Top 20 Secondaries & Liquidity Platforms 2025

This report forms part of the Ranking News Capital Ranking series, which evaluates investment firms, capital platforms, advisory organizations, and infrastructure providers across the global venture capital ecosystem.

Secondaries and liquidity platforms have become increasingly important within the venture capital ecosystem as private companies remain private for longer, IPO markets fluctuate, and investors seek more flexible mechanisms for managing exposure to venture-backed companies. Unlike traditional venture capital firms that primarily deploy capital into new primary financing rounds, secondaries and liquidity platforms facilitate transactions involving existing shares, fund interests, employee equity, LP positions, continuation vehicles, tender offers, and structured liquidity solutions.

These platforms serve founders, employees, early investors, venture funds, limited partners, family offices, institutional investors, and late-stage private company shareholders seeking liquidity before a public listing or strategic exit. Their role has expanded as private market ownership structures have become more complex and as late-stage companies increasingly delay IPOs while continuing to attract institutional demand.

The venture secondaries market includes brokerage platforms, private share marketplaces, institutional secondary buyers, GP-led and LP-led advisory firms, tender offer specialists, and data-driven private market infrastructure providers. Some platforms focus primarily on company-level shares, while others specialize in fund interests, structured liquidity, cap table management, or institutional private market access.

As venture capital matures, liquidity infrastructure has become a necessary complement to primary fundraising. This ranking identifies secondaries and liquidity platforms whose business models demonstrate sustained relevance in private market liquidity, venture-backed equity transactions, fund secondaries, and institutional access to private technology companies.

Market Overview

The secondaries and liquidity market has grown substantially as venture-backed companies remain private for longer and traditional exit routes become less predictable. During earlier venture cycles, liquidity was often expected through IPOs or acquisitions within a relatively defined timeframe. Today, many leading private companies remain private for a decade or more, creating a larger pool of shareholders seeking interim liquidity.

Employees, angel investors, early-stage funds, growth investors, and limited partners may all require liquidity before a company reaches a public exit. Employees may seek diversification or cash realization after years of illiquid equity ownership. Venture funds may need to return capital to LPs, rebalance portfolios, or manage aging holdings. Limited partners may seek to adjust exposure to specific vintages, managers, or strategies. These needs have created a larger and more sophisticated secondary market.

Private company liquidity remains structurally different from public market trading. Transactions often require company approval, transfer restrictions, information access, valuation judgment, buyer qualification, and coordination with existing shareholders. This gives specialized platforms an important role in matching buyers and sellers, managing compliance, supporting tender processes, and providing market intelligence.

The venture secondaries market also increasingly intersects with institutional private capital. Large investors seek access to high-quality private technology companies through secondary purchases, while GPs use continuation funds, strip sales, and structured liquidity transactions to manage portfolios. Platforms that can serve both individual shareholder liquidity and institutional transaction needs are increasingly important.

Within this environment, secondaries and liquidity platforms with credible transaction infrastructure, investor networks, private company relationships, data capabilities, and regulatory sophistication continue to play an essential role in the global venture capital ecosystem.

Industry Trend — 2025

The secondaries and liquidity platform industry in 2025 reflects a more institutionalized phase of private market development. Slower IPO markets, longer private company holding periods, and valuation resets have increased demand for liquidity solutions across employees, venture funds, limited partners, and private market investors.

Late-stage private company shares remain a key focus. Investors continue to seek exposure to leading private technology companies before IPO, while existing shareholders seek opportunities to realize value. However, pricing discipline has become more important. Buyers are increasingly cautious about valuation marks, revenue quality, exit timing, liquidation preferences, and company approval processes.

Fund-level venture secondaries have also become more important. LPs are using secondary sales to manage portfolio exposure, rebalance private market allocations, and address liquidity constraints created by slower distributions. GP-led transactions, continuation vehicles, tender offers, and structured liquidity solutions are increasingly relevant as venture funds manage aging portfolios and delayed exits.

Data and transparency remain central challenges. Private market transactions depend on limited information, fragmented ownership, and restricted transfer rights. Platforms capable of improving price discovery, buyer-seller matching, transaction documentation, compliance, and investor qualification are better positioned as the market matures.

Regulatory and governance considerations are also rising. Private companies must balance shareholder liquidity with cap table control, investor relations, employee retention, and disclosure obligations. Liquidity platforms that can support controlled, company-approved transactions are increasingly valuable.

