$120 billion in secondary private-stock trading has drawn Morgan Stanley, Charles Schwab and others into acquisitions and fintech partnerships aimed at expanding pre-IPO access for wealth clients.
That push reflects rising demand from high-net-worth investors for alternatives and a market where venture-backed companies stay private longer, increasing the need for liquidity before IPOs.
Retail access is moving beyond the $600 billion evergreen-fund market into direct ownership through platforms such as EquityZen and Forge Global, which also package stakes via SPVs and thematic funds.
User growth shows the scale firms are chasing: Forge reported 721,000 users at end-2024, while Morgan Stanley said in February that EquityZen had more than 800,000.
The expansion underscores Wall Street's broader bet that public and private markets are converging as firms compete for a share of roughly $150 trillion in private wealth.