Private secondary market trading has surged past its 2021 peak, with transactions competing with IPOs as the primary liquidity mechanism. Employee-backed secondaries reached 31% of all primary venture activity in 2025.
Podbit
From All-In with Chamath, Jason, Sacks & Friedberg · Jun 7, 2026
Private secondary market trading has surged past its 2021 peak, with transactions competing with IPOs as the primary liquidity mechanism. Employee-backed secondaries reached 31% of all primary venture activity in 2025.
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