The Private Stock Market Is Real—As Is the Chaos

For decades, private market investing was exclusive to venture capitalists and insiders. But as startups delay IPOs longer than ever, demand for pre-IPO trading has exploded. Now, a growing number of platforms claim to offer access to private shares—yet no two operate the same way.

Unlike public markets, where stocks trade on centralized exchanges, the private secondary market is a patchwork of different systems, pricing models, and investment structures. Some platforms function like stock exchanges, showing live bids and asks. Others require broker assistance, making pricing opaque. Some bundle investors into pooled funds, while others pre-buy shares and resell them at a markup. The result? A market that technically exists—but operates with little standardization and a lot of complexity.

Over time, this sector may consolidate, just as search engines, crypto exchanges, and fintech platforms have in the past. But for now, investors must navigate a fragmented and often confusing landscape. Which platform you use could dramatically change how much you pay—and whether you get access at all.

Summary

Forge Global: Public in a Private Market

Forge Global is one of the largest players in the private secondary market—or at least the only one you can buy shares of directly. Founded in 2014, Forge made headlines by acquiring SharesPost in 2020 and later becoming the first secondary marketplace to go public, listing on the NYSE under the ticker FRGE in 2022.

How Forge Operates

Unlike an open exchange, Forge functions as a broker-assisted platform where investors and shareholders work through its team to execute trades. It offers access to a range of late-stage private companies, with liquidity coming from startup employees, early investors, and institutions. Forge also provides valuation data and pricing history to help investors gauge the market for specific private stocks.

Unlike some newer platforms, Forge does not openly display all available shares. While it provides historical transaction data, actual inventory is not always listed publicly. Instead, buyers submit interest in a company, and Forge brokers facilitate the transaction behind the scenes. This process suits larger investors who want a full-service experience but may be less appealing for those who prefer direct order matching.

Investment Requirements and Fees

Forge primarily caters to high-net-worth investors and institutions. The minimum investment size is typically $100,000 or more, with some deals requiring as much as $1 million. There are no membership fees, but Forge charges transaction fees to both buyers and sellers, generally ranging from 2% to 5% per side. This means total trading costs can add up to 5–10%, which is higher than some newer platforms that do not charge buyer fees.

User Experience and Reviews

Forge has developed a reputation as a professional, well-established platform, particularly among institutions and seasoned investors. The platform interface provides useful valuation insights, and its team assists investors throughout the transaction process. However, the lack of upfront pricing transparency can make it harder to compare deals, as users often need to request quotes rather than seeing available shares and bids in real time.

Liquidity is generally strong given Forge’s institutional network, but trading volumes fluctuate with broader market conditions. In strong IPO years, more sellers list shares, making transactions easier to complete. During downturns, it may take longer to match buyers and sellers.

Key Takeaways

• The only publicly traded private secondary market platform, giving it a unique position in the space.

• High minimum investments ($100K+), with fees ranging from 5–10% per transaction.

• Strong liquidity for larger trades, but less transparency in share availability compared to exchange-style platforms.

EquityZen: Bringing Private Markets to Individual Investors

EquityZen launched in 2013 with the goal of making pre-IPO investing more accessible to individual accredited investors. While institutional investors have long dominated the secondary market, EquityZen was one of the first platforms to focus on smaller investors by pooling them into special purpose vehicles (SPVs) to meet the minimum trade size. Over the years, it has facilitated thousands of transactions across hundreds of private companies, making it a well-known name in the space.

How EquityZen Operates

EquityZen differs from broker-driven platforms like Forge by structuring most of its transactions as pooled investments. When a seller lists shares, EquityZen aggregates multiple investors into an SPV, which then buys the stake as a single entity. This allows individuals to participate in secondary sales with minimums as low as $10,000—far lower than traditional marketplaces that often require six-figure investments.

However, this structure also introduces some limitations. Because multiple buyers must be pooled into an SPV, deals can take time to close. Investors express interest in a company, but the transaction is only finalized if enough demand is aggregated. Additionally, investors do not own shares directly; instead, they hold a stake in the SPV that owns the shares, which can add some complexity when it comes time to exit.

