Phil Haslett, co-founder of EquityZen, told Crunchbase News that secondary markets for private-company shares have moved from niche accommodation to structural necessity. The platform now processes transactions that would have been IPO events in prior cycles. No specific volume figures disclosed, but Haslett's commentary confirms what allocators already see: companies staying private longer means employees and early investors need liquidity mechanisms that did not exist at scale fifteen years ago.
The shift is definitional. EquityZen and competitors like Forge Global now facilitate transactions in companies that carry $1 billion-plus valuations and employee bases exceeding 1,000 people—scale that once triggered mandatory public filings. Haslett noted AI-focused companies command particular attention, with SaaS businesses seeing steadier but less frenzied secondary activity. The implication: liquidity is no longer a binary event tied to Nasdaq listing ceremonies. It is a continuous process managed through private transactions, often at discounts to last-round pricing that reveal true investor appetite absent roadshow theatrics.
This matters because the secondary market now functions as price discovery for allocators evaluating primary rounds. If a company's shares trade privately at 15-20% discounts to the last fundraise, that is a signal no venture partner wants in their quarterly LP letter. Haslett's remarks confirm the secondary market has become the truth serum for private valuations. Family offices and fund managers using platforms like EquityZen are not just buying exposure—they are reading sentiment. A robust secondary market suggests genuine demand. Thin activity or widening bid-ask spreads indicate the opposite, often quarters before a down-round becomes public.
The AI commentary deserves separate attention. Haslett flagged heightened interest in artificial intelligence companies, which tracks broader capital flows but introduces valuation risk. AI businesses often lack the unit economics that made SaaS businesses legible to traditional software investors. Secondary buyers are pricing in both the upside of a category-defining winner and the downside of undifferentiated infrastructure plays that get commoditized by 2026. Allocators should watch whether secondary discounts in AI names widen past 25%—that threshold historically marks the point where even optimistic buyers step back.
Operators and allocators should track three follow-on developments. First, whether EquityZen or Forge disclose transaction volume growth rates by Q2 2025—acceleration there confirms IPO windows remain closed for most. Second, watch for regulatory commentary from the SEC regarding private-share trading platforms, likely by mid-2025, as volumes approach levels that invite scrutiny. Third, monitor whether secondary discounts in late-stage SaaS companies tighten or widen through spring 2025—that spread is the canary for when public markets might reopen to tech offerings.
The IPO market has not disappeared. It has been restructured into a continuous, private, discount-driven process that rewards patience and punishes hubris. Haslett did not say that explicitly, but the business he runs does.
The takeaway
Secondary markets now set private valuations—watch discount spreads, not pitch decks.
Editorial & Disclosure Notice: This article was written with artificial intelligence from public sources and is published without individual human review. Artificial intelligence and other digital tools are also used for research, analysis, editing, formatting, and production. Errors, omissions, outdated information, or inaccuracies may occur. References to companies, brands, products, services, organizations, or individuals are for informational and editorial purposes and do not imply endorsement, sponsorship, affiliation, partnership, or approval unless expressly stated. All trademarks and other intellectual property remain the property of their respective owners. Opinions, analysis, estimates, and commentary are informational only and should not be construed as financial, investment, legal, tax, medical, procurement, or other professional advice. Information may be corrected, clarified, or updated after publication. Corrections or removal requests: jenny@pops4.com.
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