Forge vs EquityZen vs Hiive vs NPM: Platform Comparison for Sellers

Four platforms handle most of the private-company secondary volume: Forge, EquityZen, Hiive, and Nasdaq Private Market (NPM). Each has a different business model, different fee structures, and different fit for the kind of seller you are. A holder selling 5,000 shares of a well-known late-stage company has different options than a founder selling $30 million of a mid-stage AI company. The wrong platform costs you 2-5% on clearing price and can add weeks to the close.

This comparison walks through how each platform works, where each fits best, the published fee structures as of 2025, and the operational differences that matter when you are on the seller side.

How the four platforms differ structurally

Forge Global

Public company (NYSE: FRGE), formed by the 2022 merger of Forge and SharesPost. Runs an order-book style marketplace with both direct trades and Forge-managed funds. Handles large-volume institutional flow alongside individual trades.

Coverage: 500+ private companies. Historical strength in later-stage, high-profile names.

Business model: transaction fees on both sides, with some Forge-sponsored fund products that charge management fees.

EquityZen

Private company. Pioneered the fund-vehicle model in 2013. Most EquityZen trades flow through EquityZen-managed funds that aggregate multiple buyers into a single SPV per company.

Coverage: 500+ companies across stages.

Business model: platform fee to sellers plus ongoing fund management fees paid by buyers in the SPV.

Hiive

Private company, launched 2021. Runs an order-book model with direct buyer-seller transactions, emphasizing transparency and live pricing. Brokers negotiate with posted orders rather than running a closed auction.

Coverage: 300+ late-stage companies with active buyer and seller interest.

Business model: flat 2% seller fee and 2% buyer fee on completed trades, per Hiive’s published terms as of 2025.

Nasdaq Private Market (NPM)

Owned by a consortium including Nasdaq, Goldman Sachs, Morgan Stanley, Citi, and SVB. Focuses on company-run structured transactions: tender offers, employee liquidity programs, and capital raises.

Coverage: depends on companies that partner with NPM directly. Less suited to one-off individual sales.

Business model: fees paid primarily by sponsoring companies; sellers often have no direct platform fee.

Side-by-side comparison

Platform	Typical seller fee	Trade model	Minimum trade size	Best fit for
Forge	2-5%	Order book + fund	~$50K	Mid-to-large trades in well-known companies
EquityZen	3-5%	Fund SPV	~$20K	Smaller trades or less-liquid names
Hiive	2%	Direct order book	~$25K	Sellers who want price transparency
NPM	Usually 0 (company pays)	Company-sponsored tender	Varies	Participating in company tenders

Fees vary by deal structure; these are typical ranges for standard single-asset trades.

Where each platform fits the seller

You hold late-stage, well-known company stock

Hiive and Forge both carry active buyer interest. Hiive’s order-book transparency gives you real-time bid visibility; Forge’s SPV demand can provide higher clearing prices for hot names. Compare listings on both platforms and post simultaneously.

You hold mid-stage or less-liquid stock

EquityZen’s fund model aggregates buyers, making smaller or less-liquid names more tradable than on pure order-book platforms. Fees are higher but liquidity is better for this segment.

You are selling $5M+ and want minimal process overhead

A direct broker relationship with a secondary-focused broker-dealer (outside these four platforms) often beats platform listings for very large tickets. Platforms take 2-5% of gross; a direct broker may clear at a lower net fee for trades above $5-10 million. Many of the platforms also offer “white-glove” private placement for large sellers.

You are a founder with special considerations

Founder sales often have company sensitivity (optics of selling, signaling to the market). NPM’s company-sponsored programs handle this best because the company structures and approves the transaction. Outside NPM tenders, direct broker arrangements tend to have better discretion than public platforms.

You want to maximize price and have time

Listing on multiple platforms simultaneously (Hiive, Forge, EquityZen) generates competitive bids. Some sellers also use direct-broker relationships. The downside is operational complexity: you need to track which platform has which order and close on the first clean bid.

