[nlh]

Exactly. An increasingly common thing lately is what’s effectively a “private IPO”. That’s what this sounds like - liquidity for investors / staff, and ownership to a small cadre of professionally managed funds vs. the Wild West open markets.

[qeternity]

Funny, "private IPO" is exactly what I said to someone I was discussing these types of rounds with.

Going public has very tangible costs, but also massive intangible costs. Private markets are extremely frothy and keep ownership and control within an aligned group of investors. This can make all the difference in the world to management.