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Harrison Street and Nasdaq Fund Secondaries Test New Liquidity Model

A maiden auction for the Harrison Street Real Estate Fund has successfully cleared 91% of offered shares, marking a significant test for intra-period liquidity in interval funds. The process, facilitated by LODAS Markets and Nasdaq Fund Secondaries, allowed investors to trade outside standard repurchase windows without tapping into fund assets.

Bio & NewsOctober 2, 20262,097 reads0

The September 23 auction proved that demand for alternative liquidity exists, with 41% of sellers receiving prices better than their initial requests. While many sellers anticipated a 20% discount to net asset value, the clearing price settled at a 15% discount. Because the platform matches existing investors directly, the fund itself remained untouched, avoiding the need to sell property or dip into capital reserves to satisfy exit requests.

This mechanism addresses a common friction point in semi-liquid vehicles, which have grown to nearly $600 billion in assets as of early 2026. By providing a market-based exit option alongside traditional repurchase programs, the firms aim to offer greater flexibility for financial advisors and their clients. Following this outcome, a second auction for the Harrison Street Real Assets Fund is scheduled for October 2, 2026, as the partners look to scale the model across a wider range of private market strategies.

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