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EP 99: From Zero to $10B in Secondaries: Greg Brogger 's Journey to a $160M Exit
In this episode, we break down how founders and early employees can get liquidity before an IPO—without selling shares, triggering taxes, or relying on a shaky secondary market.
Our guest is Greg Brogger, founder of SharesPost (sold to Forge Global for $160M, later taken public and acquired) and now CEO of Collective Liquidity.Greg is one of the earliest architects of the private stock market, with over $10B+ in transactions.
He covers:
- Why founders often wait too long for personal liquidity
- The hidden risks of SPVs and secondary marketplacesHow to diversify equity without paying capital gains
- Ways to create a “financial floor” while still building
- How exchange funds work—and why top founders use them
If you’re a founder, operator, or employee with meaningful equity, this episode shows how to unlock liquidity and reduce personal risk well before an exit.
Raising capital?
Get a vetted list of VCs: https://web.thunder.vc/list-of-investors-vcs-for-founders?utm_source=Youtube&utm_medium=EP+99&utm_campaign=%24100M+Exits
Fundraising insights: https://blog.thunder.vc/funding-101?utm_source=Youtube&utm_medium=EP+99&utm_campaign=%24100M+Exits
Episode Guide:
00:00 - Selling SharesPost
01:04 - COVID-19 challenges
01:51 - Broker dealer model shift
03:45 - Merger vs acquisition
07:04 - Fundraising dynamics
11:14 - Building SharesPost
16:54 - Employee liquidity pushback
19:28 - SPVs & market health
23:13 - Nasdaq joint venture
29:47 - Strategic moves
31:11 - JV dynamics
32:32 - Growth & COVID impact
34:53 - Timing in venture
37:07 - Founding Collective
40:04 - Exchange funds
46:21 - Liquidity strategies
50:50 - Advice for founders
57:43 - Key takeaways
About Greg Brogger
Greg Brogger pioneered private-market trading as the founder of SharesPost, later merging with Forge. Before that, he helped build the Nasdaq Private Market and co-founded TrueCar and Internet Brands.
He began his career as a securities attorney at Wilson Sonsini and holds degrees from UC Berkeley, UPenn Law, and Wharton. He currently serves on the board of Ownera.
LinkedIn: https://www.linkedin.com/in/gregbrogger/
Website: https://www.collectiveliquidity.com/
About Jason Kirby
Jason Kirby is the co-founder of Thunder, a tech-enabled investment bank helping founders navigate fundraising and M&A. He’s a serial entrepreneur with four exits and over $135M in transactions.
Email: [email protected]
LinkedIn: https://www.linkedin.com/in/jasonrkirby/
About $100M Exits
This podcast helps founders navigate capital strategy, funding, and M&A through conversations with those who’ve done it. Best suited for founders doing $5M+ in revenue. Subscribe and share who you’d like to hear next.
View all episodes
By Jason KirbyIn this episode, we break down how founders and early employees can get liquidity before an IPO—without selling shares, triggering taxes, or relying on a shaky secondary market.
Our guest is Greg Brogger, founder of SharesPost (sold to Forge Global for $160M, later taken public and acquired) and now CEO of Collective Liquidity.Greg is one of the earliest architects of the private stock market, with over $10B+ in transactions.
He covers:
- Why founders often wait too long for personal liquidity
- The hidden risks of SPVs and secondary marketplacesHow to diversify equity without paying capital gains
- Ways to create a “financial floor” while still building
- How exchange funds work—and why top founders use them
If you’re a founder, operator, or employee with meaningful equity, this episode shows how to unlock liquidity and reduce personal risk well before an exit.
Raising capital?
Get a vetted list of VCs: https://web.thunder.vc/list-of-investors-vcs-for-founders?utm_source=Youtube&utm_medium=EP+99&utm_campaign=%24100M+Exits
Fundraising insights: https://blog.thunder.vc/funding-101?utm_source=Youtube&utm_medium=EP+99&utm_campaign=%24100M+Exits
Episode Guide:
00:00 - Selling SharesPost
01:04 - COVID-19 challenges
01:51 - Broker dealer model shift
03:45 - Merger vs acquisition
07:04 - Fundraising dynamics
11:14 - Building SharesPost
16:54 - Employee liquidity pushback
19:28 - SPVs & market health
23:13 - Nasdaq joint venture
29:47 - Strategic moves
31:11 - JV dynamics
32:32 - Growth & COVID impact
34:53 - Timing in venture
37:07 - Founding Collective
40:04 - Exchange funds
46:21 - Liquidity strategies
50:50 - Advice for founders
57:43 - Key takeaways
About Greg Brogger
Greg Brogger pioneered private-market trading as the founder of SharesPost, later merging with Forge. Before that, he helped build the Nasdaq Private Market and co-founded TrueCar and Internet Brands.
He began his career as a securities attorney at Wilson Sonsini and holds degrees from UC Berkeley, UPenn Law, and Wharton. He currently serves on the board of Ownera.
LinkedIn: https://www.linkedin.com/in/gregbrogger/
Website: https://www.collectiveliquidity.com/
About Jason Kirby
Jason Kirby is the co-founder of Thunder, a tech-enabled investment bank helping founders navigate fundraising and M&A. He’s a serial entrepreneur with four exits and over $135M in transactions.
Email: [email protected]
LinkedIn: https://www.linkedin.com/in/jasonrkirby/
About $100M Exits
This podcast helps founders navigate capital strategy, funding, and M&A through conversations with those who’ve done it. Best suited for founders doing $5M+ in revenue. Subscribe and share who you’d like to hear next.