The rail private markets connect through.
Lodestar is neutral valuation-trust infrastructure. Not a buyer, a seller, a marketplace, or a fund. An open standard and a confidential-compute layer that issuers, funds, buyers, counsel, and auditors connect through — to share a defensible value without anyone owning the others' data.
Why neutral matters
A credible valuation has to belong to no one.
Private-market participants have conflicting interests. A marketplace benefits from opacity. A fund marks its own holdings. An investor-side data vendor reads everything and monetizes against the companies it tracks. Each can produce a number; none can produce a number every side trusts.
The credible valuation layer has to be neutral — not a party to the transaction, not a holder of positions, not a reseller of the data it computes on. Lodestar is built to be exactly that: the shared, verifiable reference the whole ecosystem can point to, precisely because Lodestar has nothing to gain from where the number lands.
What you connect to
Four primitives. One neutral rail.
Each is open or verifiable by design, so a partner's counsel and auditors can inspect exactly what Lodestar does before connecting.
Open Protocol
The methodology is published, versioned, and falsifiable. Anyone can audit how a value was reached before they rely on it. An open standard, not a black box.
The Lodestar Crucible
Confidential compute on attested enclaves. Source data flows in; Lodestar cannot read it; only policy-approved outputs return. The neutral place conflicting parties share truth without leakage.
Trust Mark
A portable, cryptographically signed credential that travels into board decks, tender docs, fund workpapers, and audit files — and that any third party can verify with no login.
Valuation Passport
An open interchange format so a Lodestar Verified value reads as structured data inside other platforms — fund admins, cap-table systems, audit software, secondary venues. Connect once; values flow natively.
Connect every participant
One value, every seat at the table.
The same verified value serves every participant in a private-market decision — each in the form their workflow needs.
Authorize inputs; receive a continuously verified value.
Methodology-rigorous mark support with reliance language.
Consistent, defensible marks across a whole portfolio.
An independent pricing reference at the decision moment.
A reproducible, citable artifact with an inputs hash.
Source-graded evidence maps and protocol-version records.
Verified marks on clients' private holdings, via API.
A neutral pricing reference around the transaction.
Network effects
Each participant raises the value of the whole.
Verification pulls verification
A buyer who relies on a Lodestar Verified mark creates pressure on the next issuer to get verified. Trust travels along the transaction, not just the company.
Standards pull adoption
An auditor or platform that accepts the protocol pulls it across their entire book. Each adoption makes the next one easier.
Coverage pulls coverage
Each company marked makes a portfolio roll-up more complete, which pulls the next company in. The graph gets more valuable with every participant added.
Conflict architecture
Two doors. One number. A cryptographic wall.
Lodestar serves both sides of every private-market decision. Here is exactly how that works without either side subsidizing — or spying on — the other.
The issuer door
Issuers · GPs
- Issuer Vault
- Liquidity Valuation Memo
- Trust Mark
Output label
Lodestar Verified
Issuer-authorized. Updates the official Verified Value. Publicly verifiable.
The buyer door
Buyers · Funds · Auditors
- Diligence Room
- Buyer Brief
- Portfolio Mark Support
Output label
Lodestar Private Scenario Analysis
Sealed to the requester. Never updates the official value. Contractually distinct.
Both doors share exactly one thing: the neutral fair value, produced by the same published protocol. Side-specific math — a buyer's return-solver, a seller's scenario — is computed privately at the edge and never crosses the wall. If the two doors produced different numbers, neither would be credible. That is why there is one.
The wall is cryptographic
Neither door's data ever reaches the other — and Lodestar can read neither. Enforced by attested enclaves counsel can verify, not by policy.
Narrative moves nothing
The asymmetric impact rule applies identically at both doors. Neither side can lobby the number — and both can verify neither can.
Revenue lines are walled
Issuer-paid and buyer-paid revenue are tracked separately and reported. The long-run target: a majority of revenue from non-issuer subscribers.
The ledger is the referee
Calibration is published against realized outcomes. If numbers tilted toward paying customers, the outcome ledger would show it.
Built to stay neutral
Neutrality is the product, not a posture.
- 01Lodestar takes no transaction fees and holds no positions. Our only output is a defensible value and the record of how it was reached.
- 02Lodestar does not disintermediate partners from their customers, and does not resell the data it computes on.
- 03The methodology is open. Any participant can verify Lodestar is doing exactly what it publishes — and only that.
Connect to the rail.
Whether you route private-market decisions, administer funds, execute secondaries, or serve wealth clients — the neutral valuation layer is something you plug into, not something you have to build.