Liquidity rounds (also known as secondary sales) are events where private company stockholders can participate in selling a portion or all their shares before the company goes public or is acquired. In the years past, private company stockholders would have been expected to wait until the company went public or was acquired to receive any liquidity for their shares. However, the last several years, have seen an increasing number of pre-IPO, pre-acquisition liquidity rounds. A liquidity round could be part of a larger financing or a stand-alone event.

Synonyms:
Secondary Sales