Private-Company Secondaries Hit $248 Billion as IPO Alternatives Grow
Brad Gerstner, Gavin Baker and Kelly Rodriques argue on an All-In secondary-markets panel that private-company share trading has moved from a workaround for employees and early investors into a major exit route competing with IPOs and acquisitions. Their case is that companies are staying private long enough to create a structural liquidity problem for employees, venture funds and LPs, while platforms such as Forge are trying to turn that demand into permissioned market infrastructure. The panel also warns that broader access does not make late-stage private shares cheap, especially in famous AI, space and defense names.
All-In Podcast·Jun 7, 2026·16 min read