Investment Requirements and Fees

EquityZen is structured for accredited investors but offers a lower barrier to entry than many secondary platforms. The first investment typically requires a $10,000 minimum, and subsequent deals usually require $20,000 or more.

Unlike some platforms that charge fees to both buyers and sellers, EquityZen primarily charges the buyer a transaction fee, which ranges from 3% to 5% depending on the investment size. This is built into the price investors pay for shares, meaning investors should carefully evaluate valuations when deciding whether to participate in a deal.

User Experience and Reviews

EquityZen is widely regarded as one of the easier platforms for individual investors to use. The website allows users to browse available companies and request more details on specific deals. However, pricing transparency can be an issue—unlike open marketplaces that display live bids and asks, EquityZen does not provide upfront pricing information. Investors must indicate interest before seeing full deal terms.

While the platform is convenient, it is not always the most competitive on pricing. Investors on forums have noted that shares on EquityZen are sometimes marked up compared to other secondary platforms, making it important to compare across multiple sources before committing to a purchase. The SPV structure also means that once an investor participates in a deal, they are locked in until the company exits—there is no easy way to resell or trade shares before an IPO.

Key Takeaways

• One of the first secondary platforms designed for individual accredited investors, with pooled SPVs enabling lower minimums.

• $10,000+ investment minimum, with 3–5% transaction fees paid by the buyer.

• Straightforward user experience but limited pricing transparency and slower transaction timelines due to the SPV structure.

Augment Markets: A Transparent Take on Trading

Augment Markets is one of the newer entrants in the VC secondary market, launching in 2023 with a focus on real-time price discovery and direct investor-to-investor trading. While likely smaller than some of its competitors, Augment has made a strong impression by betting on a fully electronic marketplace, removing traditional brokers from the equation.

How Augment Operates

Unlike broker-assisted platforms or pooled SPV models, Augment is built as a real-time order book, allowing buyers and sellers to place bids and asks directly—similar to how public stock exchanges operate. This model removes the need for a middleman, providing full price transparency and enabling faster transactions.

Augment’s structure makes it easier for investors to see where the market actually is, rather than relying on brokers or waiting for an SPV to form. The platform also provides historical pricing data to help investors track valuation trends. While this approach is promising, liquidity is still developing, meaning investors may not always find the shares they want at the price they expect.

Investment Requirements and Fees

Augment is designed for accredited investors, with a minimum trade size of around $100,000. While it allows smaller bids, most transactions occur at higher amounts due to liquidity constraints. The platform charges a 2–4% transaction fee, split between buyers and sellers. Unlike some marketplaces that add separate fees on top of listed prices, Augment incorporates costs into the bid-ask spread, making it a potentially more efficient option for investors looking to optimize entry prices.

User Experience and Reviews

Early feedback highlights Augment’s modern and user-friendly interface, with investors appreciating the ability to see live pricing and negotiate directly. Its model is often compared to Hiive, as both offer exchange-like trading rather than broker-driven transactions.

Because Augment is still new, it faces growing pains in building a deep inventory of available shares. Some investors may find that the company they’re interested in isn’t available yet, or that it takes time for buyers and sellers to meet at a price. However, for those who value transparency and speed, Augment’s technology-driven approach is an interesting alternative to more traditional secondary platforms.

Key Takeaways

• One of the newer and likely smaller players, but its technology-driven approach has made a strong impact.

• Designed for accredited investors, with a $100K+ investment minimum and 2–4% transaction fees split between buyers and sellers.

• Still building liquidity, but offers a fully transparent, self-directed trading experience.

Hiive: A Hybrid Approach to the Private Secondary Market

Hiive has taken a unique approach to the VC secondary market by combining technology-driven trading with a traditional brokerage team. Founded in 2021, the platform aims to merge the best of both worlds—the transparency and speed of an electronic exchange with the personalized assistance of brokered transactions. However, this hybrid model can sometimes create confusion in its offerings, as different types of transactions may follow different processes.

How Hiive Operates

Hiive functions as a live order book, allowing investors to see actual bid and ask prices for private company shares. This real-time pricing transparency is a major differentiator from platforms like Forge, where inventory is not always publicly visible. The ability to place and adjust orders directly makes it easier for investors to navigate the secondary market without relying entirely on brokers.

