EPISODE · Nov 27, 2025 · 59 MIN
EP 99: From Zero to $10B in Secondaries: Greg Brogger 's Journey to a $160M Exit
from $100M Exits with Jason Kirby · host Jason Kirby
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.
What this episode covers
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.
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EP 99: From Zero to $10B in Secondaries: Greg Brogger 's Journey to a $160M Exit
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