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June 15, 2023

Private Markets Need Transparency

Private Markets Need Transparency

A former CBS sports executive had a great business which streamed the announcers of college sports over the phone lines from a PBX that he owned. He charged $1.99 a minute to parents who wanted to listen to their kids games. He made the most money from D2, D3, & second tier D1 schools because it was the only way to get this information. He shared that revenue with the schools and in his contracts he also had all the rights over digital transmission(internet broadcasting). One of his interns was one of the founders of Audionet (This became The intern kept saying that this all needed to be over the internet, but there was the sunk cost of the PBX that the former CBS executive could not get over, so his company went under and Mark Cuban got the Mavericks.

The need for transparency in private markets is obvious. I was speaking to the CTO of a publicly traded company in alts, he dismissed web3 and said if he was going to do any activity repeatedly he wanted a greenscreen (he also joked that he isn't even sure API's are a good idea), this fellow is leading his company to its death because he cant see beyond what got them to where they are. Decentralized data and digital trading of alternatives is peeking around the corner.

The ability to instrument your data to real time inform a digital instrument, a risk book, a portfolio manager's system is what Inveniam provides. We are an operating system for data in a distributed data reality.

The need for a centralized data base to crunch data is a friction point Inveniam obviates. In 5 years a GP setting the mark for their own book will be like a 40 act fund clearing and settling their own trades. Bernie Maddoff killed that concept and the concept of GP not having a 3rd party mark on their assets is ridiculous.

Seven years ago a D2 player won the college slam dunk contest, he went to college in North Dakota, he was invited because his youtube videos went around a centralized oracle function and the other college players wanted him in the contest.

Inveniam's Valuation as a Service delivers your data on demand to a third party valuation expert. The valuation agent gets out of data collection and data entry and delivers their high value knowledge work. The LP then has the 3rd party mark and, through Inveniam, full provenance of the source data through every change of state of that data. This is the foundation upon which digital trading of private market assets is built and how we power data to legacy compute systems and smart contracts in a GDPR compliant manner.

Price discovery will be the killer app for blockchain.

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