The Encyclopedia of Private Markets

Private markets have a reputation for being dense.

Whether it’s J-curves or K-1s, investing in private funds can feel like an alphabet soup of terms. And every market participant may define any term differently. 

At Tap, we see this every day. Counterparties on Tap’s secondary market need to constantly confirm common understanding of industry terms. Mix ups can slow or even kill deals.

This lack of a common vocabulary holds back the private markets from mainstream adoption. It adds a layer of time consuming, expensive friction to every transaction. It contributes to uncertainty. It’s a drag.

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Introducing The Encyclopedia of Private Markets.

At Tap, our mission is to make private markets work for everyone. If private markets are going to go global, they need a “lingua franca," a trade language that everyone speaks fluently.

The Encyclopedia of Private Markets is the first step towards formalizing a trade language for private markets. It is the result of months of collective effort of Tap and industry veterans from secondaries funds and law firms.

The Encyclopedia of Private Markets is created by and for sophisticated investors. Whether you are new to private markets or a veteran investor, we hope The Encyclopedia of Private Markets will be your first resource and the last word on private market terminology.

This is a living document. As private markets develop, this list will be expanded and refined. To that end, please send comments and suggestions to team@usetap.com. We appreciate your help.

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You can access The Encyclopedia of Private Markets here.