LatAm Secondaries
ENESPT

Live tracker

Secondaries deal tracker

A running, structured record of notable secondary transactions — company tenders and share sales — with each deal marked against its last primary round. Most private shares trade at a 10–30% discount to their last round; the names below are the premium exception.

The market, in four numbers

$240B2025 global secondary volume (+48% YoY)
~$300BProjected annual run-rate (12–24 mo)
$106BUS VC secondaries in 2025
$327BDedicated secondary dry powder

Source: Jefferies — 2025 Global Secondary Market Review ↗

DateCompanyValuationvs. last roundTypeBuyersSource
Jul 2026Revolut$115B (priced)PremiumUp from $75B (Nov 2025 secondary); priced at $2,017/shareSecondary share sale (employee liquidity, priced)Not disclosedWSJ (via Yahoo Finance) ↗
Jul 2026ElevenLabs$22BPremium≈2× the Feb 2026 round ($11B)Tender offer (in discussion)Reported, not disclosedInvesting.com / Bloomberg ↗
Jun 2026Revolut$115BPremiumUp from $45B (2024)Secondary share sale (in discussion)Reported, not disclosedThe Paypers ↗
Feb 2026Stripe$159BPremium+74% in a yearTender offerThrive, Coatue, a16zCrunchbase News ↗
Feb 2026AnthropicUp to $6B soldPremiumAt the latest mark (premium)Employee tender offerOutside investorsBenzinga ↗
Jan 2026Databricks$134B+PremiumSecondaries ~16% above the $190 Series L priceRecurring employee tenderInstitutional investorsKB Financial Advisors ↗
Dec 2025SpaceX$800BPremiumUp from ~$400B (mid-2025)Insider tender (twice-yearly)Insiders + investorsFortune ↗
Oct 2025OpenAI$500BPremium$6.6B of employee stock soldSecondary share saleSoftBank, Thrive, othersCrunchbase News ↗
Jun 2025Gusto$200M+ programFlatTerms not disclosedEmployee tender offerNot disclosedEquitybee Liquidity Tracker ↗
Jun 2025Ripple$700M repurchaseFlatBuyback at $1.75/shareCompany share buybackRipple (own balance sheet)Equitybee Liquidity Tracker ↗
May 2025Clay$1.5BPremiumAbove its early-2025 Series B ($1.25B)Employee tender offerExisting investorsCitrine Capital ↗
May 2025Linear$1.25BFlatAt its Series C markEmployee tender offerNot disclosedCitrine Capital ↗
May 2025ElevenLabs$6.6BPremium$100M staff sale, above the Jan 2025 round ($3.3B)Employee secondary saleNot disclosedCitrine Capital ↗
May 2025RipplingTender with Series GFlatRun alongside the $16.8B roundEmployee tender offerRound investorsEquitybee Liquidity Tracker ↗
Apr 2025Plaid~$6BDiscountLess than half the 2021 mark ($13.4B)$575M round funding employee liquidityFranklin Templeton, Fidelity, BlackRock fundsEquitybee Liquidity Tracker ↗
Mar 2025Ramp$13BPremiumUp ~60% from its 2024 roundSecondary saleKhosla, Thrive, GC, othersEquitybee Liquidity Tracker ↗
Feb 2025Stripe$91.5BPremiumUp from $70B a year earlierTender offerExisting + new investorsEquitybee Liquidity Tracker ↗
Feb 2025Deel$300M soldFlatTerms not disclosedSecondary saleGeneral Catalyst-ledEquitybee Liquidity Tracker ↗
Jan 2025Anduril$100M programFlatPreceded the $30.5B round (Jun 2025)Employee tender (planned)Not disclosedEquitybee Liquidity Tracker ↗
Dec 2024SpaceX$350BPremiumUp from $210B (mid-2024)Insider tenderInsiders + investorsEquitybee Liquidity Tracker ↗
Nov 2021Patria Investments (Brazil)$9.3B PE AUM managerFlatExploring listed continuation vehicles for LatAm "champions"GP-led secondary (explored)Public-market and secondary investorsSecondaries Investor ↗

A living list — deals are added as they are reported. Figures are as reported by the linked source; secondary marks are not official valuations.

Last reviewed July 27, 2026. Methodology: every row links to a named public source; marks are negotiated transaction prices, not audited valuations.

Secondaries in Latin America

Regional managers led by Spectra (Fund VII earmarks ~40% for secondaries) and Patria are building dedicated secondary strategies, and continuation funds are on the rise across the region. IBA ↗

Brazil →   Mexico →   Colombia →   Chile →   Argentina →

Frequently asked questions

Why do most private shares trade at a discount, but these names at a premium?
The 2026 secondary market is bifurcated. Most private companies see their shares change hands 10–30% below the last primary round, as buyers price in risk and time-to-exit. A small tier of category leaders — the names in this tracker — instead clear at premiums because demand outstrips the shares available.
What is the difference between a tender offer and a secondary sale?
A tender offer is a company-organized event where employees and early investors can sell a set amount of stock to approved buyers at one price. A secondary sale is any transfer of existing shares between a holder and a new buyer, which can also happen off-platform or one-to-one.
Are the valuations in this tracker official?
No. Secondary marks reflect the price buyers and sellers agree on in a transaction, not a valuation the company set in a funding round. They are a useful signal of demand, but they are not audited or company-endorsed figures.