Caplight, the leading pricing and liquidity platform for private company stock, today announced that Techdollar, a structured lending platform issuing credit facilities secured against private company equity, has integrated Caplight’s pricing API and trading infrastructure directly into its underwriting and portfolio management stack.
Founded by Terence McMenamin and David Tollemache, Techdollar enables founders, employees, venture capitalists, and family offices to access capital without selling shares or altering their cap tables. Techdollar built a pipeline of more than $100 million in qualified loan demand – out of over $400 million in total loan requests – from employees and investors across leading AI, aerospace, defense, robotics, and payments companies.
“Caplight’s pricing data and secondary market access give us the real-time intelligence we need to underwrite with precision and move at the speed our borrowers require,” said David Tollemache, Co-Founder of Techdollar.
Private equity-backed lending requires reliable, continuous pricing for illiquid assets – something traditional approaches, such as last-round valuations or periodic third-party appraisals, cannot provide. These methods create gaps that slow underwriting, introduce risk for capital partners, and limit the pace at which lending platforms can issue facilities.
Through the partnership, Techdollar gains access to three core capabilities:
- Real-time collateral pricing. Caplight’s proprietary pricing model draws on transaction data from a consortium of more than 300 broker-dealers, combined with last-round valuations, forward-looking market signals, and liquidity depth metrics. Prices refresh every four hours across hundreds of private companies, and Techdollar’s underwriting engine consumes this data via API for collateral valuations at facility origination and for ongoing mark-to-market.
- Transfer restriction intelligence. Caplight provides company-level intelligence on approval processes, ROFR behavior, and trading activity by structure and share class, which Techdollar uses to assess lendability and calibrate risk parameters.
- Secondary market access. Through Caplight’s trading platform, Techdollar has access to over $5 billion in daily private market liquidity and a vetted network of institutional counterparties – supporting hedging, portfolio rebalancing, and, when needed, orderly disposition of collateral.
The integration has enabled Techdollar to issue preliminary facility terms in hours rather than weeks, replacing manual valuation processes with API-driven pricing.
Caplight’s data also played a direct role in Techdollar’s Pre-Seed fundraise: during due diligence, Caplight joined calls with Techdollar’s lead investors to walk through pricing methodology, stress scenarios, and market depth, helping close the round in eight weeks. Ongoing mark-to-market gives Techdollar’s capital partners real-time visibility into collateral health across the portfolio, and Caplight’s coverage scales automatically as Techdollar expands its universe of lendable companies.
The two companies are deepening the integration with expanded API endpoints covering additional data feeds and trading capabilities. The partnership reflects a broader trend: as private markets infrastructure matures, pricing and liquidity data are becoming foundational inputs not just for investors, but for the new generation of lending, insurance, and structured products built on top of private equity.
