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Investments in private companies by way of share purchases from existing shareholders (secondary transactions) raise a unique set of complexities, which are often overlooked. Share issuances in company-led financing rounds (primary issuances) grab most of the headlines. However, secondary transactions present important opportunities for purchasers and paths to exit for existing shareholders, and they often mark a milestone for the company itself. At the same time, a purchaser can feel that it must walk a tightrope to diligence and structure and complete a secondary transaction – although, upon closer review, there is often significant room for negotiation and creativity. In this article, we identify 10 points to note in secondary transactions, with practical tips for investors to address them.

Buying into Private Companies: 10 Points to Note for Secondary Share Acquisitions

Buying into Private Companies: 10 Points to Note for Secondary Share Acquisitions-1

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Buying into Private Companies: 10 Points to Note for Secondary Share Acquisitions