$750+ Million in AUM—and why we're just getting started

I'm thrilled to share that as of today, Augment has surpassed $750 million in total assets under management (as calculated using Caplight's secondary market pricing data) —and our momentum continues to accelerate. Our sights are set on $1 billion.

This milestone matters, but not for the reason you might think. It's not really about us. It's about what's happening beneath the surface of private markets—forces that have been building for years and are now converging into something that looks a lot like an inflection point.

When Adam and I started Augment, we believed that private markets needed better infrastructure. Today, that belief feels almost quaint. What we're seeing now is an entire asset class being rebuilt in real time. And we believe that 2026 is shaping up to be the year that rebuilding goes mainstream.

Here's what we're watching.

The AI capital surge

The race to build and deploy AI isn't slowing down—it's accelerating. We're witnessing unprecedented capital flows into both foundational model companies and the application layer being built on top of them. This isn't a bubble. It's a fundamental repricing of how the economy gets organized.

What this means for secondary markets: more velocity. AI companies raise quickly at rapidly escalating valuations. The traditional venture playbook of "invest and hold for a decade" doesn't map onto a landscape where a company's valuation can double in six months. We've seen this firsthand—investors in AI names are actively trading positions as price discovery happens in real time, not just at IPO.

The broader secondary market is reflecting this momentum. Investment bank William Blair, for example, projects that overall secondary volume could approach or exceed $200 billion in the coming year if current trends continue. When we started, secondaries were a niche corner of private markets. Now they're becoming essential infrastructure.

From buy-and-hold to active trading

Here's a shift that doesn't get talked about enough: private markets are developing trading cultures.

Venture capital has historically been a buy-and-hold asset class. You invest, you wait, you hope for an IPO or acquisition. But as companies stay private longer and valuations move more dynamically, the logic of sitting on positions indefinitely has begun to break down.

We're already seeing this at Augment. In AI and other high-velocity sectors, investors are actively managing their exposure—buying more when they see opportunity, taking profits when prices move. Based on the trading patterns we're observing, we believe a meaningful percentage of SPV assets could trade actively if liquidity continues to improve—a significant departure from the historical norm.

The other question worth asking: will the long tail finally get unlocked? Right now, most secondary activity concentrates in the top 30 or so names—The Power 20 plus another tier of emerging breakouts. But as infrastructure improves and price discovery becomes more reliable, we expect trading activity to extend further down the market cap spectrum. The companies ranked 50-100 today could look a lot more liquid by the end of next year.

Who's coming to the table

The participant mix in private markets is evolving fast.

On Augment, our volume has historically skewed institutional. But we're seeing early signals that retail accredited investors are ready to engage—both direct-to-consumer and through wealth channels. As access expands and minimums come down, this cohort will grow significantly.

Wealth advisors are a major part of this story. Their clients are asking for alternatives, and advisors need platforms that can deliver. We expect 2026 to be the year private markets become a standard allocation conversation in the RIA world.

Then there's the supply side: issuers themselves. More companies are recognizing that employee liquidity isn't just a nice-to-have—it's a retention tool. We expect to see more issuer-sponsored tender programs and more openness to partnering with marketplaces like Augment for ongoing shareholder liquidity. The stigma around secondaries is fading. Smart founders now see them as a feature, not a bug.

The platform landscape is also consolidating. Big banks are building secondary capabilities tied to their cap table management offerings—think Morgan Stanley's Shareworks and Fidelity's Private Shares, to name just two. The question is whether standalone independent platforms can compete, or whether the future belongs to integrated players. Our bet: there's room for both, but independents need to move fast and build defensible relationships on both the buy and sell side.

The regulatory moment

Regulation is the wildcard that could accelerate everything—or slow it down.

The optimistic case: the SEC could relax rules around private market access. For example, potential changes to the 100 LP limitation in 3(c)(1) offerings could lower investment minimums and expand participation. We've already seen the administration signal openness to alternatives in retirement accounts. If that momentum continues, the addressable market for platforms like ours could expand significantly.

Tokenization is another area to watch. We've seen stablecoins move from regulatory gray zone to serious legislative attention with proposals like the GENIUS Act and CLARITY Act. Whether a similar framework could eventually emerge for tokenized private stock remains to be seen, but it's a conversation that's happening.

More volume also means more price transparency. Today, secondary pricing can feel opaque—quotes vary, transactions take 30-60 days, and information asymmetry is real. But as liquidity deepens, we get closer to something resembling continuous price discovery. That unlocks even more sophisticated use cases: indices built on private company baskets, systematic rebalancing, and portfolio construction that treats private markets as a true asset class rather than an illiquid afterthought.

We believe that SPV structures will continue to dominate—over 50% of 2025 volume went through SPVs, and that could climb to 75% or higher. Along with that growth, we expect more fee transparency and stronger regulatory focus on disclosures. This is healthy. An institutionalizing market needs institutional standards.

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What it means for Augment

We built Augment to make private markets liquid, accessible, and transparent. Crossing $750 million in AUM tells us the thesis is working. We're optimistic about what's ahead, and we're focused on continuing to build the infrastructure this market needs.

But the real opportunity isn't in the numbers—it's in what they represent. Private markets are becoming real markets. The infrastructure is emerging. The participants are arriving. The rules are evolving.

We believe that 2026 won't be the year private markets "arrive." They've already arrived. 2026 will be the year everyone realizes it.

If you want to be part of what's next, we'd love to have you. Create an account and explore what's possible at augment.market.

—Noel

Augment Markets, Inc. is a technology company offering software and data services with securities-related services offered through its wholly-owned but separately managed subsidiary Augment Capital, LLC, Member of FINRA/ SIPC.

Important Disclosures: This material has been prepared for informational purposes only. None of the information provided represents an offer or the solicitation of an offer to buy or sell any security. The information provided does not constitute investment, legal, tax, or accounting advice. You should consult with qualified professionals before making any investment decisions Investing in private securities involves substantial risk, including the potential loss of principal. Private securities are typically illiquid, have limited pricing transparency, and often require longer holding periods. These investments are available exclusively to qualified accredited investors and offer no guarantee of returns. Additionally, past performance of private securities does not indicate or predict future results.