Private companies are staying private for longer, making secondary marketplaces an increasingly important source of liquidity for employees, early investors, and accredited buyers. The global secondary market achieved a record $220 billion in transaction volume in 2025, reflecting growing demand for pre-IPO investments and shareholder liquidity.
One company benefiting from this interest is Glean, an enterprise AI startup that has attracted significant venture funding and a multibillion-dollar private valuation.
As investors search for opportunities to gain exposure before a potential public listing, understanding how different secondary marketplaces operate becomes just as important as evaluating the company itself. This updated August 2026 guide below explores some of the best private equity marketplaces.
Forge Global
Forge Global is one of the largest institutional marketplaces for private-company shares. It primarily serves accredited investors, family offices, venture funds, and corporate shareholders seeking structured secondary transactions.
Pricing/Fee Structure: Forge uses negotiated pricing rather than fixed share prices. Transaction costs, spreads, and investment minimums vary by transaction and should be reviewed before investing.
Accreditation Requirements and Investor Eligibility: Most opportunities require investors to qualify under SEC accredited investor rules. Verification generally includes financial documentation before trading access is granted.
Share Classes: Transactions may involve either common or preferred shares depending on the seller. Buyers should also understand Right of First Refusal (ROFR) provisions, which can allow the issuing company to approve or reject transfers.
Transaction Mechanics: Forge facilitates direct secondary share transfers and, where appropriate, structured transactions through special-purpose vehicles (SPVs). Company approval frequently determines settlement timing.
Liquidity Discount vs. Last-Round Valuation: Secondary pricing often differs from the latest funding valuation. Discounts may reflect seller urgency, while premium pricing can occur when demand exceeds available shares.
Use Cases: Forge is commonly used by employee shareholders seeking liquidity, venture funds reducing concentrated positions, and family offices investing in mature venture-backed companies.
Buying pre-IPO vs. Waiting for IPO: Buying before an IPO may provide earlier exposure to company growth, but investors assume greater illiquidity, limited disclosures, and the possibility of post-IPO lock-up periods.
Glean-Specific: Glean develops enterprise AI search and agentic AI software that connects workplace knowledge across more than 100 enterprise applications. Glean raised $150 million in a Series F financing led by Wellington Management. Other investors include Sequoia Capital, Kleiner Perkins, Lightspeed Venture Partners, and DST Global.
Market Trends: AI infrastructure and enterprise software remain among the most active segments in secondary markets. Forge's latest pricing indicates continued institutional demand for Glean despite the absence of a public IPO timeline.
Regulatory Context: Forge transactions typically rely on Regulation D exemptions, accredited investor eligibility, transfer restrictions, company consent, and ROFR provisions before shares can be transferred.
Hiive
Hiive is a rapidly growing secondary marketplace that connects accredited investors directly with employees, founders, and early shareholders looking to buy or sell private-company stock. Unlike some institutional marketplaces, Hiive emphasizes transparent order-book pricing and negotiated transactions.
Pricing/Fee Structure: Pricing reflects active bids and offers submitted by marketplace participants. Investment minimums and transaction costs vary according to the specific company and negotiated deal terms.
Accreditation Requirements and Investor Eligibility: Most investment opportunities require accredited investor verification under SEC rules. Participants typically complete identity and eligibility checks before submitting bids or offers.
Share Classes: Depending on the seller, investors may purchase common or preferred shares. Company-specific transfer restrictions and ROFR provisions remain important considerations before a transaction closes.
Transaction Mechanics: Hiive primarily facilitates direct share transfers between qualified buyers and sellers instead of relying exclusively on pooled investment vehicles. Transactions remain subject to issuer approval where required.
Liquidity Discount vs. Last-Round Valuation: Because pricing is negotiated directly, investors can compare secondary-market pricing with Glean's latest funding valuation. Discounts often reflect liquidity needs, while scarce AI companies may trade closer to—or above—their previous funding valuations.
Use Cases: Hiive supports employee shareholders seeking partial liquidity, early investors monetizing holdings before an IPO, venture funds managing portfolio exposure, and accredited investors looking for late-stage private-company investments.
Buying pre-IPO vs. Waiting for IPO: Buying pre-IPO may provide access before a public listing, but investors accept lower liquidity, limited financial disclosure, pricing uncertainty, and the possibility that an IPO may be delayed indefinitely.
Glean-Specific: Glean's AI platform now connects more than 100 enterprise applications, while CEO Arvind Jain said customers had completed over 250 million agentic actions by early 2026.
Investors seeking additional context can review Hiive's investment insights for Glean.
Market Trends: Hiive's 2026 market report found that AI securities generated 60.1% annual returns within the Hiive50 Index during 2025, highlighting continued institutional demand for high-growth AI companies in secondary markets.
It shares updates on LinkedIn.
Regulatory Context: Hiive transactions remain subject to Regulation D requirements, accredited investor eligibility, company consent, and contractual transfer restrictions. These safeguards help issuers manage ownership changes but can also lengthen settlement timelines.
EquityZen
EquityZen is a private-market investment platform that helps accredited investors gain exposure to venture-backed companies before they go public. Unlike direct marketplaces, many transactions are completed through special purpose vehicles (SPVs), allowing multiple investors to participate in a single offering.