At the same time, Hiive maintains a brokerage team that helps facilitate larger or more complex trades. This means that while many transactions occur electronically, some deals may involve broker assistance, which can introduce differences in pricing structures and fees depending on the transaction type. Investors who are accustomed to fully automated platforms may find this model less straightforward.

Investment Requirements and Fees

Hiive is designed for accredited investors, with a $25,000 minimum investment per trade. Buyers typically do not pay fees, but some transaction types may include costs for buyers depending on deal complexity. Sellers pay a commission to list and execute trades, though rates vary based on transaction details.

User Experience and Reviews

Investors generally praise Hiive’s real-time pricing and order book model, which makes it easier to see fair market values at a glance. Its faster execution times also stand out compared to traditional secondary platforms, where transactions often take weeks or months to finalize.

However, some investors find Hiive’s mix of technology and brokerage services to be somewhat unclear, as the platform does not always follow a single process for all trades. This hybrid approach offers flexibility but can also require investors to navigate different transaction structures depending on the shares they’re buying or selling.

Key Takeaways

• Combines exchange-style price transparency with traditional brokerage services, creating a hybrid model.

• $25,000 minimum investment, with sellers paying commissions and buyers typically not paying fees, except in certain transaction types.

• Faster transaction execution, but the mix of automated and brokered trades can sometimes create confusion in how deals are structured.

Nasdaq Private Market: A Secondary Market for Institutions

Nasdaq Private Market (NPM) is one of the more structured players in the secondary space, catering primarily to institutional investors and company-organized liquidity events. Originally launched in 2013 as a division of Nasdaq, NPM spun out in 2021 as a separate entity backed by major banks, including Goldman Sachs and Morgan Stanley. Unlike most platforms that facilitate open-market transactions, NPM specializes in company-approved liquidity programs, auctions, and block trades.

How Nasdaq Private Market Operates

NPM focuses on structured liquidity events, meaning it primarily facilitates transactions where companies are directly involved in the sale process. This includes tender offers, company-led auctions, and block trades between large investors. Unlike platforms that allow individual shareholders to list their shares freely, NPM operates in a more controlled environment where transactions are typically coordinated with company management.

This model provides advantages for companies that want to control who owns their shares and ensure compliance with investor restrictions. However, it also means that liquidity is less flexible for individual investors looking to buy or sell shares outside of a structured event.

Investment Requirements and Fees

NPM caters almost exclusively to institutional investors, company executives, and major shareholders, with investment minimums that can start at $1 million or more. It is not structured for individual accredited investors looking to make smaller trades.

Fees vary based on the type of transaction, and because deals are typically large and negotiated on a case-by-case basis, there is less standardization in pricing compared to open-market secondary platforms.

User Experience and Reviews

For those who qualify, NPM offers deep liquidity and structured deal flow, making it a strong option for institutions looking to offload large blocks of shares. Investors appreciate the stability and company involvement, which can reduce counterparty risk compared to marketplaces where buyers and sellers negotiate independently.

However, for individual investors who prefer on-demand trading, NPM’s structured nature can be limiting. Those who are not part of company-approved transactions may find it difficult to access shares through this platform.

Key Takeaways

• Focuses on company-led liquidity events, including tender offers, auctions, and block trades.

• Primarily serves institutions, with investment minimums often starting at $1 million.

• Deep liquidity for large transactions, but less flexibility for individual investors compared to open-market platforms.

Linqto: A Mobile-First Approach to Pre-IPO Investing

Linqto takes a different approach to the private secondary market by acting as a direct seller of shares rather than a pure marketplace. Founded in the late 2010s, Linqto pre-purchases equity in private companies and resells it to individual investors, making transactions faster and easier than traditional secondary platforms. Unlike order-book-driven or broker-assisted models, Linqto allows investors to buy shares directly from its inventory through a streamlined online platform.