As the venture ecosystem matures, secondaries and liquidity platforms with institutional credibility, data infrastructure, transaction execution capability, and relationships across companies, investors, employees, and funds remain well positioned to serve the private market liquidity needs of 2025 and beyond.

Methodology — Core Eligibility Criteria

To ensure structural consistency within the category, firms considered for this ranking were evaluated based on the following eligibility conditions:

• Operates primarily as a private market secondaries, liquidity, marketplace, or transaction infrastructure platform
• Maintains demonstrated relevance in venture-backed company shares, fund secondaries, tender offers, employee liquidity, LP interests, or structured private market transactions
• Provides transaction execution, buyer-seller matching, valuation support, market intelligence, compliance infrastructure, or institutional liquidity solutions
• Demonstrates sustained engagement with private companies, venture investors, employees, limited partners, family offices, and institutional buyers
• Maintains an established reputation among private market participants, venture firms, shareholders, investors, and liquidity-seeking stakeholders

Traditional venture capital firms, accelerators, corporate venture arms, placement agents, venture debt providers, and firms whose primary business is direct primary investment rather than secondary liquidity are generally excluded.

Methodology — Ranking Factors

Firms included in the ranking were evaluated using a combination of qualitative and structural considerations rather than short-term transaction volume alone. Key factors considered include:

• Strength of private market transaction infrastructure
• Relevance to venture-backed company liquidity and fund secondaries
• Quality of buyer and seller networks
• Ability to support institutional, employee, shareholder, or LP liquidity
• Data, valuation, compliance, and execution capabilities
• Reputation among private companies, investors, shareholders, and fund managers
• Stability and longevity of the platform across private market cycles

The objective of the ranking is to identify platforms whose secondaries and liquidity capabilities maintain sustained relevance within the global venture capital ecosystem.

The Capital Ranking Top 20 Secondaries & Liquidity Platforms 2025 ranking evaluates organizations supporting private market liquidity, venture-backed share transactions, tender offers, LP and GP secondary transactions, and institutional access to private technology companies.

The ranking universe consisted of approximately 80 secondaries, liquidity, private share marketplace, and venture liquidity platforms globally, from which 20 institutions were selected for inclusion.

Tier classifications reflect relative institutional positioning within the secondaries and liquidity platform segment and do not represent performance rankings or investment recommendations.

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Tier I — Leading Secondaries & Liquidity Platforms

Forge Global

• Headquarters: San Francisco, United States
• Founded: 2014

Forge Global is one of the most recognizable platforms in private company share trading and venture-backed liquidity. The company provides marketplace infrastructure, data, custody-related services, and transaction support for investors and shareholders seeking access to private company equity. Its role is especially important in the late-stage venture ecosystem, where employees, early investors, institutions, and qualified buyers increasingly require structured mechanisms for transacting in shares before IPO.

Forge’s strength lies in its scale, brand recognition, and focus on private market infrastructure. The platform serves both buyers seeking exposure to high-profile private technology companies and sellers seeking liquidity in otherwise illiquid holdings. This gives Forge a central position in the broader movement toward more organized private market trading. As venture-backed companies stay private longer, the need for regulated, process-driven liquidity infrastructure becomes more important.

In the 2025 environment, Forge remains highly relevant because private company equity continues to require specialized execution, compliance, transfer review, and market intelligence. Its public profile, transaction history, and private market data capabilities support its position as a Tier I secondaries and liquidity platform.

Nasdaq Private Market

• Headquarters: New York, United States
• Founded: 2013

Nasdaq Private Market is one of the leading institutional platforms for private company liquidity programs, tender offers, and controlled secondary transactions. The platform serves private companies, employees, shareholders, investors, and financial institutions seeking structured liquidity solutions before an IPO or acquisition. Its association with Nasdaq gives it strong credibility in market infrastructure, transaction governance, and capital markets transition.

The platform’s strength lies in company-approved liquidity execution. Private companies often need to manage employee liquidity, investor access, cap table control, transfer restrictions, and regulatory considerations without creating disorderly secondary trading. Nasdaq Private Market is well positioned in this environment because it supports structured programs that can align company interests with shareholder liquidity needs.

In 2025, as many late-stage technology companies delay public listings, controlled liquidity programs have become increasingly important. Employees and early investors need liquidity, while companies must preserve governance and investor relations discipline. Nasdaq Private Market’s institutional positioning, operational infrastructure, and connection to broader capital markets support its Tier I classification in this ranking.

