Intro
Our mission at Notice is to level the playing field for all private market participants. One of the most important ways we do that is track the real-time performance of individual private stocks and the overall private market.
The Notice.co 50 Index (N50) is the first and only weighted, real-time private market index. The index is a performance benchmark for the late-stage venture asset class, and is freely available to all private market participants.
How is N50 constructed?
The methodology behind N50 is publicly available and modeled after well known public market indexes such as the Nasdaq 100.
What are the advantages of N50 over other private market indexes?
Notice Price: N50 is based on Notice Price, the most accurate pricing available for private companies.
Daily updates: N50 is updated every minute, making it the most current performance benchmark for the private market, which can experience major changes on a daily basis.
Modified market capitalization weighting: Market cap weighting has two principal advantages over equal weighted indexes:
It more fully captures the price movements of the largest and most important private companies.
It can be compared directly to public market cap weighted indexes such as SPY and QQQ.
These advantages make the N50 the definitive private market performance index and the preferred choice of professional investors.
How can you use N50?
N50 can be used to: gauge market sentiment over time and analyze historical private market performance; benchmark individual companies, positions, portfolios and funds; and compare the private market to other equity markets.
Example 1
The following chart shows N50 performance compared to the NASDAQ 100 (QQQ) over 2 years. Two takeaways from this chart:
From late 2020 to late 2021, the private market greatly outperformed the NASDAQ, evidenced by N50 gaining 4X more in value than QQQ.
From late 2021 to present, the private market lost all those gains, and now has a total performance equal to the NASDAQ over the last 3 years.
Example 2
The following chart shows N50 performance compared to SpaceX over 2 years. Two takeaways from this chart:
In 2020-2021, SpaceX and the N50 both tripled in value (a 200% increase).
In 2022-2023, SpaceX gained an additional 150% in value, while the private market lost 3/4 of its gains from the previous 2 years.
