EP 99: From Zero to $10B in Secondaries: Greg Brogger 's Journey to a $160M Exit

In this episode, we break down how founders and early employees can get liquidity before an IPO—without selling shares, triggering taxes, or relying on a shaky secondary market. Our guest is Greg Brogger, founder of SharesPost (sold to Forge Global for $160M, later taken public and acquired) and now CEO of Collective Liquidity.Greg is one of the earliest architects of the private stock market, with over $10B+ in transactions. He covers:Why founders often wait too long for personal liquidityThe hidden risks of SPVs and secondary marketplacesHow to diversify equity without paying capital gainsWays to create a “financial floor” while still buildingHow exchange funds work—and why top founders use themIf you’re a founder, operator, or employee with meaningful equity, this episode shows how to unlock liquidity and reduce personal risk well before an exit.Raising capital?Get a vetted list of VCs: ⁠https://web.thunder.vc/list-of-investors-vcs-for-founders?utm_source=Youtube&utm_medium=EP+99&utm_campaign=%24100M+ExitsFundraising insights: ⁠https://blog.thunder.vc/funding-101?utm_source=Youtube&utm_medium=EP+99&utm_campaign=%24100M+ExitsEpisode Guide:00:00 - Selling SharesPost01:04 - COVID-19 challenges01:51 - Broker dealer model shift03:45 - Merger vs acquisition07:04 - Fundraising dynamics11:14 - Building SharesPost16:54 - Employee liquidity pushback19:28 - SPVs & market health23:13 - Nasdaq joint venture29:47 - Strategic moves31:11 - JV dynamics32:32 - Growth & COVID impact34:53 - Timing in venture37:07 - Founding Collective40:04 - Exchange funds46:21 - Liquidity strategies50:50 - Advice for founders57:43 - Key takeawaysAbout Greg BroggerGreg Brogger pioneered private-market trading as the founder of SharesPost, later merging with Forge. Before that, he helped build the Nasdaq Private Market and co-founded TrueCar and Internet Brands. He began his career as a securities attorney at Wilson Sonsini and holds degrees from UC Berkeley, UPenn Law, and Wharton. He currently serves on the board of Ownera.LinkedIn: ⁠https://www.linkedin.com/in/gregbrogger/⁠Website: ⁠https://www.collectiveliquidity.com/⁠About Jason KirbyJason Kirby is the co-founder of Thunder, a tech-enabled investment bank helping founders navigate fundraising and M&A. He’s a serial entrepreneur with four exits and over $135M in transactions.Email: ⁠[email protected]⁠LinkedIn: ⁠https://www.linkedin.com/in/jasonrkirby/⁠About $100M ExitsThis podcast helps founders navigate capital strategy, funding, and M&A through conversations with those who’ve done it. Best suited for founders doing $5M+ in revenue. Subscribe and share who you’d like to hear next.