About

About this site

Secondaries Explained is a plain-language reference for one growing corner of private markets: transactions in existing stakes — the deals that give shareholders liquidity before an IPO or acquisition.

Why this site exists

Companies stay private for a decade or more, which means employees, angels, and funds increasingly need — and get — liquidity through secondary transactions rather than exits. The mechanics of those deals are documented mostly in broker marketing, legal memos, and scattered press coverage. This site organizes the subject properly: what a secondary sale is, how a deal actually closes, why they happen, and what twenty of the most instructive real-world examples looked like.

What we publish

An evergreen explainer track — what secondaries are,how a deal works step by step, andwhy sellers and buyers show up — pluscase studies of real transactions at companies like Stripe, SpaceX, and Nubank, a running view of market trends, andinsights on the forces reshaping private-market liquidity.

Editorial approach

Everything is written for a sophisticated reader who is new to this specific topic: precise but jargon-light, structured so each page answers one question well. Case studies are compiled exclusively from public reporting and company announcements — we have no inside information, and where figures were reported rather than confirmed, the text says so. Pages are reviewed and updated as the market changes.

What this site is not

Not a marketplace, not a broker, not an adviser — this site sells nothing and earns nothing from any platform or company it mentions. Secondary transactions are typically restricted to accredited or qualified investors and the rules differ by jurisdiction; nothing here is investment, legal, or tax advice.