Introduction

The delayed IPO environment has not reduced the demand for liquidity—it has redirected it. Secondary and pre-IPO transactions have emerged as primary mechanisms for capital recycling across private markets.

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What We Are Seeing

Across late-growth technology companies:

• Employees seek diversification after extended vesting periods
• Early funds approach the end of their life cycles
• Companies prefer controlled liquidity over public volatility

These dynamics have normalized structured secondary transactions.

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Why This Matters

Secondary activity is no longer episodic. It is becoming a permanent feature of the private market ecosystem—especially for category-defining companies that remain private longer.

Pricing, structure, and alignment now matter more than speed.

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Signal, Not Noise

Rather than viewing secondary liquidity as an anomaly, we see it as a signal of market maturation. The ability to transact privately, with intention and discipline, reflects healthier capital formation—not distress.

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Closing

The growth of secondary markets is not a temporary response to closed IPO windows, but a structural evolution in how private companies finance longevity.