EquityZen: Platform Profile

EquityZen gives accredited investors access to private-company shares through several structures ranging from single-company funds to direct share purchases.

The company was acquired by Morgan Stanley on January 27, 2026.

The acquisition matters because EquityZen is now part of a much larger private-market ecosystem. Morgan Stanley subsequently reduced standard marketplace transaction fees in February 2026.

The investment itself remains private, illiquid and speculative.

May fit better for

• accredited investors wanting pre-IPO exposure
• investors seeking smaller minimums than many direct-secondary platforms
• investors wanting single-company private-market funds
• investors wanting diversified multi-company private funds
• shareholders seeking private-company liquidity

May fit less well for

• non-accredited investors
• investors needing daily liquidity
• investors expecting public-company disclosure
• investors unwilling to tolerate long holding periods
• investors who assume a private company's eventual IPO is guaranteed

Ownership

Morgan Stanley completed its acquisition of EquityZen on January 27, 2026.

EquityZen Securities and EquityZen Advisors are now within the Morgan Stanley control structure.

Legal entities

EquityZen Securities LLC (CRD 281820) is an SEC-registered broker-dealer and a member of FINRA and SIPC. EquityZen Securities handles private securities placement/brokerage activity.

EquityZen Advisors LLC (CRD 289299) is the investment adviser entity.

Both are within Morgan Stanley.

Accreditation

Signing up does not require accredited-investor status.

Investing does.

EquityZen private offerings are for accredited investors.

EquityZen does not currently use Reg A+ or Reg CF to make ordinary marketplace offerings available to non-accredited investors.

Standard minimum

The current standard single-company investment minimum is $10,000.

Certain eligible opportunities can have a reduced minimum as low as $5,000.

The $5,000 minimum is not available on every offering.

Standard Deal structure

The most common EquityZen investment is a single-company fund.

The investor purchases an interest in an EquityZen investment vehicle.

That vehicle owns shares of one private company.

The investor does not usually become a direct shareholder of the private company.

That structure can:

• lower investment minimums
• consolidate investors on the issuer's cap table
• simplify administration

It also introduces:

• fund-level ownership
• transfer restrictions
• indirect shareholder rights
• vehicle-level administration

Standard Deal fees

The current 2026 fee schedule is 2.5% up to $1 million and 2% on the applicable amount above that threshold.

EquityZen generally does not charge recurring management fees or carried interest on ordinary non-actively-managed single-company funds.

Offering documents control.

Fee example

A $50,000 Standard Deal at 2.5%:

$50,000 × 2.5% = $1,250

Total cash required:

$50,000 + $1,250 = $51,250

This transaction cost increases the return the underlying private investment must generate before the investor breaks even economically.

Multi-company funds

EquityZen also offers diversified multi-company funds.

Current structure can include:

• flagship growth funds
• thematic private-company funds

These generally have substantially higher minimums. The current standard is $50,000, with limited lower slots at $20,000.

Multi-company funds typically target multiple private companies and can have fund lives of roughly five to seven years.

Unlike ordinary single-company funds, multi-company funds can include:

• carried interest
• fund expenses
• administrative expenses

The "no carry" statement for standard single-company funds does not apply to diversified funds.

Direct Share Acquisition

EquityZen can also broker direct share acquisitions.

In that structure:

• the investor buys private shares directly
• the investor can become a cap-table shareholder
• the buyer manages future company interactions directly

Direct purchases require larger transaction sizes.

Current EquityZen guidance describes materially higher minimums than Standard Deals. The $5,000/$10,000 single-company-fund minimum does not apply to direct share acquisitions.

Direct-share fees

Current Direct Share Acquisition buyer fees are 2.5% up to $10 million, 2% above $10 million, and a 1.5% cap/tier where applicable above $20 million.

Use exact offering documents for a specific transaction.

Seller economics

EquityZen typically charges sellers 2.5% on a completed transaction.

Fees can be lower for larger transactions.

Sellers can face additional company/legal costs not charged by EquityZen, including:

• legal opinions
• issuer transfer fees

A private-share sale is therefore not necessarily inexpensive even when a buyer exists.

Sale minimums

The current seller-side transaction minimum can be substantial. EquityZen materials identify approximately $175,000.

Smaller shareholders can sometimes be aggregated, but that is not guaranteed.

Express Deals

Express Deals allow investors to buy interests being resold by an existing EquityZen fund investor.

Important limitations:

• only eligible fund interests can participate
• holding periods can apply
• a buyer is not guaranteed
• secondary liquidity is not assured

Express Deals are not a liquid exchange.

International investors

EquityZen can accept some non-U.S. accredited investors.

Eligibility is jurisdiction-specific.

Investors can be excluded because of:

• sanctions
• local restrictions
• compliance rules
• documentation

Availability is not universal worldwide.

Liquidity

Private-company securities are not publicly traded.

Possible exits include:

• IPO
• acquisition
• tender offer
• secondary sale
• Express Deal
• other liquidity event

None is guaranteed.

A private company's high valuation does not mean the investor can sell at that valuation.

Valuation risk

EquityZen provides:

• funding-round information
• transaction history
• market activity
• estimated pricing context

Private-company valuation remains difficult because:

• financial disclosure is limited
• preferred/common share economics differ
• company information can be stale
• transactions are infrequent
• transfer rights vary

Protection

EquityZen Securities is a FINRA/SIPC broker-dealer.

SIPC does not:

• guarantee private investments
• reimburse ordinary market losses
• create liquidity
• guarantee an IPO
• guarantee issuer solvency

Investors must be capable of losing their entire investment.

Assessment

EquityZen's strongest advantage is the range of ways an accredited investor can obtain private-company exposure.

The $10,000 standard minimum—and selected $5,000 deals—can be much more accessible than six-figure direct-secondary marketplaces.

That lower entry point usually comes through an SPV rather than direct company ownership.

Morgan Stanley's acquisition and the 2026 fee reduction improve the platform's institutional backing and transaction economics. They do not change the underlying reality: pre-IPO investments remain illiquid, speculative and capable of total loss.