SecondMarket, an exchange for the purchase and sale of illiquid assets such as private equity fund stakes, has raised US$15 million ($21 million) in series B financing from the Li Ka Shing Foundation and Temasek Holdings, Singapore’s sovereign wealth fund, reported online private equity news portal AltAssets.

The investment — which was split evenly between charitable foundation Li Ka Shing, headed by renowned Asian entrepreneur Li Ka-shing, and Temasek — will be used for the company’s expansion into Asian markets.

Currently with offices in New York and Silicon Valley, SecondMarket is a secondary market for multiple asset classes, including private company stock, limited partnership interests, auction-rate securities, bankruptcy claims, residential and commercial mortgage-backed securities and collateralised debt obligations. In total, over US$25 billion in illiquid assets are available for sale over SecondMarket.