Secondary Markets

A licensed intermediary who matches buyers and sellers of private company shares.

The company's contractual right to buy your shares at the offered price before any outside sale.

An investor or fund that purchases private company shares from existing shareholders.

A marketplace where private company shares are bought and sold between investors.

The discount at which private shares trade on secondary markets relative to the last funding round.

Rules that limit or prohibit shareholders from selling or transferring their private company shares.

When a limited partner sells their interest in a VC fund to another buyer.

A transaction initiated by the fund manager to provide liquidity to LPs while retaining portfolio companies.

When a limited partner independently sells their fund interest to another buyer.

An investor with $5M+ in investments, meeting a higher threshold than accredited investor.

A secondary transaction with special terms like forward contracts, SPVs, or profit-sharing arrangements.