For years, the private market playbook was simple: invest, grow, and eventually exit through an IPO or acquisition.

Today, that model is changing.

As companies stay private longer and investors seek greater liquidity, secondary transactions are becoming an increasingly important part of the private market ecosystem. What was once considered an alternative liquidity solution is rapidly evolving into a mainstream pathway for founders, employees and investors to realise value without forcing a company into a public listing.

We explore the rise of secondary markets, the structural shifts driving their growth, and why many investors now view liquidity as an ongoing capability rather than a single end-of-journey event. We also examine how these trends are emerging in Australia and what they mean for sophisticated investors seeking access to private market opportunities.