$13 trillion of liquidity is coming to the private markets.

Of the $1.5 trillion in equity on the cap tables of the world's unicorns, only about 2% changes hands every year. In the public markets, $100 trillion flows through the system every year, about 300% of the market capitalization of all U.S. stocks.

In proportionally liquid private markets, we would see $13 trillion in activity every year.

Today, after two decades of false starts, we are on the cusp of real liquidity in the private markets, and it will completely change how we build, fund, and grow companies.

In this 70,000+ word report, featuring 7+ hours of interviews with current and former executives from Carta, Forge, and Nasdaq Private Market, you'll learn how to capitalize on the rise of private market liquidity as an issuer or as an investor.

Not privately-held or publicly-traded, the future belongs to the privately-traded company.


  • Learn why SPACs and direct listings prove that the public markets have lost product-market fit
  • The secondary market strategy that saved Spotify $90 million on its direct listing
  • How private market investors save 15-30% on shares of the fastest-growing companies
  • How companies can raise employee compensation by 200% using recurring liquidity programs to compete with Facebook and Google
  • Competitive analysis of Forge, Carta, Nasdaq PM, EquityZen, ClearList, and Zanbato
  • 7+ hours of interviews with experts like Charly Kevers (Carta), Hari Raghavan (Forge), and Arjun Sethi (Tribe Capital)


This is an essential guide for anyone who is involved in the secondary market. Liquidity has never been so important in the private markets, and this breaks down all your options and opportunities as an issuer or an investor.

  • —Andy Su, Co-Founder and CEO of Pry Financials

Liquidity is coming to private markets, and it will have broad implications across the ecosystem. If you're an LP, run a venture fund, or lead a Series B+ company, read this report.

  • —John Ryu, Founder of Hypothesis

Sacra has provided the single best resource to understanding how private markets work, especially in the context of incentives across the venture capital industry. For management teams, this guide helps you think about employee retention via liquidity alternatives. For fund managers, the report helps you understand other paths of realized returns. For limited partners, Sacra provides an entirely new way to think about portfolio construction. This is a must read for every participant in the ecosystem.

  • —Dave Ambrose, former Managing Director of Steadfast Venture Capital