Private Markets, Angel and Secondary Investing, Sacra

Sacra

Bringing transparency to private markets so investors, founders, and employees can build on conviction.

Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>In late 2019, Asana employees sold stock¹ into a tender offer priced at $15.82.</li><li>We found that not only are employees still the “last to liquidity”, they still need to go to the public markets to get competitive pricing on their stock.</li><li>All secondary sales tend to be at or under the last round’s price, but founders and investors were more likely to sell at a 1:1 ratio to the price of the last round, while employees were more likely to sell at a discount.</li></ul>

In late 2019, Asana employees sold stock¹ into a tender offer priced at $15.82.We found that not only are employees still the “last to liquidity”, they still need to go to the public markets to get competitive pricing on their stock.All secondary sales tend to be at or under the last round’s price, but founders and investors were more likely to sell at a 1:1 ratio to the price of the last round, while employees were more likely to sell at a discount.

Tender Offers In 2021: Underpriced And Undersubscribed

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Tender Offers In 2021: Underpriced And Undersubscribed