Demystifying private markets liquidity in 2023

Private markets are being democratized at an alarming rate, and the new entrants’ structures could be misleading. Time to cut through the noise.

At the institutional debt and equity levels, over-the-counter (OTC) trades have long allowed for liquidity following primary issues—albeit, liquidity with less transparency compared to public markets, prior to a final maturity payment or IPO. Across debt, investors come across odd-lot sizes under $1 million, which often trade differently than institutional lot sizes.

This same anomaly also occurs for single-name private stocks, frequently when an employee leaves the capitalization table for

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