Private Market Liquidity Trends Highlight Growth in Secondary Transactions

According to a recent LinkedIn post from EquityZen, private markets are projected by S&P Global to reach $18 trillion in assets under management by 2027. The post suggests that growing secondary activity is contributing to a shift in perception, where private holdings are increasingly seen as less strictly illiquid.

The post cites PitchBook data indicating that tender activity in Q1 2026 is pacing to match prior record highs, while CB Insights data is referenced to note that 17.1% of unicorns have used tenders to facilitate shareholder liquidity. EquityZen also reports that non-tender secondaries on its own platform more than doubled in volume year over year.

For investors, the highlighted trends point to a potentially expanding secondary market infrastructure that may support price discovery, liquidity options, and participation in late-stage private companies. At the same time, the post reiterates risk disclosures around pre-IPO investing, emphasizing the possibility of total loss, illiquidity, and value volatility, which may temper return expectations despite market growth.

The emphasis on “democratizing access” via platforms like EquityZen signals an ongoing competitive push to intermediate between private issuers, employees, and investors. If secondary volumes continue to grow, EquityZen could benefit from higher transaction-based revenues and increased relevance within the private market ecosystem, though performance will remain sensitive to overall venture and IPO market conditions.