Key operational differences

Pricing visibility

• Hiive publishes live bid-ask on listed companies. You can see orders in real time.
• Forge shows a “Forge Price” derived from recent trades and order flow but does not expose the full order book.
• EquityZen publishes “indicative prices” tied to fund pricing, which lags market movement.
• NPM pricing is set per transaction by the company.

Time to close

• Hiive and Forge: direct trades close in 6-10 weeks typically, including ROFR and transfer agent processing.
• EquityZen fund trades close in 8-12 weeks because the SPV formation adds steps.
• NPM tender offers follow the company’s schedule, usually 25-35 business days including Rule 14e-1 compliance.

Company-cooperation status

Some companies have approved one or more platforms and refuse transfers through others. Check your company’s “approved platform” list, which legal will share if asked. If your company only approves NPM tenders, your Forge or Hiive listing will likely fail at ROFR even if priced well.

Buyer mix

• Forge: mix of SPV buyers, institutional funds, high-net-worth individuals
• EquityZen: primarily retail and smaller accredited investors via the fund
• Hiive: institutional buyers, secondary-focused funds
• NPM: company-approved buyers only (often a single lead investor in a tender)

Customer service

All four provide transaction support. Quality varies by deal size; larger tickets get dedicated white-glove support on all platforms.

Published fee structures as of 2025

Forge

Seller fee: typically 2-5% depending on transaction size and type. Fund products charge additional management fees to buyers.

EquityZen

Seller fee: 3-5% typically. Buyers pay fund management fees and carry on SPV investments.

Hiive

Flat 2% seller fee, 2% buyer fee. Published transparently on Hiive’s website as of 2025.

NPM

Seller fees typically zero; the sponsoring company pays transaction fees. Company pays platform fees as part of the tender offer budget.

Fees change. Check the platform terms at the time of transaction.

Tips for getting the best clearing price

List at or slightly below the market’s observed bids

Check recent completed trades in your company on multiple platforms. Price at the 75th percentile of observed bids to clear quickly; price higher only if you are willing to wait.

Respond quickly to bids

Platforms rank sellers by responsiveness. Slow responses push your listing down in broker attention.

Provide clean documentation

Cap-table data, recent 409A reference, and proof of ownership speed ROFR and transfer agent processing. Pre-assembling the package reduces friction.

Do not disclose urgency

Telling the broker you need cash by a specific date invites low bids. Act as if you are not in a hurry, even if you are.

Negotiate the fee

Fees are often negotiable for larger trades. A 2% fee on a $500k trade is $10,000; on a $5M trade it is $100,000. Negotiate.

Frequently asked

Can I list on multiple platforms at once?

Yes, but you need to manage the orders carefully. Most platforms allow you to list without exclusivity. Make sure you withdraw listings on other platforms as soon as one closes.

What if my company has an NPM-sponsored tender open?

Individual platform sales during an NPM tender window often get blocked by the company’s legal team. Check whether the company has paused individual transfers during the tender.

Do I need to be accredited to sell?

Sellers generally do not need to be accredited. Buyers on these platforms must be accredited investors or qualified purchasers.

How do the platforms handle ROFR?

All four notify the company on your behalf as part of the transaction package. ROFR runs on the company’s standard window regardless of platform. If the company exercises ROFR, the platform returns the escrowed funds to the buyer.

Can I sell RSUs or only common stock?

Only exercised common stock or shares held outright. RSUs that have not settled cannot be sold on secondary platforms. Some founder shares require special documentation.

Next step

Before listing, get an indicative quote from Hiive, Forge, and EquityZen for your specific company and share count. Also check whether your company has an approved platform list or an active NPM tender window. Compare indicative prices against the fee structures, net to you, and pick the platform with the highest expected net clearing price. Be prepared to list on more than one if no single platform offers strong enough demand.