The Utah-based company raised $2 million in a pre-seed round led by New Stack Ventures.
Donerail Private Markets will target large secondary trades in late-stage private companies, with a focus on AI, enterprise software, and fintech.
The inaugural North Haven Growth & Innovation Fund provides flexible capital across primary and secondary transactions, including company-led liquidity solutions.
The new identity is part of a complete rebrand and rebuild, including the introduction of a portfolio feature, new trade mechanics, and the scrapping of its "(in)famous public orderbook."
The new offering gives GPs a structured way to create investor liquidity with greater transparency on buyer selection, pricing, and timing, according to the private credit-focused firm.
The order bars a former NPM employee from working at Hiive for a period of three months and from soliciting NPM employees and customers for one year.
The ongoing saga between the rival secondary market trading platforms continues to escalate, with new allegations that Hiive solicited employees to access proprietary information.
The secondaries platform is suing rival Hiive for copying elements of its private share transfer and settlement technology.
Backed by Cube Ventures, the marketplace aims to unlock liquidity for venture investors in the region.
"Private credit will never trade like public markets, but investors deserve better tools than 'lock it up and wait," said Nelson Chu, Founder and CEO of Percent.
