From Zero to $10B in Secondaries: Greg Brogger 's Journey to a $160M Exit | EP 99
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 liquidity
- The hidden risks of SPVs and secondary marketplaces
- How to diversify equity without paying capital gains
- Ways to create a "financial floor" while still building
- How exchange funds work—and why top founders use them
If 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.
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Episode Guide:
00:00 - Selling SharesPost
01:04 - COVID-19 challenges
01:51 - Broker dealer model shift
03:45 - Merger vs acquisition
07:04 - Fundraising dynamics
11:14 - Building SharesPost
16:54 - Employee liquidity pushback
19:28 - SPVs & market health
23:13 - Nasdaq joint venture
29:47 - Strategic moves
31:11 - JV dynamics
32:32 - Growth & COVID impact
34:53 - Timing in venture
37:07 - Founding Collective
40:04 - Exchange funds
46:21 - Liquidity strategies
50:50 - Advice for founders
57:43 - Key takeaways
Greg 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.
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About Jason Kirby
Jason 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: jason@thunder.vc
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About $100M Exits
This 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.