How Linqto Operates

Linqto functions as both the buyer and seller in private market transactions. Rather than matching investors with private shareholders, it sources shares directly from early investors or employees, holds them in inventory, and then resells them to accredited investors at a marked-up price. This structure eliminates the negotiation process typically required on secondary marketplaces, allowing investors to complete transactions in minutes instead of weeks or months.

By offering a mobile-first platform, Linqto has positioned itself as one of the most accessible options in the private secondary market. The app allows investors to browse available shares, view pricing, and complete transactions with minimal paperwork.

Investment Requirements and Fees

Linqto’s low investment minimums—typically $2,500 per trade—set it apart from most other secondary platforms, making it one of the easiest ways for accredited investors to gain exposure to pre-IPO companies.

However, Linqto’s convenience comes at a cost. Because it pre-purchases shares and sets its own prices, investors may pay a significant markup compared to other platforms where pricing is determined by live market demand. While Linqto does not charge additional transaction fees, the all-in price can sometimes be higher than similar shares on competing marketplaces.

User Experience and Reviews

Linqto is widely praised for its ease of use and quick transaction process. Investors can complete trades in minutes, making it far more convenient than traditional secondary platforms that require manual matching and negotiation. The mobile-first approach also appeals to investors who want a more streamlined experience.

However, some investors question the pricing model, noting that markups can be difficult to evaluate without access to comparative pricing data. Since Linqto is setting its own prices rather than facilitating an open market, investors need to be diligent in assessing whether they are paying a fair valuation.

Key Takeaways

• Linqto pre-purchases shares and resells them, making transactions faster but introducing potential price markups.

• $2,500 minimum investment, significantly lower than most secondary platforms.

• Easy-to-use mobile platform, with transactions completed in minutes.

• Less pricing transparency, as investors rely on Linqto’s set prices rather than market-driven pricing.

Use the platform best for you

As the VC secondary market continues to evolve, we may see a shift toward centralization, much like we’ve seen across other technology sectors. In the early days of the internet, search engines were fragmented, but over time, one dominant player emerged. Similarly, the crypto market once had dozens of major exchanges, but consolidation has reduced the field to a few key players.

For now, the secondary market remains highly fragmented, with each platform offering a different approach. Whether you prefer the transparency of a live order book, the convenience of a pooled SPV, or the structure of company-led liquidity events, understanding the differences between platforms is key. Investors should evaluate each platform’s pricing model, liquidity, fees, and investment minimums to find the best fit for their needs.

Important Information Below

This material has been distributed solely for informational and educational purposes only and is not a solicitation or an offer to buy any security or to participate in any trading strategy. All material presented is compiled from sources believed to be reliable, but accuracy, adequacy, or completeness cannot be guaranteed, and Cold Capital makes no representation as to its accuracy, adequacy, or completeness.

The information herein is based on Cold Capital’s beliefs, as well as certain assumptions regarding future events based on information available to Cold Capital on a formal and informal basis as of the date of this publication. The material may include projections or other forward-looking statements regarding future events, targets or expectations. Past performance of a company is no guarantee of future results. There is no guarantee that any opinions, forecasts, projections, risk assumptions, or commentary discussed herein will be realized. Actual experience may not reflect all of these opinions, forecasts, projections, risk assumptions, or commentary.

Cold Capital shall have no responsibility for: (i) determining that any opinions, forecasts, projections, risk assumptions, or commentary discussed herein is suitable for any particular reader; (ii) monitoring whether any opinions, forecasts, projections, risk assumptions, or commentary discussed herein continues to be suitable for any reader; or (iii) tailoring any opinions, forecasts, projections, risk assumptions, or commentary discussed herein to any particular reader’s objectives, guidelines, or restrictions. Receipt of this material does not, by itself, imply that Cold Capital has an advisory agreement, oral or otherwise, with any reader.

Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, company or product made reference to directly or indirectly in this material, will be profitable, equal any corresponding indicated performance level(s), or be suitable for your portfolio. Due to rapidly changing market conditions and the complexity of investment decisions, supplemental information and other sources may be required to make informed investment decisions based on your individual investment objectives and suitability specifications. All expressions of opinions are subject to change without notice. Investors should seek financial advice regarding the appropriateness of investing in any security of the company discussed in this presentation.