CartaX

• Headquarters: San Francisco, United States
• Founded: 2019

CartaX is a private market liquidity platform connected to Carta’s broader cap table, equity management, and private company infrastructure ecosystem. Its relevance comes from the natural connection between equity ownership records, shareholder management, and liquidity execution. For private companies already using Carta for capitalization table management, liquidity solutions can be integrated into a broader equity administration workflow.

CartaX’s strength lies in its embedded position within private company equity infrastructure. Unlike standalone marketplaces, Carta has visibility into ownership structures, employee equity plans, investor records, and company equity administration. This creates potential advantages in supporting tender offers, shareholder liquidity, and controlled transaction processes. Private market liquidity depends heavily on accurate ownership data, approval workflows, and transaction coordination, making infrastructure integration important.

In 2025, CartaX remains strategically relevant because private company liquidity is increasingly tied to cap table governance and employee equity management. Startups and late-stage companies need liquidity tools that do not disrupt control, compliance, or investor relations. CartaX’s connection to broader private company infrastructure supports its Tier I position as a liquidity platform within the venture ecosystem.

Zanbato

• Headquarters: Mountain View, United States
• Founded: 2010

Zanbato is a private securities marketplace and liquidity platform focused on institutional trading of shares in late-stage private companies. The platform is known for serving banks, brokers, family offices, funds, and institutional investors seeking access to private company transactions. Its model is particularly relevant where private market liquidity requires qualified counterparties, market intelligence, and efficient execution infrastructure.

Zanbato’s strength lies in institutional private share trading. The venture secondaries market remains fragmented, and transactions often require trusted networks, compliance processes, pricing insight, and coordination across multiple intermediaries. Zanbato has positioned itself as a marketplace infrastructure provider for these types of transactions, giving it a differentiated role from platforms focused mainly on employee liquidity or company-sponsored tender offers.

In the 2025 market, institutional demand for late-stage private company exposure remains strong, but buyers are more disciplined about valuation and access. Zanbato’s focus on qualified counterparties, private market data, and transaction network infrastructure supports its Tier I classification. It remains one of the most important platforms in the institutional venture secondary market.

Industry Ventures

• Headquarters: San Francisco, United States
• Founded: 2000

Industry Ventures is one of the most important investment platforms focused on venture secondaries, fund-of-funds, direct investments, and structured venture liquidity. While it is also relevant to VC allocator rankings, its secondaries business gives it a central role in this category. The firm provides liquidity across venture funds, direct private company interests, and related private technology market exposures.

The firm’s strength lies in its deep specialization in venture capital liquidity. Unlike marketplace platforms that primarily facilitate transactions, Industry Ventures is an active investor and liquidity provider across venture secondary opportunities. This allows it to support LPs, GPs, early shareholders, and investors seeking exposure to mature venture-backed companies or diversified venture portfolios. Its long operating history gives it credibility across market cycles.

In 2025, venture liquidity remains a major issue due to slower IPO markets and extended company holding periods. Industry Ventures’ ability to operate across direct secondaries, fund interests, and structured liquidity solutions makes it one of the most important platforms in the venture secondaries ecosystem. Its specialist focus supports its Tier I position.

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Tier II — Established Secondaries & Liquidity Platforms

(Alphabetical order)

AccessFintech

• Headquarters: New York / London, United States / United Kingdom
• Founded: 2016

AccessFintech is a financial technology platform focused on data collaboration, workflow coordination, and operational infrastructure across financial markets. While not a pure venture secondaries marketplace, its relevance to private market liquidity comes from the increasing need for transaction workflow, data standardization, settlement coordination, and operational transparency across complex financial transactions.

The private market liquidity ecosystem increasingly requires infrastructure that can reduce operational friction between counterparties, custodians, brokers, asset managers, and service providers. As secondary transactions become more institutionalized, workflow tools and data collaboration platforms can support more efficient execution. AccessFintech is ranked in Tier II because its connection to venture liquidity is indirect compared with dedicated marketplaces, but its financial market infrastructure relevance and workflow capabilities make it an important adjacent platform for institutional liquidity development.

AngelList

• Headquarters: San Francisco, United States
• Founded: 2010

AngelList is one of the most important infrastructure platforms for startup investing, syndicates, venture funds, rolling funds, and private market access. While best known for facilitating early-stage investing and fund administration, AngelList also plays a role in private market liquidity through its broader support for startup ownership, investor participation, and venture-backed equity infrastructure.

