Private markets are buzzing with activity, as tender offers hit an impressive $6 billion in 2024, private market funds redefine portfolio strategies, and social commerce continues its meteoric rise. Could this signal a transformative moment for liquidity and growth in 2025?
In this edition of Alta Views, we explore how SpaceX, ByteDance, and Stripe are leveraging tender offers to meet liquidity needs, analyze the rise of private market funds like the Stableton Unicorn Top 20 Fund, and break down how TikTok Shop is disrupting e-commerce with its innovative live commerce model.
Also in this edition: Temasek’s launch of a US$7.5 billion private credit platform highlights the growing appeal of alternative assets, while BlackRock’s US$12 billion acquisition of HPS Investment Partners underscores institutional confidence in private markets as essential tools for portfolio rebalancing.
Let’s break it down!
Tender Offers Surge as Private Companies Redefine Liquidity
With IPOs losing their luster, private companies facilitated over $6 billion in tender offers in 2024, marking a significant increase from the previous year.
While SpaceX's tender prices align with secondary market valuations, reflecting strong confidence, ByteDance has priced above, signaling optimism. In contrast, Stripe has priced slightly below, undervaluing its SaaS potential. Investors can capitalize on this trend by accessing opportunities through private capital marketplaces like Alta or private market funds like Stableton Unicorn Top 20 Fund.
While TikTok Shop's sales represent a small portion of the total US$10.8 billion U.S. Black Friday online sales this year, its rapid growth highlights the unique integration of social media and e-commerce, gaining traction and market share in the e-commerce space. In ASEAN, platforms like Shopee and Tokopedia have dominated the social commerce space through localized strategies and partnerships. However, TikTok Shop is rapidly gaining market share with its innovative live commerce model, seamlessly integrating social engagement and shopping to appeal to younger consumers.
TikTok Shop’s US$100m Black Friday Mile stone | Photo credit: Pexels
Private Market Funds: Key to Effective Portfolio Rebalancing
Private market funds are emerging as a powerful tool for growth and long-term value creation. With the normalization of central bank rates and declining inflation as catalysts for private market investment opportunities, these funds enable access to high-growth sectors like real estate (e.g. RWC Real Estate Fund II and 8A Cable Road Fund), allowing investors to tap into global megatrends and secure outsized returns compared to conventional assets.
The trend of companies remaining private longer, with the median age increasing from 6.9 a decade ago to 10.7 years today, further underscores the investment case for private market funds.
The Stableton Unicorn Top 20 Fund is not just a product — it’s a paradigm shift. By combining access to high-growth private companies with liquidity and strategic diversification, this open-ended investment is an equal-weighted portfolio of 20 growth equity/Pre-IPO unicorns with an annualized return of 12.7%. Unlike traditional private equity products with extended lock-up periods, this fund features a short 12-month lock-up, followed by quarterly redemptions, providing unparalleled liquidity for a private market product.
BlackRock’s US$12 billion acquisition of HPS Investment Partners underscores the broader industry shift toward integrating private markets into portfolio strategies. This move reflects growing institutional recognition of private market funds as essential tools for rebalancing portfolios and navigating market volatility.
Funds are not just a means of diversification; they are a pathway to navigate volatility and capitalize on emerging opportunities. With professional management and access to diverse asset classes, funds are poised to play a pivotal role in shaping investment success in 2025 and beyond.
Fig 1: Returns Comparison between Morningstar PitchBook Unicorn Select 20 and S&P 500
Alta’s Strategic Investment in xAI: Pioneering the Future of AI
Alta’s recent investment in xAI underscores our ability to identify and secure high-value opportunities in transformative industries. As AI reshapes global innovation, xAI’s groundbreaking approach aligns with our focus on disruptive, high-growth ventures.
Redefining AI Computing: Founded in 2023, xAI is advancing artificial intelligence under the visionary lea dership of Elon Musk. Supported by experts from OpenAI, Google Research, and DeepMind, xAI is positioned to become a major force in AI. A key achievement includes the launch of its flagship product, Grok, a cutting-edge conversational AI designed to drive research and innovation. Building on this success, xAI quickly followed with the release of Grok-2, cementing its reputation for groundbreaking advancements.
Alta’s Value Add: Alta participated in xAI’s $6 billion funding round, the com pany’s first external primary raise. Our strategic engagement ensured access to one of the most anticipated opportunities in AI, reinforcing our ability to act decisively in dynamic markets.
Why This Investment Matters to Investors: xAI’s rapid growth, including $100 million in annualized revenue within its first year and a projected $50 billion valuation, positions it as a serious contender in the AI space. With its innovative approach to AI, including real-time da ta access from the X platform and efficient, personalized insights, xAI stands out in a crowded market. As the AI industry continues to expand, xAI is well-placed for substantial growth. This investment provides investors with a unique opportunity to be part of a company that combines cutting-edge technology with responsible development, positioning it for long-term success.
Ably Corp is a South Korean e-commerce fashion platform focusing on building its fashion and beauty cosmetics app that works on the C2C marketplace model where designers and influencers can set up their own digital shop inside the ABLY app.
KPay provides comprehensive payment collection solutions to SME merchants. It helps businesses streamline management processes and improve customer retention, business efficiency and flexibility. KPay creates a more intuitive approach to running a business that enables merchants to reach their maximum potential.
Habitto is a digital banking platform that offers personal wealth advice as well as deposits, investments, and insurance services. The company offers financial advice through its mobile application with a single point for customer acquisition and includes digital onboarding and eKYC that offers daily access and visibility of their money and policy and a range of investment and insurance products, enabling customers to achieve their investment goals and provide the insurance they need.
A fortnightly collection of the latest news from Private Capital Markets. Put together by Alta’s team of analysts, we bring you the most critical and timely pieces from private markets, to help you navigate the broad horizon. Stay tuned as we bring you the most notable fundraises, analysis on industries and companies trending within investor networks, the latest headlines, and more!
Alta is Southeast Asia’s largest digital marketplace for alternative investments. Alta gives investors direct access to invest and trade in a wide range of curated alternative assets, from direct investment into early to late-stage private companies, PE/VC funds, asset-backed securities of luxury assets, real estate, and more.
As a licensed integrated marketplace, Alta brings the trading and distribution of securities, fund management, and payment solutions under one roof. Through its blockchain-powered exchange, Alta is also able to support tokenization, digital custody, and trading of alternative assets.
Alta is headquartered in Singapore with global offices in Malaysia, Indonesia and India.
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