Carta and NewView Partner to Streamline Liquidity Offers
Startups can now use this integrated platform to offer employees more frequent stock liquidity as private tenures grow.
Updated on Oct. 23, 2026 in Startups
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Carta and NewView have formed a partnership to manage employee tender offers, aiming to streamline how startups provide liquidity to staff. The collaboration seeks to address the needs of companies staying private for extended periods.
Why it matters
With startups remaining private for 12 to 15 years, employee liquidity has become a critical retention and morale tool. This partnership aims to increase the frequency of these programs to support talent management at late-stage companies.
A total of 44 tender offers were executed in the first half of 2026, a volume that is projected to grow threefold for Series C and later-stage companies over the next three years. These programs provide liquidity to employees at firms that remain private for 12 to 15 years.
The players
Carta
An equity management platform that provides software for cap table tracking and liquidity solutions to private companies.
NewView
An investment firm specializing in secondary market deal-structuring for private company equity.
ElevenLabs
An AI-focused technology startup that has utilized tender offers twice in less than a year to provide employee liquidity.
HighTouch
A data software startup that reached a $1.3 billion valuation during a 2025 tender offer.
The details
The partnership integrates NewView's experience in secondary deal-structuring with Carta's equity management platform. Tender offers allow employees to sell a portion of their vested shares to approved investors at a predetermined price, providing cash payouts without requiring a full company exit. Recent examples of this mechanism include offerings by Decagon, Wayve, and ElevenLabs, the latter of which completed two tender offers in less than a year.
Timeline
2025: NewView led a tender offer for HighTouch at a $1.3 billion valuation.
H1 2026: 44 tender offers were executed across the industry.
October 2026: Carta and NewView announced their partnership.
Market Landscape
The move follows the broader industry trend of startups remaining private for 12 to 15 years, which has forced a rethink of compensation structures. This partnership formalizes institutional support for the growing practice of periodic liquidity to combat the extended wait for exit events.
Late-stage operators should evaluate if secondary liquidity programs can enhance employee retention without the complexity of a full exit. Consult with your equity counsel to determine if your current cap table platform supports the necessary compliance and reporting for these secondary transactions.
The takeaway
Employee tender offers are shifting from rare events to recurring components of the compensation and retention stack. Operators should review their existing equity plans to determine if they allow for secondary sales and what administrative burdens such programs would place on their internal finance teams.
Further reading
For more on evolving compensation strategies, visit the Startups section.
Live Poll
Do you believe private startup companies have a responsibility to offer their employees earlier liquidity options?
