With the ASX tech listing window still largely shut, late-stage Australian startups are increasingly turning to structured secondary sales to give early employees and investors partial liquidity.
Several well-known scale-ups have run employee tender offers over the past six months, allowing staff to sell a portion of their vested equity to incoming institutional investors without a full IPO.
“It takes the pressure valve off founders who'd otherwise be fielding constant liquidity requests from long-tenured staff,” one venture lawyer said.