Top 20 Secondaries & Liquidity Solutions Advisory 2025

This report forms part of the Ranking News Investment Banking & Capital Markets Advisory series, evaluating specialist advisory firms operating in the secondary market and liquidity solutions segment of private capital markets.

Secondaries and liquidity solutions advisory firms play a critical role in enabling liquidity in otherwise illiquid private markets. These firms operate at the intersection of private equity, venture capital, growth equity, and institutional investing, facilitating transactions that are typically executed outside public markets.

Unlike traditional placement agents or investment banks, these firms specialize in off-market transactions, including:

• Secondary sales of private company shares
• Block trades in private or thinly traded assets
• Direct secondary transactions between shareholders and institutional buyers
• Private placements and structured liquidity solutions
• VC secondaries and pre-IPO liquidity events

Their clients include founders, early investors, venture capital firms, employees, family offices, and institutional investors seeking entry or exit in private assets.

The firms recognized in this ranking represent the evolving infrastructure of global private market liquidity.

Market Overview

The global secondary and private liquidity market has expanded significantly as private companies remain private for longer periods and institutional capital continues to shift toward alternative assets.

Traditional exit routes such as IPOs and M&A are no longer sufficient to meet liquidity needs. As a result, private secondary markets have become a critical mechanism for enabling capital recycling and investor flexibility.

Specialist firms in this space facilitate transactions that would otherwise be difficult to execute, including large block trades, cross-border secondary deals, and structured liquidity events. These transactions often require discretion, access to proprietary buyer networks, and the ability to manage complex shareholder dynamics.

The market remains highly fragmented but is rapidly institutionalizing, with increased participation from sovereign wealth funds, secondary funds, and large family offices.

Industry Trend — 2025

In 2025, private market liquidity continues to evolve into a structured and scalable asset class. Secondary transactions are no longer limited to distressed sales or opportunistic trades but are increasingly integrated into portfolio management strategies.

Venture capital secondaries are experiencing significant growth, particularly in late-stage companies where early investors and employees seek liquidity prior to exit events. At the same time, institutional investors are actively pursuing access to high-quality private assets through secondary channels.

Technology-enabled platforms are also reshaping the market, improving price discovery and transaction efficiency. However, relationship-driven intermediaries remain essential for executing large or complex transactions.

The ability to source proprietary deal flow and match buyers with sellers discreetly remains a key differentiator in this market.

Methodology — Core Eligibility Criteria

Firms considered for this ranking were evaluated based on the following criteria:

• Active involvement in private market secondary transactions
• Ability to facilitate off-market liquidity events or block trades
• Engagement in VC secondaries, private placements, or structured liquidity
• Demonstrated access to institutional and private buyers
• Operates as an independent intermediary or platform

Methodology — Ranking Factors

Firms were evaluated based on qualitative institutional indicators including:

• Volume and complexity of secondary transactions executed
• Access to proprietary deal flow
• Strength of buyer and seller networks
• Capability in structuring off-market liquidity solutions

The ranking universe consisted of approximately 50 advisory firms globally, from which 20 firms were selected for inclusion.

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Tier I — Leading Secondaries & Liquidity Solutions Advisory

Forge Global

• Headquarters: San Francisco, United States
• Founded: 2014

Forge Global is one of the most prominent platforms facilitating liquidity in private markets, providing institutional-grade infrastructure for trading private company shares. The firm operates a marketplace that connects shareholders—including founders, employees, and early investors—with institutional buyers seeking exposure to late-stage private companies.

Its platform supports both standardized and bespoke transactions, enabling price discovery and execution in an otherwise opaque market. Forge combines technology-driven matching with brokerage capabilities, allowing it to handle both smaller transactions and large block trades.

The firm plays a central role in pre-IPO liquidity, particularly in venture-backed technology companies, where traditional exit timelines have extended significantly. Its scale and transaction volume distinguish it from smaller intermediaries.

Forge’s ability to aggregate supply and demand at scale positions it as a foundational player in the global private secondary market ecosystem.

