EquityZen, the private-share trading platform handling transactions in pre-IPO companies, reported sustained demand for artificial intelligence and software-as-a-service holdings through August 2026, according to co-founder Phil Haslett. The platform's activity log suggests institutional allocators are treating secondaries as a liquidity hedge while maintaining exposure to high-growth categories that have underperformed in public markets since late 2025.
Hashlett noted that AI-focused companies accounted for approximately 35 percent of platform volume in July and early August, with SaaS names comprising another 28 percent. Transaction sizes for AI holdings averaged $420,000, compared to $290,000 for SaaS positions, indicating larger institutional blocks moving through the secondary channel. The platform's seller base has shifted: employees and early investors represented 62 percent of supply in the first half of 2026, up from 54 percent in the prior-year period, reflecting extended private-company timelines as IPO windows remain selective.
The secondaries expansion matters because it reveals where allocators are placing conviction when primary venture rounds have slowed. Crunchbase data shows U.S. venture funding dropped 22 percent year-over-year in the second quarter of 2026, but secondary platforms like EquityZen, Forge, and Rainmaker have reported volume increases ranging from 18 percent to 31 percent over the same period. This divergence suggests sophisticated buyers are using secondaries to acquire stakes at discounts to last-round valuations—EquityZen's median discount to the most recent primary round widened to 18 percent in July from 12 percent in January—while avoiding the markups and governance complexity of leading new financings.
For family offices and fund managers, the signal is dual-edged. Persistent AI and SaaS demand on secondaries platforms indicates that institutional conviction in those categories has not broken despite public-market compression. Names circulating on EquityZen in recent months include several companies valued above $3 billion in their last primary rounds, firms that would traditionally pursue public listings but have instead extended their private runway. That extension creates a bifurcated market: allocators willing to accept illiquidity can access growth at discounts, but those discounts reflect genuine uncertainty about exit timing and valuation multiples when liquidity events do occur.
Operators and allocators should monitor three near-term developments. First, whether September's traditional IPO-window opening produces filings from any of the high-profile AI companies trading on secondary platforms; absence of filings would signal that private timelines are extending further into 2027. Second, whether EquityZen's discount-to-last-round metric continues widening past 20 percent, which would indicate seller urgency overcoming buyer caution. Third, the mix of seller types: if institutional investors begin offloading positions in size, that would mark a sentiment shift beyond employee liquidity needs. These data points will clarify in the next 60 to 90 days.
The private-share platforms have become a real-time sentiment gauge for categories that have lost public-market favor but retain allocator interest. Haslett's August commentary confirms that interest has not evaporated; it has simply migrated to a channel where pricing reflects uncertainty and liquidity comes at a measurable cost.
The takeaway
Secondaries volume climbing while primary venture funding falls signals allocators buying conviction at a discount, not fleeing the category.
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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