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Market Signals
Liquidity Without an IPO: A Structural Trend
Secondary and pre-IPO transactions are now a structural part of private markets, reflecting maturation rather than distress.
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Observations
The Quiet Shift in Late-Stage Ownership
Late-stage private company ownership is consolidating through secondary transactions, reshaping governance and long-term value creation.
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Perspectives
Selected Perspectives from the Private Markets
Understanding value creation in late-stage private market environments

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