Scaled technology companies now remain private far longer. Assets that historically would have been publicly listed are instead financed through late-stage rounds and secondary transactions.

At the same time, liquidity has tightened. IPO timelines have extended. Capital constraints have created valuation resets and dislocations.

This combination - delayed exits, fragmented liquidity, and opaque pricing - creates a rare entry window in late-stage private technology.Direct secondaries provide exposure to this segment of the market: growth assets with identifiable liquidity pathways over a 3–5 year horizon.

Unlike public markets, private transactions operate without Reg FD, centralized order books, or standardized price discovery. Pricing varies across venues, counterparties, and information sets.