Understand how liquidity events can turn your equity into cash

Explore articles and guides to prepare for every type of private company liquidity event—from tender offers to IPOs.
Guide to liquidity

Popular articles

Jackie Ammon
Author: Jackie Ammon
Date: December 2023
featured article
Liquidity events
Liquidity events allow shareholders to turn illiquid equity into cash. Learn more about IPOs, M&As, tender offers, and other secondary transactions.
Business exit strategies
Founder Education
December 2023
Business exit strategies
An exit strategy outlines how and when a founder, CEO, or investor plans to liquidate a company. Learn more about IPOs, M&As, liquidations, and buyouts.
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Liquidation preferences
Liquidity
August 2023
Liquidation preferences
We cover both standard and non-standard terms for each of the various rights and liquidation preferences, and how they can affect stockholder payouts.
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Waterfall analysis
Founder Education
May 2024
Waterfall analysis
Learn how to model exit scenarios using waterfall analysis. Waterfalls help investors predict how shareholders would be paid out at a future liquidity event.
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Learn more

Secondary transactions

Kevin Dowd
Author: Kevin Dowd
Date: July 2024
featured article
Secondary markets
Understand the function of the private secondary market and how companies can benefit from secondary liquidity and secondary market transactions.
Tender offers
Liquidity
June 2025
Tender offers
Learn about tender offers, the tendering process, and how tenders work for private companies. Get all the answers to your tender offer questions.
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How to sell private company stocks
Employee Resource Center
July 2022
How to sell private company stocks
If your company isn’t public, selling shares can be complicated. Learn how to sell stocks in a private company through tender offers and secondary transactions.
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Leveraged buyout (LBO)
Liquidity
July 2025
Leveraged buyout (LBO)
In this guide, learn how leveraged buyouts work and the steps required to complete these complex financial transactions.
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Guide to liquidity
Carta Liquidity
Go from idea to IPO — all on one platform.
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Going public

Carta logo
Author: The Carta Team
Date: July 2025
featured article
IPO readiness
Preparing for an IPO can feel like stepping into the unknown. This article covers everything you need to know before, during, and after an IPO—so you can go public with confidence.
Initial public offerings (IPO)
Liquidity
March 2023
Initial public offerings (IPO)
An IPO is when a private company trades shares on a public stock exchange for the first time. Learn more about the IPO process & alternative exit options.
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Special purpose acquisition company (SPAC)
Liquidity
June 2023
Special purpose acquisition company (SPAC)
Learn what a SPAC is, how the deal process works, and how a special purpose acquisition company merger differs from a traditional IPO.
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Direct listings
Equity Education
April 2025
Direct listings
Direct listings offer companies a way to provide liquidity to shareholders without diluting shares or spending a ton of money on underwriters. Learn more about direct listings vs. IPOs when going public.
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Mergers & acquisitions

M&A: A definitive guide to mergers and acquisitions

The M&A process: How to know when the time is right to sell

What happens to stock when a company is bought?

Purchase price allocation (PPA): How it works

State of Private Markets

Authors: Peter Walker & Kevin Dowd
Date: February 2024
featured article
State of Private Markets: Q4 and 2023 in review
While volatility diminished in 2023, fundraising activity in the startup ecosystem remained near recent lows in Q4 2023.
State of Private Markets: Q3 2023
Data & Research
October 2023
State of Private Markets: Q3 2023
The downturn that has defined the venture capital industry for much of the past two years continued in the third quarter of 2023.
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State of Private Markets: Los Angeles
Data & Research
May 2023
State of Private Markets: Los Angeles
Across Q4 2022 and Q1 2023, Los Angeles County was the fifth-busiest county for venture investment in the U.S., according to Carta data.
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State of Private Markets: Q2 2023
Data & Research
July 2023
State of Private Markets: Q2 2023
The venture economy stabilized somewhat in Q2.
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Latest articles

The Australian Startup Outlook 2026
APAC & MENA
March 2026
The Australian Startup Outlook 2026
A survey of 500 senior decision-makers at Australian startups reveals that 96% of founders remain committed to an IPO, eyeing dual listings and international exchanges as they prioritize governance and long-term optionality over immediate liquidity.
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IPO readiness
Initial Public Offerings
July 2025
IPO readiness
Preparing for an IPO can feel like stepping into the unknown. This article covers everything you need to know before, during, and after an IPO—so you can go public with confidence.
View
Leveraged buyout (LBO)
Liquidity
July 2025
Leveraged buyout (LBO)
In this guide, learn how leveraged buyouts work and the steps required to complete these complex financial transactions.
View
Tender offers
Liquidity
June 2025
Tender offers
Learn about tender offers, the tendering process, and how tenders work for private companies. Get all the answers to your tender offer questions.
View
Direct listings
Equity Education
April 2025
Direct listings
Direct listings offer companies a way to provide liquidity to shareholders without diluting shares or spending a ton of money on underwriters. Learn more about direct listings vs. IPOs when going public.
View
Form 1099-B
Equity Education
March 2025
Form 1099-B
Did you receive Form 1099-B from your broker-dealer? Learn more about Form 1099-B and who receives it in this overview.
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Secondary markets
Liquidity
July 2024
Secondary markets
Understand the function of the private secondary market and how companies can benefit from secondary liquidity and secondary market transactions.
View
M&A: A definitive guide to mergers and acquisitions
March 2024
M&A: A definitive guide to mergers and acquisitions
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What happens to stock when a company is bought?
March 2024
What happens to stock when a company is bought?
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Learn more