Nasdaq Private Market

• Headquarters: San Francisco, United States
• Founded: 2013

Nasdaq Private Market operates as a platform for private company liquidity, enabling secondary transactions and structured liquidity programs. The firm works with private companies to facilitate controlled liquidity events for employees and early investors.

Its services include company-sponsored liquidity programs, tender offers, and secondary market transactions. Nasdaq Private Market leverages its brand and institutional infrastructure to provide credibility and governance to private market transactions.

The platform is particularly relevant for late-stage companies seeking structured liquidity solutions without transitioning to public markets.

EquityZen

• Headquarters: New York, United States
• Founded: 2013

EquityZen operates a marketplace that provides access to private company shares, enabling liquidity for existing shareholders while offering investment opportunities to accredited investors. The firm aggregates demand and facilitates transactions in venture-backed companies.

Its platform allows investors to participate in pre-IPO opportunities, while sellers can access liquidity without relying on traditional exit events. EquityZen has developed a scalable model that balances accessibility with structured transaction processes.

The firm is particularly active in the technology sector, where demand for private market exposure remains strong.

EquityZen’s ability to connect fragmented supply and demand in private markets supports its role as a leading platform in secondary liquidity solutions.

Zanbato

• Headquarters: Palo Alto, United States
• Founded: 2010

Zanbato operates a private securities trading platform focused on large block secondary transactions in private companies. The firm provides a highly curated marketplace connecting institutional buyers with sellers.

Its platform emphasizes discretion, pricing efficiency, and execution quality for large-scale trades. Zanbato is particularly active in late-stage private company transactions.

The firm’s focus on institutional-grade execution differentiates it from more open marketplace models.

Setter Capital

• Headquarters: Toronto, Canada
• Founded: 2007

Setter Capital is a specialist advisory firm focused exclusively on secondary transactions involving private equity fund interests and illiquid assets. The firm advises institutional investors on liquidity strategies, portfolio sales, and structured secondary transactions.

Its platform includes a proprietary database of buyers and sellers, enabling efficient matching and execution of transactions. Setter Capital is particularly active in LP stake sales and fund-level secondary transactions.

The firm’s advisory-driven model differentiates it from marketplace platforms, emphasizing structured deal execution and client-specific solutions.

Setter Capital’s deep specialization and consistent presence in secondary markets support its Tier I placement.

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Tier II — Established Secondaries & Liquidity Advisory

(Alphabetical order)

Caplight

• Headquarters: San Francisco, United States
• Founded: 2022

Caplight operates a marketplace focused on price discovery and trading of private company equity. The firm enables institutions to hedge and trade private assets using structured instruments.

Its platform introduces derivatives-like functionality to private markets, representing a new layer of liquidity innovation.

Caplight reflects the increasing sophistication of private secondary markets.

Castle Placement

• Headquarters: New York, United States
• Founded: 2009

Castle Placement operates as a broker-dealer and capital markets intermediary specializing in private placements and secondary transactions. The firm connects issuers, shareholders, and institutional investors in off-market transactions that require tailored execution and investor access.

Its services include facilitating direct secondary sales, structured liquidity events, and private capital raises, often in situations where traditional market mechanisms are unavailable or inefficient. Castle Placement is particularly active in transactions involving private companies and alternative investment structures.

The firm’s strength lies in its ability to coordinate complex transactions between multiple stakeholders while maintaining discretion and execution efficiency. Its investor network includes family offices, institutional investors, and alternative asset managers.

Castle Placement represents a practical, transaction-oriented intermediary within the private liquidity ecosystem.

EquityBee Secondary

• Headquarters: Palo Alto, United States
• Founded: 2018

EquityBee provides financing and liquidity solutions for startup employees, enabling them to exercise stock options and gain exposure to private company equity. The firm also participates in secondary market dynamics.

Its platform supports liquidity access in venture ecosystems, particularly for individual shareholders.

Hiive

• Headquarters: Vancouver, Canada
• Founded: 2021

Hiive is a next-generation private market trading platform designed to facilitate secondary transactions in venture-backed companies. The firm provides a digital marketplace where buyers and sellers can transact private shares with improved efficiency and transparency.

Its platform focuses on late-stage private companies, where demand for liquidity has increased due to extended timelines before IPO or acquisition. Hiive emphasizes streamlined execution and accessibility while maintaining institutional-grade transaction processes.

