Rainmaker 20 Index
A proprietary benchmark index for late-stage private companies
The Rainmaker 20 Index tracks secondary market pricing trends aross 20 highly liquid late-stage private copanies, providing a consistent reference point for observing secondary market pricing trends in private markets
Latest Published Index Level
Q1 2026
539.898
The Index level reflects cumulative changes in the modeled benchmark value over the historical tracking period beginning January 1, 2024 at an Index Level of 100. Historical Index levels prior to launch were calculated retroactively using Rainmaker’s proprietary methodology.
Constituents
The Rainmaker 20 Index is constructed as a fixed, equal-weighted basket of 20 late-stage private companies selected for liquidity, market relevance and observed investor demand.
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Data powered by PM Insights
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The Rainmaker 20 Index is a proprietary benchmark designed to provide greater transparency into late-stage private markets. It tracks secondary market pricing trends across a curated group of 20 highly liquid private companies chosen by Rainmakers’s team of experts, using observed market activity to reflect how valuations move over time.
Formally introduced in 2026, the Index includes historical tracking data beginning January 1, 2024, allowing market participants to view both current conditions and longer-term trends.
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Private markets have historically lacked clear, reliable benchmarks. As private companies remain private longer and secondary market activity grows, demand for consistent price discovery has increased.
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The Rainmaker 20 Index is built using observed secondary market data sourced through the PM Insights (PMI) platform. Pricing inputs are derived from aggregated market data contributed by broker-dealers participating in the PM Insights network and may include executed trades, bids, offers, and other pricing indications. These inputs are used to generate composite pricing estimates intended to provide a consistent view of observed market activity rather than relying solely on completed transactions.
The Index is constructed as an equal-weighted basket, with an initial notional value allocated equally across all constituents to measure cumulative changes in composite pricing over time. Index values are calculated relative to a historical starting point of January 1, 2024. Pricing inputs are updated regularly as new market data becomes available, and the Index is reviewed annually, with the first scheduled rebalancing beginning in January 2027.
The Index is designed to represent a maximum subset of 20 of the most actively traded late-stage private growth equity companies, typically with implied valuations exceeding $1 billion. Constituents must have observable pricing inputs available at least one day prior to the first day of the selection month. Companies that are publicly listed at the time of selection are not eligible for inclusion.
Constituents are selected by the Rainmaker leadership team, informed by observed market activity across the Rainmaker broker network and PM Insights data. Selection is intended to reflect companies attracting sustained investor interest, meaningful secondary market activity, and broader relevance within the late-stage growth equity market.
If a constituent becomes publicly listed during a calendar year, its publicly traded market price may be used for index calculation purposes through the end of that year. At the subsequent annual review, the company will no longer be eligible for inclusion and will be replaced accordingly.
Rainmaker 20 Index Disclosures
Informational Benchmark Only
The Rainmaker 20 Index (the “Index”) is a proprietary reference benchmark developed and calculated by Rainmaker Securities, LLC (“Rainmaker”). The Index is provided solely for informational and educational purposes. It does not constitute an offer to buy or sell any security, a solicitation of an offer, or a recommendation regarding any investment strategy or transaction. The Index is not tailored to the needs of any person or entity.
Not an Investment Product; Not Investable
The Index is not an investment company, fund, or other investment vehicle. It does not hold securities, enter into transactions, or generate returns. It is not possible to invest directly in the Index. Any reference to “performance,” “growth,” or percentage changes in the Index level reflects changes in a modeled benchmark value and does not represent actual investment returns achieved by any client, account, or strategy.
Historical Index Levels; Modeled and Backfilled Data
The Index was formally introduced in 2026 and includes historical tracking data beginning January 1, 2024. Index levels prior to launch are calculated retroactively using Rainmaker’s proprietary methodology and historical data inputs. Such historical levels are hypothetical and derived with the benefit of hindsight. Hypothetical or backtested results have inherent limitations and do not reflect actual trading conditions, liquidity constraints, transaction costs, or market impacts that would have existed at the time. Past Index movements are not indicative of future results and should not be relied upon as a basis for investment decisions.
Data Sources and Pricing Limitations
Index values are derived from aggregated secondary market data available through Rainmaker’s PM Insights (PMI) platform, including order submissions and completed transaction information contributed by participating market participants. Order submissions may not result in executed trades and may reflect size-specific, conditional, or aspirational pricing. Pricing inputs may not account for differences in share class, series, transfer restrictions, information rights, transaction structure, or negotiated terms.
Because secondary markets for private securities are fragmented and illiquid, Index calculations may rely on a limited number of observable inputs and may incorporate bids, offers, and other pricing indications that are not executable transaction prices. As a result, Index levels should be viewed as indicative estimates of observed market activity rather than precise measures of market value. Index values and constituent pricing estimates are derived from aggregated market data and proprietary analytical processes and are not intended to represent the fair market value of any individual company or security.
Private Securities Risk
The Index references pricing activity in unregistered securities of private companies, which are highly illiquid and subject to transfer restrictions. Such securities do not trade on public exchanges, and publicly available information regarding these companies may be limited, incomplete, or unaudited. Pricing inputs may be based on a limited number of transactions or indications, and valuations may vary significantly across contemporaneous transactions.
Methodology; Subjectivity
The methodology used to construct and calculate the Index involves judgment and proprietary processes and is inherently subjective. Rainmaker may modify the methodology, data inputs, calculation approach, or constituent selection criteria from time to time at its discretion. Any such changes may affect Index composition and Index levels.
Conflicts of Interest
Rainmaker is a FINRA-registered broker-dealer and may facilitate transactions in securities included in the Index. Rainmaker and its affiliates may receive transaction-based compensation in connection with such activities and may have financial interests in issuers included in the Index. The inclusion of any company in the Index does not imply endorsement, sponsorship, or affiliation between Rainmaker and such company.
No Guarantee; Limitation of Liability
Rainmaker does not guarantee the accuracy, completeness, timeliness, or availability of the Index. The Index is provided on an “as-is” basis without warranties of any kind, express or implied. To the fullest extent permitted by law, Rainmaker shall not be liable for any losses or damages arising from use of or reliance upon the Index.
Trademark
The Rainmaker 20 Index and related marks are proprietary to Rainmaker Securities, LLC