Tender offers have become the most widely used structured liquidity event for private companies, offering interim liquidity to employees, early investors and founders without issuing new shares. According to a Morgan Stanley at Work 2026 Liquidity Trends Survey, 47% of private companies say their next liquidity event is expected to be a tender offer, and 54% report having already completed one. As companies stay private longer, tender offers are increasingly used to support employee retention, manage concentrated ownership and relieve pressure to pursue a public listing before the business is ready.
Planning for IPOs and Beyond
At the same time, the IPO remains a defining milestone—and one that is evolving. Founders are thinking more deliberately about who participates, with growing emphasis on broader retail investor access. Involving retail investors can add incremental demand, help diversify the shareholder base and strengthen alignment with businesses that have built engaged communities around their products or platforms. Directed Share Programs—which allow companies to allocate shares to employees, customers and other key stakeholders—offer one way founders are extending IPO participation to a core base of retail investors.
As an alternative to an IPO, some founders may pursue a direct listing, which prioritizes liquidity and transparency by bringing existing shares directly to the public market—without dilution and with equal access for both retail and institutional investors.
Across these paths to liquidity, founders are focused on ensuring that not only senior leadership but also employees have access to resources and guidance as key strategic and financial decisions approach—helping teams stay engaged and focused on growth. Taken together, these trends underscore a shift toward liquidity as a planned, multi‑stage strategy, rather than a single defining event at the end of the founder journey.
