The secondary market is the marketplace for buying and selling shares of private companies, enabling employee, investor, and founder liquidity before IPO. Transactions run through dedicated platforms (Forge Global, EquityZen, Hiive, Carta X, Notice), specialized broker-dealers, and direct transactions. Secondary market activity has grown significantly as companies stay private longer (10+ years to IPO is now common) and pre-IPO employees and investors increasingly want liquidity options that don't require waiting for traditional exit events. It is the structural mechanism that addresses the "private companies stay private longer" reality of modern venture markets.
The participants:
Sellers: