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🌍 US & Europe · Secondaries & liquidityStructured secondary
Also called: structured sale, synthetic secondary
In one line
A secondary done through a financial structure (like an SPV or forward) rather than a direct transfer of shares on the cap table.
In plain English
When the company won't allow a direct transfer, buyers and sellers use structures — SPVs, forwards or participation agreements — to pass economic exposure without formally moving the shares. They carry extra fees and complexity.
If you were explaining it to a 5-year-old
The club won't let you hand over the toy, so instead you sign a deal that passes the toy's ups and downs to a buyer, while the toy stays put.
Why it matters when you sell
Structured deals can unlock liquidity where direct sales are blocked, but add cost, risk and legal nuance worth understanding first.
Related terms
Put it to use
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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.
Educational information only — not financial, tax or legal advice, and not an offer to buy or sell any security. Definitions are general; your own documents and local law govern your situation. PrivateTechShares is independent and not a broker or marketplace.