NonPublic tops USD $500 million on private tech demand

NonPublic has grown assets under administration to more than USD $500 million in less than four years.

The Australian private markets platform said the total reflects demand from Australian wholesale and sophisticated investors for access to private US technology companies before they list publicly.

NonPublic has built positions in a range of closely watched private businesses, including SpaceX, Shield AI, Groq, Ayar Labs, Perplexity, Tenstorrent and Discord. Its portfolio also spans sectors including defence, robotics and energy generation.

The platform pools capital from Australian investors and offers exposure to individual private companies through separate vehicles. It said this structure gives investors a path into deals that often require minimum commitments of between USD $1 million and USD $5 million, along with US regulatory accreditation thresholds that many Australians would struggle to meet directly.

Investor access

NonPublic is positioning itself in a market where demand for private company exposure has grown as large technology groups stay unlisted for longer. For investors outside the United States, access can be difficult because of deal size, eligibility rules and the fragmented nature of private secondary transactions.

The platform has also launched a secondary market that allows investors to sell an eligible position before a company goes public. That provides a route to liquidity in an asset class where capital can otherwise be tied up for years.

According to NonPublic, the milestone places it among the faster-growing platforms in Australia's private markets segment. The group now plans to broaden its local investor base, targeting family offices and financial advisers.

It is also exploring expansion into overseas jurisdictions to extend its reach beyond Australia. The plans come as private market platforms seek to capture more investor money flowing into pre-IPO and secondary transactions tied to prominent US technology names.

Growth path

Milan Reinartz, Founder and Chief Executive Officer of NonPublic, said the company's rise reflects a gap in the Australian market for structured access to private US technology investments.

He said: "Four years ago, Australian wholesale investors had almost no structured way to access the private US technology companies driving the next wave of global growth. Reaching over US$500 million in assets under administration in that time reflects how quickly that gap has closed, and how much appetite there is among sophisticated investors for deal-by-deal access, where they choose exactly which company they back with each vehicle.

"Our growth has been built one company at a time, from Tenstorrent and Perplexity through to SpaceX and Groq, and it shows how quickly Australian investor appetite for this kind of access is growing. Our task over the next 12 months is to deepen that access for Australian investors, broaden the sectors we cover, and build the secondary market functions that give investors a genuine path in and out of these positions."

NonPublic describes itself as an Australian-licensed investment platform focused on curated access to private market deals, particularly in the US technology sector. Its model reflects a broader shift in wealth markets, as sophisticated investors look beyond listed equities in search of earlier-stage exposure to companies that may remain private for extended periods.

That trend has helped fuel interest in secondary share trading and special purpose investment vehicles that package single-company exposure. For Australian investors, platforms such as NonPublic are seeking to bridge the gap between local capital and private companies once mainly accessible to large institutions and established US venture networks.

With assets under administration now above USD $500 million, the company has reached a scale that underlines the depth of that demand in the local market.