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.

Secondary transactions

Author: The Carta Team
Date: April 2026
featured article
The secondary market, explained
Understand the function of the private secondary market and how companies can benefit from secondary liquidity and secondary market transactions.](https://fund-forecasting@carta.com/learn/equity/liquidity-events/secondary-transactions/)

Liquidity
June 2026
A founder’s guide to the tender offer
Learn what a tender offer is and how you can use one to provide liquidity for your shareholders, from the strategic benefits to the process for a successful transaction.
View](https://fund-forecasting@carta.com/learn/equity/liquidity-events/tender-offer/)

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.
View](https://fund-forecasting@carta.com/learn/equity/liquidity-events/selling-private-company-stock/)

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](https://fund-forecasting@carta.com/learn/startups/exit-strategies/mergers-acquisitions/leveraged-buyout/)

Going public

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.](https://fund-forecasting@carta.com/learn/startups/exit-strategies/ipo/readiness/)

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.
View](https://fund-forecasting@carta.com/learn/startups/exit-strategies/ipo/)

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.
View](https://fund-forecasting@carta.com/learn/startups/exit-strategies/ipo/spac/)

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](https://fund-forecasting@carta.com/learn/startups/exit-strategies/ipo/direct-listings/)

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.](https://fund-forecasting@carta.com/data/state-of-private-markets-q4-2023/)

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.
View](https://fund-forecasting@carta.com/data/state-of-private-markets-q3-2023/)

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.
View](https://fund-forecasting@carta.com/data/state-of-private-markets-los-angeles-q1-2023/)

Data & Research
July 2023
State of Private Markets: Q2 2023
The venture economy stabilized somewhat in Q2.
View](https://fund-forecasting@carta.com/data/state-of-private-markets-q2-2023/)