Sector PrimerCross-Sector14 pages
Founder Liquidity Without IPO: Secondary & Tender Structures
A practical primer on secondary tenders, company-sponsored repurchases, and structured liquidity — when they work, how they are priced, and what boards should prepare.
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14-page PDF · Sector Primer
This primer outlines secondary liquidity instruments for growth-stage private companies, including tenders, selective repurchases, and combined primary-secondary structures.
Key themes
- Extended private-company lifecycles making liquidity a board-level planning item
- Secondary programs as retention and cap-table management tools when executed with discipline
- Pricing, fairness, and investor communication as critical design elements
- Poorly structured secondaries creating more complexity than they resolve
Methodology
Based on observed mandates and market practice through Q2 2026. For informational purposes only.