Direct secondary

Also called: direct secondary sale

In one line

A secondary sale where a buyer purchases your shares directly, becoming a shareholder of record rather than buying through a pooled vehicle.

In plain English

In a direct secondary the buyer ends up on the cap table holding your actual shares. It's cleaner than an SPV but usually needs company approval and a larger minimum.

If you were explaining it to a 5-year-old

You sell your toy straight to one buyer, who now truly owns it — their name goes in the club's ownership book.

Why it matters when you sell

Direct deals affect who the company must approve onto its cap table, which can make them harder to close than SPV-based ones.

Put it to use

Compare secondary platforms

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Sources

A general market-practice term. See how we define and source the glossary in our methodology. General information, not advice.

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Direct secondary

Related terms

Put it to use