Buying · Stage 2 of 5
Sourcing a Deal
Marketplace listings, direct relationships, or a broker — where actual inventory comes from.
Unlike a primary round, there's no single place to "browse" every company's available secondary supply — what's available depends entirely on which existing shareholders are currently looking to sell, and that changes constantly.
Marketplaces are the most accessible starting point for most individual buyers; a direct deal usually requires an existing relationship with a shareholder or the company itself.
Checklist for this stage
- Start with the marketplace directory to see which platforms currently list companies you're interested in.
- If targeting a specific company not currently listed anywhere, consider whether you have (or can build) a direct relationship with an existing shareholder.
- Ask any marketplace or broker directly what listings are currently available versus what they can "source" on request — availability changes fast.
- Note which category of platform you're dealing with — an open marketplace, company-run liquidity infrastructure (invitation-only, tied to a specific tender), or a data/institutional platform less suited to individual check sizes.
Common pitfalls
- Assuming any specific company you want exposure to will be available when you check — availability is supply-driven, not on-demand.
- Not distinguishing between an open marketplace and invitation-only, company-run liquidity infrastructure — they work very differently.
- Chasing a "hot" company's secondary listing without applying the same diligence bar you would to a primary investment.
Frequently asked questions
Can I request a specific company even if it isn't currently listed?
Some platforms will try to source a specific company on request, though there's no guarantee of success — ask directly rather than assuming it isn't possible.
Are direct deals only for large checks?
Not exclusively, but companies are generally more willing to approve a single direct transfer than many small ones, which practically favors larger checks for the direct-deal path — see SPV vs. direct secondaries.
Is this investment, tax, or legal advice?
No. This is independent educational content — every situation has specific facts that can change the right answer. Confirm anything material with a qualified advisor before acting.