AngelList’s relevance to secondaries and liquidity comes from its position within the startup investment stack. As more investors access startups through syndicates, SPVs, rolling funds, and smaller venture vehicles, questions of ownership administration, transferability, liquidity, and secondary access become more important. AngelList is not a pure secondary trading platform, which limits its ranking position. However, its influence across startup capital formation and private investment infrastructure makes it relevant to the broader liquidity ecosystem. It is included in Tier II because of its scale, venture market penetration, and ability to support private market participation beyond traditional fund structures.

Caplight

• Headquarters: San Francisco, United States
• Founded: 2021

Caplight is a private market trading and data platform focused on price discovery, liquidity, and derivatives-related access for private company shares. The platform is relevant to late-stage venture markets because investors increasingly need better tools for understanding private company valuations, transaction demand, and exposure management before companies become public.

Caplight’s strength lies in its focus on private market data and trading infrastructure. One of the biggest challenges in venture secondaries is the lack of transparent price discovery. Buyers and sellers often rely on fragmented quotes, last-round valuations, secondary broker indications, and limited company data. Platforms that improve market intelligence and execution tools can become increasingly valuable as the private share market matures. Caplight is ranked in Tier II because it is a newer platform, but its focus on institutional private market trading and data makes it highly relevant to the 2025 liquidity landscape.

EquityZen

• Headquarters: New York, United States
• Founded: 2013

EquityZen is a private company marketplace that facilitates transactions in shares of venture-backed companies. The platform serves accredited investors, shareholders, and private market participants seeking access to pre-IPO equity or liquidity before a public listing. It has become one of the recognized names in private company secondary transactions.

EquityZen’s strength lies in making private company share transactions more accessible and process-driven. Employees, early investors, and shareholders often need a structured way to sell shares, while accredited investors seek exposure to private companies that may otherwise be difficult to access. EquityZen helps connect these counterparties while managing transaction documentation and transfer processes. In 2025, as private companies continue delaying IPOs, platforms like EquityZen remain important to shareholder liquidity. It is ranked in Tier II because it has strong marketplace relevance, though it is less institutionally dominant than the largest private market infrastructure platforms.

Hiive

• Headquarters: Vancouver, Canada
• Founded: 2021

Hiive is a private stock marketplace focused on secondary transactions in shares of venture-backed private companies. The platform provides tools for buyers and sellers to discover opportunities, post indications, negotiate transactions, and access private market pricing information. Its growth reflects the increasing demand for more transparent and efficient secondary trading infrastructure.

Hiive’s relevance comes from its marketplace orientation and focus on improving visibility into private company liquidity. The private share market has historically been opaque, broker-driven, and difficult for participants to navigate. Platforms that allow more structured interaction between buyers and sellers can improve price discovery and transaction efficiency. In 2025, investor interest in late-stage private companies remains substantial, but participants are more cautious about valuation and information quality. Hiive is ranked in Tier II because it is younger than established platforms, but its rapid visibility and focus on private market transparency make it an important participant.

Lexington Partners

• Headquarters: New York, United States
• Founded: 1994

Lexington Partners is one of the most established private equity secondary investment platforms globally. Although its activities extend far beyond venture capital, the firm is relevant to this ranking because venture fund interests and technology-oriented private market exposure form part of the broader secondary market ecosystem. Lexington’s scale and long history give it substantial credibility in institutional secondary transactions.

The firm’s strength lies in LP-led secondary transactions and portfolio liquidity. Limited partners seeking to rebalance private market exposure, manage liquidity needs, or adjust vintage concentration often transact with large secondary buyers capable of underwriting diversified portfolios. Venture interests are increasingly part of these processes as LPs reassess exposure to technology-heavy vintages and delayed exit cycles. Lexington is ranked in Tier II rather than Tier I because it is not venture-specific, but its institutional secondary expertise and relevance to fund-level liquidity make it an important platform in the broader secondaries market.

Manhattan Venture Partners

• Headquarters: New York, United States
• Founded: 2014

Manhattan Venture Partners is a private market investment and secondary platform focused on late-stage venture-backed companies. The firm provides access to private technology companies through secondary transactions, special purpose vehicles, and private market investment opportunities. Its platform is relevant to investors seeking exposure to companies before IPO as well as shareholders seeking liquidity.

