# 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**](https://fund-forecasting@carta.com/learn/startups/exit-strategies/mergers-acquisitions/) [**The M&A process: How to know when the time is right to sell**](https://fund-forecasting@carta.com/learn/startups/exit-strategies/mergers-acquisitions/process/) [**What happens to stock when a company is bought?**](https://fund-forecasting@carta.com/learn/equity/liquidity-events/acquisition/) [**Purchase price allocation (PPA): How it works**](https://fund-forecasting@carta.com/learn/startups/exit-strategies/mergers-acquisitions/ppa/) ## 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/)