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A Guide to Secondary Transactions: Alternative Paths to ...
www.saintscapital.comas % of total venture investments 8.7% 10.8% 10.7% 13.8% 12.6% 11.2% 9.7% 5.2% 8.8% 10.0% Source: NVCA As a result of this disparity, the direct secondary market has emerged as an alternative liquidity vehicle for investors and founders/employees of venture-backed companies, and it has become