Manhattan Venture Partners’ strength lies in its focus on late-stage private growth companies. Many investors want access to mature private technology companies that are no longer available through early-stage venture funds but have not yet entered public markets. The firm’s model supports this demand by structuring private market investment access and facilitating liquidity opportunities. In 2025, delayed IPO timelines continue to create demand for late-stage private company exposure. Manhattan Venture Partners is ranked in Tier II because it is a recognized specialist platform, though smaller in scale than the largest marketplace and institutional secondary platforms.

North Capital Private Securities

• Headquarters: Salt Lake City, United States
• Founded: 2008

North Capital Private Securities provides infrastructure and brokerage services for private securities transactions, including alternative investments, private placements, and secondary market activity. Its relevance to venture liquidity comes from its role in supporting regulated transaction infrastructure for private market securities.

The private company secondary market requires compliance, investor qualification, transaction documentation, custody coordination, and regulated brokerage capabilities. Platforms that provide this infrastructure help private market participants execute transactions more efficiently and within appropriate legal frameworks. North Capital is ranked in Tier II because it is not a venture-specific marketplace, but its private securities infrastructure supports the broader ecosystem in which venture-backed equity transactions occur. As private markets become more institutionalized and compliance-sensitive, infrastructure providers of this type remain relevant to liquidity development.

Setter Capital

• Headquarters: Toronto, Canada
• Founded: 2006

Setter Capital is a secondary market advisory firm focused on liquidity for private funds, direct interests, and alternative assets. The firm is known for secondary market research, transaction advisory, and helping buyers and sellers navigate private market liquidity. Its relevance to venture capital comes from its work across private fund interests and direct secondary transactions.

Setter’s strength lies in secondary market intelligence and transaction facilitation. In venture capital, pricing and liquidity are difficult because assets are illiquid, information is limited, and transaction processes vary significantly. Advisory firms that understand secondary buyer demand, fund interest pricing, and market conditions can help LPs, GPs, and investors evaluate liquidity options. Setter Capital is ranked in Tier II because it is broader than venture liquidity alone, but its secondary advisory focus, data orientation, and relevance to private fund and direct interest transactions support its inclusion.

The Nasdaq Fund Network / Private Fund Solutions

• Headquarters: New York, United States
• Founded: 2019

Nasdaq’s private fund and private market solutions ecosystem supports the broader development of institutional infrastructure for alternative assets, including private funds and private securities. While distinct from Nasdaq Private Market’s company-level liquidity programs, this broader set of private fund solutions is relevant to private market transparency, fund data, investor access, and operational infrastructure.

The platform’s relevance comes from the growing need to standardize private fund information and improve investor-facing infrastructure. As venture capital and private markets become more widely distributed across wealth platforms, institutional allocators, and secondary participants, market infrastructure becomes increasingly important. Private fund data, identifiers, transparency tools, and distribution infrastructure can support more efficient allocation and liquidity. It is ranked in Tier II because it is adjacent rather than purely transactional, but its role in institutionalizing private market infrastructure gives it meaningful relevance to the liquidity ecosystem.

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Tier III — Specialist Secondaries & Liquidity Platforms

(Alphabetical order)

• Allocate
• Collective Liquidity
• EquityBee
• Linqto
• Secfi

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Remarks

Secondaries and liquidity platforms continue to play a critical role within the global venture capital ecosystem as private companies remain private for longer, IPO windows fluctuate, and shareholders seek more flexible mechanisms for managing exposure to venture-backed equity. The firms recognized in this ranking represent organizations whose platforms maintain sustained engagement with private company share transactions, fund secondaries, tender offers, employee liquidity, and institutional private market access.

The secondaries and liquidity platform category is structurally different from early-stage venture capital, growth and crossover venture capital, corporate venture capital, VC allocators, venture debt, accelerators, and placement advisory firms. While some firms included in this ranking may also provide investment products, fund administration, private market data, or brokerage infrastructure, their inclusion reflects meaningful relevance to private market liquidity rather than primary venture investment alone.

Tier classification reflects relative institutional scale, transaction infrastructure maturity, buyer and seller network strength, private company relevance, compliance capability, data quality, and engagement with the venture capital liquidity ecosystem. The ranking does not constitute a performance evaluation or recommendation of investment services.

Organizations included in this ranking may request information regarding authorized use of the Ranking News designation for marketing and communications purposes.

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Organizations included in this ranking may request information regarding authorized use of the Ranking News designation for marketing and communications purposes.

Recognition

Organizations included in the Top 20 Secondaries & Liquidity Platforms 2025 ranking may request information regarding authorized use of the Ranking News designation badge for marketing and communications purposes.

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