Caplight will provide independent pricing for Citi's Digital Depositary Receipt product. The first receipts represent private shares in Kaleido.
Caplight's pricing approach applies AI-driven models to transaction and quote data covering more than 100,000 venture-backed companies, producing valuations for securities that do not trade on an exchange.
Depositary receipts have long been used to give investors access to shares held elsewhere. Applying the structure to private company shares is a way of packaging illiquid holdings into a transferable instrument, and independent pricing is the component that makes such an instrument administrable.
The unresolved issue in private company pricing is not model sophistication but data density. Where a company trades rarely, any price is an estimate framed by wide bounds, and marks should be read as such.
For family offices holding direct private positions, third-party pricing affects reporting, collateral treatment and the credibility of valuations shown to beneficiaries and auditors.
Private market valuation and secondaries are addressed in the private investment workshop programme at UKFOS Oxford 2026.
UKFOS Editorial · 18 AUGUST 2026