We’re excited to share that Alpha Partners Managing Partner Steve Brotman was featured in The Information’s recent article, “Startup Employee Stock Sales Set to Surge With IPOs Uncertain,” which explores the growing demand for secondary transactions as startups postpone going public.
With the IPO window still largely closed, companies like Anduril, Ramp, and Anthropic are turning to tender offers to provide liquidity to employees and early investors—part of a $10 billion surge in anticipated secondary activity this year. As the article explains, platforms like Nasdaq Private Market are playing a central role in facilitating these deals amid shifting market conditions.
Steve offered his insights into a key emerging trend: high-growth startups, particularly in the AI sector, are increasingly embedding secondary sales into their fundraising rounds—often at billion-dollar-plus valuations. These hybrid rounds offer a compelling path to liquidity for insiders while giving investors access to breakout companies ahead of public exits.
While the article’s focus extends beyond Alpha’s core strategy, it reflects Steve’s broader expertise in navigating liquidity challenges and structuring solutions that align with market realities. At Alpha Partners, we specialize in providing follow-on capital to top-performing growth-stage companies, often stepping in when access to traditional exit paths is delayed.
We’re proud to see Steve’s perspective included in this important conversation. As secondaries become a more central part of the venture playbook, insights like these help investors and founders alike make sense of an evolving ecosystem.
Read the full article here (subscription required).
