What the PA Mark is
An indicative price: our best current estimate of what a share of a private company is worth, expressed in dollars per share, dated to the day it was computed. It is not a quote, not an offer, and not the price any particular transaction will clear at — it is where the evidence points.
Inputs
Each mark is composed from the pricing events we record for that company:
- ·Secondary trade prints — Completed transactions with a per-share price — third-party reports, direct reports from participants, and platform trades.
- ·Institutional fund marks — Fair-value marks that SEC-registered funds report in N-PORT filings for their private positions, converted to implied $/share.
- ·Round prints — Priced funding rounds — the per-share price investors actually paid.
- ·Exchange quotes — Live bid/ask levels from active listings, as data points.
- ·Market data — Third-party pricing services, where available.
How the blend works
Inputs are combined as a recency-weighted median: each input’s influence decays with age on a ~90-day half-life, so a print from last week outweighs one from last quarter, and stale signals fade out rather than anchoring the mark.
A new priced round resets the regime: pre-round signals stop carrying weight, because a primary price is the strongest evidence there is.
Every mark carries a confidence level — HIGH, MEDIUM, or LOW — reflecting how many inputs it rests on, how recent they are, and how well they agree. A mark built on a dozen agreeing recent signals is not the same as one stretched over two old prints, and we say so.
Companies without enough inputs get no mark at all. We’d rather show an honest gap than a confident guess.
Implied valuation
The implied valuation multiplies the mark by shares outstanding, where share counts are on record. Because share classes carry different rights (see any company’s cap table), a single per-share figure is a simplification — useful for comparison, imprecise by construction.
Important disclosures
PA Marks are informational estimates, not investment advice, valuations for accounting purposes, or offers to transact. Private-market pricing data is inherently incomplete: transactions we haven’t recorded don’t influence the mark, structures (SPV, forward) can price differently from direct transfers, and different share classes command different prices. Verify independently before relying on any figure.