The firm is part of a broader trend toward technology-enabled secondary markets, where digital infrastructure complements traditional relationship-driven dealmaking. Its rapid growth reflects increasing demand for scalable liquidity solutions.

Hiive represents an emerging but credible participant in the evolving private secondary market landscape.

Liquidity Capital Markets

• Headquarters: New York, United States
• Founded: 2016

Liquidity Capital Markets provides advisory services focused on private market liquidity and structured secondary transactions. The firm supports shareholders, companies, and investors in executing off-market deals involving private securities.

Its advisory work includes block trades, direct secondaries, and structured liquidity solutions, often requiring coordination between multiple institutional counterparties. The firm operates in environments where pricing, timing, and discretion are critical to transaction success.

Liquidity Capital Markets focuses on delivering tailored solutions rather than standardized marketplace transactions. Its model emphasizes flexibility and client-specific structuring.

The firm continues to develop its presence as a specialist intermediary within private market liquidity advisory.

MicroVentures

• Headquarters: Austin, United States
• Founded: 2009

MicroVentures provides access to private market investments, including secondary transactions in venture-backed companies. The firm connects investors with private companies through a structured platform.

Its services include facilitating liquidity for shareholders and enabling investors to access private market opportunities. MicroVentures operates across early-stage and late-stage investments.

The firm’s hybrid model combines capital raising with secondary access, supporting its role within private market liquidity.

Notice.co

• Headquarters: New York, United States
• Founded: 2021

Notice provides infrastructure for managing private market transactions, including secondary trades and liquidity events. The platform focuses on transaction execution, compliance, and data management.

Its services support intermediaries, companies, and investors in navigating complex private transactions. Notice plays a supporting role in the broader secondary ecosystem.

Rainmaker Securities

• Headquarters: New York, United States
• Founded: 2008

Rainmaker Securities is a broker-dealer specializing in private placements and secondary transactions in private markets. The firm facilitates transactions between issuers, shareholders, and investors, focusing on capital formation and liquidity events.

Its services include structuring and executing private securities transactions, often in complex or off-market environments. Rainmaker is particularly active in connecting companies with institutional and accredited investors.

The firm’s ability to operate across both primary and secondary markets provides flexibility in transaction structuring. Its network-driven model enables access to a range of capital sources.

Rainmaker Securities remains a consistent participant in private market liquidity transactions.

Shares Insider

• Headquarters: Paris, France
• Founded: 2016

Shares Insider is a European-focused platform facilitating secondary transactions in private companies. The firm connects investors with off-market opportunities.

Its regional focus supports cross-border liquidity in European private markets.

UpMarket

• Headquarters: New York, United States
• Founded: 2019

UpMarket operates a platform focused on providing access to private market investments and secondary opportunities. The firm connects investors with curated private deals, including off-market transactions.

Its model combines elements of marketplace infrastructure with advisory-driven deal sourcing, enabling access to opportunities that are not widely available. UpMarket is particularly active in venture-backed companies and growth-stage investments.

The firm’s approach reflects the growing demand for curated access to private assets. It continues to expand its presence in private secondary markets.

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Tier III — Specialist Secondaries & Liquidity Solutions Advisory

Alphabetical order)

• Asset Match
• CrowdCube Secondary
• EquityMatch
• Seedrs Secondary Market
• PrivateCircle

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Remarks

Secondaries and liquidity solutions advisory has emerged as one of the most structurally significant segments within private capital markets. As private assets represent an increasing share of global portfolios, the ability to generate liquidity outside traditional exit channels has become essential.

This category differs fundamentally from both capital raising and traditional investment banking advisory. It operates in environments where transactions are negotiated privately, pricing is often opaque, and execution depends heavily on access to proprietary networks and counterparties.

The firms included in this ranking reflect the evolving infrastructure of private market liquidity, ranging from institutional-grade trading platforms to specialized intermediaries facilitating block trades and structured transactions.

As private markets continue to mature, this segment is expected to expand further, driven by the need for flexible liquidity solutions and more efficient capital allocation mechanisms.

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