Status – Confirm institutional or individual accreditation (SEC-defined).
- Firm Verification – Validate the existence of the company.
- Regulatory Oversight – Identify the applicable financial regulator (e.g. FINRA, FCA).
What kind of fund stakes can be sold on Palico?
Palico supports a wide range of LP-led secondary sales, including:
- Single LP fund stakes
- Portfolios of LP stakes
- Select co-investment interests (case-by-case)
- Transactions ranging from $500K to $150M+
Why use Palico’s secondary Marketplace?
Palico’s platform can host all types of LP-led secondaries. Therefore, any PE fund investor looking to sell their Private Equity fund stakes will be able to leverage the platform. While Palico initially specialized in transacting smaller fund stakes, the digital end-to-end process was built to accommodate all transaction sizes.
At Palico, we expand this access to liquidity by providing a digital solution where PE investors can attract bids via a competitive multi-bidder process and use digital tools to streamline and guide the deal forward.
Benefits of Using Palico’s Secondary Marketplace – For Sellers
- Competitive Multi-Bidder Process – Attract pricing from a global network of professional secondary buyers.
- Anonymity by Default – Maintain full anonymity until you choose to reveal your identity, typically at the binding stage.
- Secure Data Room – Use a fully encrypted virtual data room with redacted documents to protect fund and seller identity.
- End-to-End Digital Workflow – Manage the entire process digitally: data room, messaging, non-binding bids, LOI, binding bids, and closing.
- No Obligation to Sell – You can cancel your listing at any time without penalty or fees.
Benefits of Using Palico’s Secondary Marketplace – For Buyers
- Curated Deal Flow – Access pre-vetted LP-led opportunities, including single-line sales, portfolios, and select co-investments.
- Real, Committed Sellers – All listings are live, seller identities are verified, and supporting documentation is available — eliminating the noise of speculative deals.
- End-to-End Digital Workflow – Streamline your acquisition process through integrated tools for every transaction stage.
- Early Access to Off-Market Opportunities – Discover deals that don’t circulate through traditional intermediaries.
- Efficient Screening & Matching – Use filters by strategy, size, and geography to zero in on opportunities that match your mandate.
What is the process of selling a fund position on Palico
I – Listing
To list a position for sale, sellers must provide:
- Proof of Ownership: e.g. a recent Capital Call notice or Subscription Agreement.
- Key Documents (to facilitate pricing and due diligence):
- Quarterly Reports
- Financial Statements
- Capital Account Statement
- Optional: LPA, PPM, Subscription Agreement
II – Launch
Once the sale is set up and the draft of the sale is accepted by the seller, a launch date will be determined alongside key dates for each round of the process (Non-binding bids, Seller Review, Binding bids, Closing). Before the sale can get published on the marketplace, the seller will have to sign a Letter of Engagement with Palico.
III – Buyers virtual data room requests
Once the sale has started, buyers will start looking at the opportunity and request access to it. Before being able to access documents/sending messages, the buyer will sign an NDA with the seller and the Palico Terms of Service. Once documents are signed and access is granted by the seller, at his discretion, the interested buyers will be able to access the virtual data room to review documents and to reach the seller through Palico’s encrypted messaging module. The seller remains anonymous at this stage.
IV – Bids
Once access to the data room of the opportunity is granted, the buyer can perform due diligence and provide a non-binding offer. It is then up to the seller to choose preferred buyers to move to an LOI agreement before producing a binding offer. The seller remains anonymous until he selects the winning binding bid and needs to countersign the LOI.
V – Closing
The seller ultimately selects a winning bid, where GP approval is required before proceeding to legal documentation. In order to complete an accepted binding offer, the seller, buyer, GP, and their respective legal representative(s) must complete the following documents:
Term Sheet
Sales and Purchase Agreement
Transfer Agreement
While legal paperwork will be finalized offline, supplemental documents may be hosted in Palico’s virtual data room as needed.
What is the process of buying a fund position on Palico?
I – KYC
To participate, you must be an approved LP member of the platform (see “What is the KYC process for members?” section)
II – Dealflow alerts and browsing
To access and follow dealflow, buyers will have two options:
- Receive opportunities based on their investment preferences via email
- Browse any secondary sales opportunities listed on the platform.
III – Requesting Access
Once an opportunity of interest is identified, the buyer can then request access to the sellers virtual data room to review documents and to reach the seller through Palico’s encrypted messaging module. Before being able to access documents/sending messages, the buyer must sign an NDA with the seller and the Palico Terms of Service.
IV – Due Diligence and Bids
At this point, the buyer can perform due diligence and provide a non-binding offer. It is then up to the seller to choose preferred buyers to move to an LOI agreement before producing a binding offer. The seller ultimately selects a winning bid, where GP approval is required before proceeding to legal documentation.
How do I submit a bid?
All bids should be made through the bidding module on the platform. It is then up to the seller to decide which interested buyers to engage with in the process. The seller will select preferred bidders who will be asked to sign an LOI and move to the binding offer stage.
V – Closing
In order to complete an accepted binding offer, the seller, buyer, GP, and their respective legal representative(s) must complete the following documents:
- Term Sheet
- Sales and Purchase Agreement
- Transfer Agreement
While legal paperwork will be finalized offline, supplemental documents may be hosted in Palico’s virtual data room as needed.
Security / Data Protection
Palico’s platform combines technological excellence with regulatory compliance. We continuously improve the platform to ensure the security and confidentiality of all of our users.
Palico is a cloud-based platform and complies with the industry-standard data security protocols. Our network and infrastructure use several security layers (encryption, authentication, and authorization) to guarantee the confidentiality and integrity of all recorded and exchanged data. All security layers are based on widely used and approved protocols in the industry and comply with ISO 27001 certification.
Confidentiality
Palico offers a virtual data room to share confidential information with selected counterparties. The data room’s access is granted by the seller (in the case of a secondary sale) or by the GP (in the case of fundraising) for chosen requesters.
Palico also provides an end-to-end encrypted messaging module in order to negotiate and discuss transaction details privately.
Anonymity
Palico is designed to maintain the anonymity of all LP members on the platform:
Palico respects the LP’s preference to remain anonymous on the platform.
Buyers identity is only revealed to sellers if they request access to a specific opportunity.
At the sellers’ discretion, their identity can be kept confidential until the LOI stage.
The LP has no obligation to reveal its identity until the process gets to the LOI stage of the secondary transaction.
Fairness
The marketplace is controlled and overseen by our internal compliance team. The compliance team thoroughly monitors member activity to ensure that no member is misusing the information available online.
Transparency and Standardization
Palico is built on the premise of providing a level playing field to all its members on the platform. It does so by giving all its members access to the same information presented in a standardized form for all investment or sale opportunities available on the marketplace.
