How private secondaries actually work — the mechanics, the structures, the math, the people. Written by the Limen Markets Private team for the buyers and sellers we work with every day.
Direct vs. SPV vs. forward contracts. Right of first refusal. 409A vs. secondary marks. Lock-ups. Carry. Spreads. We walk through every line item that should be on the screen before you sign — and what to push back on.
Figure AI's humanoid robotics program and commercial partnerships make it one of the more distinctive names in private markets, but the capital intensity and partner concentration deserve scrutiny.
xAI supply is appearing more frequently on secondary platforms — but the structure of that supply, and the issuer's transfer policies, deserve careful scrutiny before you commit.
Revolut's path toward a potential public listing is making it one of the more actively discussed names in secondary markets — but the questions serious buyers are asking go well beyond the headline valuation.
SPV investors routinely receive K-1s weeks or months after the April filing deadline — this guide explains why, and what to do about it.
Defense tech's most prominent private company trades differently than software unicorns — here is the framework buyers should use before placing an indication on Anduril shares.
A practical look at how SPV and direct transfer structures each interact with company ROFR rights, and what that means for buyers and sellers on the secondary market.
OpenAI's secondary market is active but structurally complicated — here's what to resolve before you place an indication.
Secondary buyers eyeing Stripe should stress-test valuation, float volume, and transfer restrictions before placing an indication — here is how.
Databricks secondary pricing has tightened considerably since the 2024 primary round, but buyers are still navigating meaningful uncertainty around structure, ROFR, and supply.
Secondary demand for Klarna is high, but the spread between ask prices and any realistic post-IPO outcome is wide enough that buyers need a disciplined framework before acting.
Exercising ISOs in a high-valuation private company can trigger AMT liability in the year of exercise — even if you cannot yet sell a single share.
A company tender and an open secondary can coexist, but they carry very different trade-offs on price, speed, and tax timing.
A step-by-step breakdown of Rule 506(c) for accredited investors entering the private secondary market for the first time.
A plain-English walkthrough of IPO lock-up mechanics, early-release triggers, and the selling window decisions every pre-IPO holder faces.
A plain-English breakdown of every fee layer inside a typical pre-IPO SPV — and how to compare costs across vehicles before you commit.
Six platforms claim coverage of the late-stage private market. We walk through how they differ on the two things that matter most — supply and friction — and where Limen Markets sits.
Catalog and inventory are not the same thing. Four questions that separate a venue with confirmed sellers from a venue with a directory of names it would like to have.
Easy is not a UI compliment — it's a measurable workflow property. Number of clicks, number of forms, number of follow-up calls between an indication and a settled position.
Headline price isn't the price you pay. Every extra week between indication and settled position carries real cost — price drift, ROFR exposure, opportunity cost. We add up the line items.
Each structure has different settlement timelines, fee profiles, and ROFR implications. We walk through when each one makes sense.
Common, preferred, RSUs, ESOPs, founder stock — what each one means for your transferability and your downside.
409A is a regulatory floor. Secondary marks are a market price. We unpack the gap and how to use it.
Recent tender activity is reshaping the bid stack. We unpack the buyer composition and the implications for the next round.
After the latest primary, secondary sellers thinned out fast. We unpack what's driving the squeeze and what to watch in Q2.
Family offices and sovereign LPs are leaning in. We map the demand stack and where supply is still soft.
If your pre-IPO position was originally issued at the company's qualified stage, you may have a 0% federal capital gains exposure waiting.
A buyer's worst surprise is finding out the issuer pulled rank on the trade. We walk through how to clear ROFR cleanly.
If you exercised early and missed the 83(b) window, your sale economics may look different than you think. A walk-through.
A practical walk-through of selling pre-IPO equity through Limen Markets Private — from intake call to wired proceeds.
We'll show you the last three closed trades on your name, and what's currently bid. You decide your floor.
Most pre-IPO companies have written transfer rules. We help you read them and find the path that works.
The shortest possible definitions of the terms that show up on every term sheet.
An IRS-required appraisal of common stock. Used to set strike prices for employee options. A regulatory floor — not a market price.
The most recent price at which a company's shares actually changed hands between investors on the secondary market.
A clause giving the issuer the option to buy back the shares first at the negotiated price before the trade clears.
A single-purpose LLC that pools investor capital to take a single position. The most common way to access pre-IPO equity.
A contractual right to receive shares at a future event (typically the IPO). Common when transfer restrictions block an immediate sale.
A post-IPO restriction (typically 180 days) preventing pre-IPO holders from selling on the public market right away.
The performance fee charged on profits when the SPV exits. Common range: 0–10% of upside above invested capital.
A US tax provision that may exclude up to $10M (or 10x basis) of gain on qualified small-business stock held five years or more.
The pricing moves, the new supply, the issuer events, the structural details that matter. From the Limen Markets Private team to your inbox every Wednesday morning.