Our FNEX Darkpool marketplace quality increased in Q1. Here’s what we’re tracking:
- Order quality: Nearly 20% of deals placed on our platform made it to closing in Q1. This is up 140% QoQ.
- Deal sizes: The average transaction size for deals matched via Connect was $1.3M in Q1, but was $1.8m and $2.0m in Feb. & March respectively.
- We are considering implementing a $500k deal size minimum for our marketplace.
- Overall volume/count: Closed transaction volume and count increased 123% and 60% QoQ respectively.
More looks at primaries & blocks w/ diligence: Since March 2024, ~70% of deals matched on Caplight were SPVs, and 77% of those came with diligence materials
Caplight Q1 2024 Update
According to Caplight, Pre-IPO market continues to rebound off Q2’23 bottom driven by primary fundraising & IPO activity.

Overview
● Overall volume remains lower than ’21 peak levels, but investors are re-engaged.
● Market breadth widens with more companies trading.
● Unique SPV opportunities are coming to market.