Silver Lake Waterman will focus on the primary debt market, lending to well-established pre-IPO companies that want to raise additional capital without the dilution from additional equity rounds.

FORBES: Silver Lake Plans $75M Debt Fund For Pre-IPO Tech Firms

"Clearly Facebook drove the acceptance of the market, " accounting for a majority of recent trading in pre-IPO stocks on exchanges, says Christopher Yang, who specializes in technology at Grove Street Advisors LLC, a Millennium investor that advises pension funds on venture investing.

WSJ: Seeking 'Second' Life After Facebook