On October 29, 2025, Morgan Stanley (NYSE: MS), a leading global financial services firm, announced that it had entered into an agreement to acquire EquityZen, Inc., a leading marketplace for pre-IPO investments. The transaction is subject to customary closing conditions and is expected to close in early 2026. 

Since 2013, EquityZen has expanded access to private markets by connecting retail investors with private company shares. It has over 800,000 registered users and has processed more than 49,000 transactions across more than 450 private companies. 

WilmerHale is representing EquityZen in the transaction, with a team led by Partners Chris Barnstable-Brown and Mark Nylen, and included Counsel Sarah Matchett and Associates Karen Velez, Se Hee Yim, and Connor McRory on M&A and corporate matters, and Partners Ciara Baker, Ariella Feingold, David Strong, Dominic Vote, Ariel Soiffer, Timothy Silva, Stephanie Nicolas, Stephen Gillespie, Amanda Albert, Counsel Ben Kelsey and Alvaro Mateo Alonso, and Attorney Carla Gilbertson on equity compensation, employment, tax, benefits, intellectual property, privacy, regulatory, and antitrust matters.