08/14/2026
Hot or cold? The VC secondaries market is both.
In a recent feature by Mergermarket, EquityZen's Head of Market Insight, Brianne Lynch, highlighted the growing divide in the pre-IPO market:
Capital density at the top: High-demand AI and frontier tech names are trading at premiums.
Discount opportunities: Enterprise SaaS and fintech are largely trading at discounts to their last funding rounds, creating value opportunities for disciplined buyers.
Structure matters: High demand for scarce allocations has driven a surge in multi-layered SPVs, making contractual transparency and governance crucial for investors.
🔗https://hubs.la/Q04s-Yrf0
Not all pre-IPO companies will go public or be acquired, and not all IPOs or acquisitions are or will become successful investments. There are inherent risks in pre-IPO investments, including the risk of loss of the entire investment, illiquidity, and fluctuations in value and returns.