The rise of retail investors in secondaries, and why delayed IPOs will become the norm

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Retail investors are increasingly shaping the secondary market. In Q4 2024, platforms like EquityZen reported ( that 86% of total transaction volume came from retail participants—an eye-catching shift as tools like Forge and EquityZen promise broader access to private shares. But does more access mean more opportunity, or more risk? Today on Equity ( , Rebecca Bellan is joined by Jared Carmel ( of Manhattan Venture Partners to dig into what he calls a “once-in-a-generation opportunity” in secondaries, and why he sees this market as a “pressure relief valve” that could keep startups private well past their startup years. Listen to the full episode to hear more about: • Why a sluggish IPO market is pushing more action into secondaries • How this creates a flywheel for venture capital • And why Jared thinks robust secondary markets will delay (or eliminate) the need for IPOs altogether Equity is TechCrunch’s flagship podcast, produced by Theresa Loconsolo, and posts every Wednesday and Friday. Subscribe to us on Apple Podcasts ( , Overcast ( , Spotify ( and all the casts. You also can follow Equity on X ( and Threads ( , at @EquityPod. For the full episode transcript, for those who prefer reading over listening, check out our full archive of episodes here ( . Credits: Equity is produced by Theresa Loconsolo