Family Offices Buying Late-Stage Secondaries
Andrea Walne, GP at Manhattan Venture Partners, on getting on the cap table
Family offices matter in secondaries because they can enter a late stage company without asking for a board seat, a splashy announcement, or a new primary round. That makes them unusually easy for companies to say yes to. They buy existing shares from employees or early investors, give those sellers liquidity, and can still bring strategic help in geographies, partnerships, or industry relationships, all while fitting into an issuer controlled cap table process.
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Secondary is a cleaner entry point than primary for this buyer. The company does not issue new shares, so there is no dilution, and it can replace less aligned holders with new investors who are more useful for the next phase of growth.
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This buyer profile also fits how late stage private markets actually work. Large buyers often want trusted access, private information sharing, and a company friendly process. Family offices can offer that without the signaling risk that comes with a hedge fund or a highly visible crossover investor.
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The market structure reinforces it. Most private share volume still happens through negotiated, brokered, or company guided workflows rather than open exchanges, which favors relationship driven buyers like family offices that can move quietly and commit for the long term.
As private companies stay private longer, this role should get bigger. More founders will use secondary sales to swap out aging shareholders for quieter, more strategic capital, and family offices are well suited to become repeat buyers in that handoff between early venture ownership and the public markets.