Pricing/Fee Structure: The standard minimum investment on EquityZen is $10,000, though certain select opportunities allow for a lower minimum of $5,000. Investors should also consider SPV-related fees and offering expenses when evaluating total investment cost.
Accreditation Requirements and Investor Eligibility: Most opportunities require accredited investor status and SEC-compliant verification.
Share Classes: Investments may provide exposure to common or preferred shares through an SPV, with ROFR provisions applying where relevant.
Transaction Mechanics: Rather than purchasing shares directly from another investor, many EquityZen offerings are structured through SPVs that hold the underlying shares on behalf of participating investors.
Liquidity Discount vs. Last-Round Valuation: Private shares may trade below the latest funding valuation because of illiquidity or above it when investor demand is strong.
Use Cases: EquityZen suits accredited investors, employee shareholders seeking liquidity, and early investors monetizing holdings.
Buying pre-IPO vs. Waiting for IPO: Buying through an SPV may provide earlier exposure to company growth, but investors also face illiquidity, limited disclosure, and the possibility that a company delays or cancels its IPO.
Glean-Specific: Glean's rapid revenue growth and strong institutional backing have made it one of the more closely followed enterprise AI companies in private markets.
Investors considering any secondary opportunity should compare pricing with the company's latest reported funding valuation rather than assuming all offerings represent fair value.
Market Trends: AI companies continue attracting strong secondary-market demand as institutional investors seek exposure before public listings. Enterprise AI remains one of the most active software categories in private transactions.
Regulatory Context: Transactions generally rely on Regulation D exemptions and remain subject to company consent and transfer restrictions.
Nasdaq Private Market
Nasdaq Private Market provides liquidity solutions for private companies, institutional investors, employees, and venture-backed businesses. Its focus extends beyond individual transactions to company-sponsored liquidity programs and structured secondary events.
Pricing/Fee Structure: Pricing depends on negotiated transaction terms and company-sponsored liquidity events. Minimum investments vary depending on the transaction structure.
Accreditation Requirements and Investor Eligibility: Most secondary opportunities require accredited investor status or institutional participation. Eligibility is verified before investors gain access to available transactions.
Share Classes: Transactions may involve common or preferred shares, with ROFR and shareholder agreements affecting transfers.
Transaction Mechanics: Nasdaq Private Market frequently facilitates structured liquidity events, tender offers, and direct secondary transfers. Many transactions are coordinated with the issuing company rather than occurring entirely through an open marketplace.
Liquidity Discount vs. Last-Round Valuation: Pricing may differ from the latest funding valuation because of liquidity, demand, and transaction timing.
Use Cases: The platform is often used by mature private companies organizing employee liquidity events, institutional investors acquiring significant positions, and venture funds managing portfolio exits.
Buying pre-IPO vs. Waiting for IPO: Early ownership may provide greater upside, although investors assume valuation risk and reduced liquidity before an IPO.
Glean-Specific: As Glean continues expanding within the enterprise AI sector, company-sponsored secondary transactions could become increasingly relevant for employees and institutional shareholders seeking liquidity before future capital market events.
Market Trends: Growing numbers of late-stage technology companies continue using secondary programs instead of rushing toward public listings. Currently, a company must have at least US$8 million under the income standard for initial listing on the Nasdaq Global Market.
Regulatory Context: Transactions remain subject to Regulation D, company approval, transfer restrictions, and shareholder agreements.
Summary Snapshot
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Platform
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Transaction model
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Best suited for
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Key consideration
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Forge Global
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Direct institutional secondary marketplace
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Funds, family offices, accredited investors
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Pricing varies by deal
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Hiive
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Buyer-seller marketplace
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Employees, accredited investors, early investors
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Share availability varies
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EquityZen
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SPV-based investing
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Accredited investors seeking simplified access
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Indirect ownership
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Nasdaq Private Market
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Company-sponsored liquidity events
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Institutions and mature private companies
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Company-controlled transactions
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Conclusion
The Problem: Buying pre-IPO startup stock involves limited liquidity, company approval requirements, valuation uncertainty, and fewer public disclosures than listed companies. Investors must understand these risks before purchasing private shares.
Key Takeaways: Forge Global, Hiive, EquityZen, and Nasdaq Private Market each provide different approaches to private-company investing. Comparing transaction structure, eligibility requirements, pricing, and liquidity is just as important as evaluating the startup itself.
Next Steps:
- Confirm accredited investor eligibility
- Compare secondary pricing with the latest funding valuation
- Review transfer restrictions
- Understand whether the investment involves direct shares or an SPV
Frequently Asked Questions
Which platform is best for buying pre-IPO startup stock?
The answer depends on your investment goals. Forge Global and Hiive focus on secondary-market transactions, EquityZen frequently uses SPVs, while Nasdaq Private Market specializes in company-sponsored liquidity events.
Do I need to be an accredited investor?
In most cases, yes. Many pre-IPO investments rely on SEC Regulation D exemptions that restrict participation to accredited investors.
Can I buy Glean shares before another funding round?
Availability depends on whether existing shareholders are offering stock through an eligible secondary marketplace. Active listings cannot be guaranteed.
Why do private shares trade below the last funding valuation?
Liquidity discounts may occur because private shares are more difficult to sell, provide less public information, and remain subject to transfer restrictions.
