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How Private Company Liquidity Events Have Evolved into Strategic IPO Preparation Tools

Written by EquityZen

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September 23, 2026

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2 min read

How Private Company Liquidity Events Have Evolved into Strategic IPO Preparation Tools

In this article

With startups staying private longer, private company liquidity programs are no longer rare one-offs—rather, they have become a core strategy for IPO readiness and talent retention.

In a recent Morgan Stanley at Work piece, Emiley Jellie, Managing Director and Head of Private Company Liquidity at Morgan Stanley, and Phil Haslett, Managing Director and Chief Strategy Officer of EquityZen, part of Morgan Stanley, break down how private companies are scaling liquidity options to adapt to market shifts.

Key topics explored in the article include:

How perceptions of private company liquidity transactions have changed in recent years.
How companies are creating repeatable liquidity programs through employee tender offers and secondary transactions.
What execution risks companies should consider when planning tender offers, and potential mitigating measures.
What factors to consider in determining pricing.

Read the full article here:

https://www.morganstanley.com/atwork/articles/pre-ipo-liquidity-tender-offers-secondary-sales

Disclosures

The experience of the customers discussed may not be representative of the experience of other customers. Past performance does not guarantee future success. Not all pre-IPO companies will go public or be acquired, and not all IPOs or acquisitions will become successful investments. There are inherent risks in pre-IPO investments, including the risk of loss of the entire investment, illiquidity, and fluctuations in value and returns. The information discussed is for reference only and does not constitute a recommendation or personal financial advice.

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