Company-controlled employee liquidity emerges as a recurring benefit for mature startups

Secondary-market activity is still concentrated in a small group of prominent companies, although it is broadening beyond those names. One market view estimated that a handful of leading companies could account for about 95% of trading volume, but no measured share was provided.

For companies with sufficient proof points, stage and size, annual or semiannual liquidity programs for appropriately tenured employees are described as an increasingly relevant option. Under strict founder-led control, employees could realize part of their gains, retain roughly 80% of their position, and remain aligned with the company’s long-term mission.