Sidley Advises EquityZen in Its Sale to Morgan Stanley

Sidley provided regulatory counsel to EquityZen regarding its sale to Morgan Stanley. EquityZen operates a purpose-built, scalable platform that has expanded access to private markets by enabling its over 800,000 registered users – who are predominantly retail investors – to trade in funds investing in shares of over 450 private companies. The acquisition is intended to enhance Morgan Stanley’s private markets ecosystem for 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 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.

The Sidley team was led by Hardy Callcott (Securities Enforcement and Regulatory) and included John Sakhleh and David Katz (Securities Enforcement and Regulatory); Benjamin Nager and Carla Teodoro (Investment Funds); and Michael Lewis (Financial Institutions).