• Strengthens Morgan Stanley’s leadership position in private markets by enabling clients to better access and trade shares in private market companies
• Establishes an issuer-aligned model that combines deep expertise in cap table management with a scaled private shares marketplace
• Supports Morgan Stanley’s efforts to deepen relationships with private market companies across the Integrated Firm

Morgan Stanley announced it has entered into an agreement to acquire leading private shares platform, EquityZen. The acquisition enhances Morgan Stanley’s distinctive private markets ecosystem that provides a full suite of services to private companies and their shareholders, including cap table solutions, tender and liquidity programs, direct and co-investment opportunities, and secondary trading. EquityZen’s issuer-aligned model will support the Firm’s efforts to deepen relationships with private companies. This will provide Morgan Stanley at Work participants access to additional liquidity options as well as increase access to private shares for Morgan Stanley’s Wealth clients.

“We are thrilled to welcome the entire EquityZen team to Morgan Stanley,” said Jed Finn, Head of Morgan Stanley Wealth Management. “This announcement comes at a critical time in the development of the private markets ecosystem. The combination of EquityZen with Morgan Stanley will uniquely address client needs as companies stay private longer, such as delivering liquidity solutions for their employees and early investors in a seamless yet controlled process of their own design. With EquityZen, we combine our cap table management solutions with a private shares marketplace to deliver end-to-end solutions to our private market company clients.”

The integrated offering will have the issuer at the center of the decision-making, allowing them to have full discretion over when and how their shares trade. EquityZen will serve as a powerful benefit for issuers and their employees, providing streamlined operational processing that is powered by the direct integration with the cap table solution provided by Morgan Stanley.

Since 2013, EquityZen has committed to expanded access to the private markets by connecting retail investors with private company shares. It has over 800,000 registered users and has processed over 49,000 transactions across more than 450 private companies since inception through its scalable, purpose-built technology and infrastructure.

“This deal helps us accelerate our already robust and growing private markets business,” said Michael Gaviser, Head of Private Markets at Morgan Stanley Wealth Management. “We are seeing rising interest in private markets exposure across our 20 million clients. EquityZen is the link that connects supply and demand through a seamless, technology-driven solution, broadening the toolset we provide Workplace clients, while expanding opportunities for Advisors and their clients.”

The transaction is subject to customary closing conditions, including obtaining applicable regulatory approvals, and is expected to close in early 2026. EquityZen is headquartered in New York with a team of approximately 50 professionals.

“We could not be more excited to join Morgan Stanley. This partnership isn’t about selling, it’s about scaling,” said Atish Davda, CEO of EquityZen. “Our entire mission has been to bring ‘private markets to the public,’ and by integrating into Morgan Stanley, we will reach more investors and shareholders than ever before. When our category-leading technology and welcoming marketplace is matched with Morgan Stanley’s comprehensive suite of products, services and offerings focused on the private markets, we can create a value proposition together for issuers, shareholders and investors that is unrivaled in our space.”

The news comes on the heels of Morgan Stanley Wealth Management’s recent expanded partnership with private capital software platform Carta, for whom Morgan Stanley is the exclusive U.S. equity management and workplace solution platform for late-stage private companies going public, and the preferred wealth manager for their participants.

Morgan Stanley Wealth Management also recently introduced its Founders Specialist designation, established to recognize Advisors who can address the unique needs of founders and private market executives.Morgan Stanley was advised by Morgan Stanley & Co. LLC as financial advisor and Morgan, Lewis & Bockius LLP as legal counsel. Perella Weinberg acted as lead financial advisor to EquityZen, and Evercore also acted as financial advisor. Wilmer Cutler Pickering Hale and Dorr LLP acted as legal counsel and Sidley Austin acted as regulatory counsel to EquityZen.

Source: Morgan Stanley