Liquidity for Entrepreneurs. 




About Us

We specialize in creating discrete, controlled, and efficient liquidity solutions for founders, early employees, investors, and other shareholders of private companies.

Larry Albukerk originally conceptualized EB Exchange (EBX) while running his second venture-backed company in the mid-1990s. Having gone several years with the majority of his personal assets in highly concentrated, illiquid holdings, he recognized a need for liquidity and diversification among private company entrepreneurs.
In 1999, Larry founded EB Exchange with the goal of solving this problem by allowing founders to pool their pre-IPO stock together in exchange funds. Over the next decade, EBX created and managed five of these funds, representing over 200 entrepreneurs and 100 venture-backed companies. In addition to numerous acquisitions, notable IPO exits from these funds include OpenTable, LifeLock, Solazyme, and Wageworks. Though all EBX funds are closed to new investors and no new funds are planned, EBX gained deep experience in matters of founder liquidity and diversification by reviewing hundreds of deals.
Recognizing a new opportunity to provide liquidity, Larry began working with Growth Capital Services, Inc., a registered broker-dealer (member FINRA, SIPC), in 2010. With this relationship, Larry was now capable of helping entrepreneurs obtain cash for their shares by brokering transactions in the secondary market. Since launching these brokerage services, Larry and his team have completed more than 200 transactions across over two dozen companies, including Facebook, LinkedIn, Twitter, Palantir, and Dropbox.
With over a decade of experience helping founders achieve liquidity and diversification, EBX is well-versed in all of the relevant legal, tax, and strategic considerations. Though we have refined a highly confidential, systematic, and efficient transaction process, we also recognize that every deal is unique, and tailor our approach accordingly. From vetting appropriate investors to capital structure and liquidation analysis to orchestrating the deal process, we actively manage every transaction from start to finish.


The Team

Specialized experience in the secondary market.

Larry Albukerk
Managing Partner
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With over 20 years’ experience founding, managing, advising, and investing in hundreds of private, venture-backed companies, Larry Albukerk is an expert on private equity financing and capital structure.

From 1993 through 1998, Larry was the founder and CEO of Visible Interactive, one of the earliest location-based services companies to leverage mobile computing technology. In addition to establishing a technology partnership with Apple and managing over 100 employees, Larry also signed clients such as the Smithsonian, Sony, and Disney. Larry founded his second venture,, in 1998. was an Idealab-backed pioneer of online reverse auctioneering for consumer products. Larry also licensed and sold a portfolio of mobile technology patents, one of which he was the primary inventor.

Based on his experience as an entrepreneur, Larry founded EBX in 1999 with the goal of helping entrepreneurs achieve liquidity and diversification. Larry also created and managed special purpose funds to allow accredited individuals and institutional investors to invest in pre-IPO companies such as Facebook.

Outside of EB Exchange, Larry advises the X Prize Foundation on matters of private equity donations and is an active fund raiser for his children’s schools. He is also a frequent lecturer on founder liquidity and startup capital structure.

Larry earned an MBA from The University of Chicago Booth School of Business (1992) and a BSBA from Washington University in St. Louis (1989). He holds FINRA Series 7 and 63 registrations.

Larry lives in San Francisco with his wife and three kids.


Selected Transactions

We have closed nearly 300 individual secondary transactions across more than 45 companies, representing over $500 million of invested capital.








Note: the above figures depict total transaction volume for each company. In most cases, these totals represent the aggregate value of several individual transactions. All values were rounded to the nearest hundred thousand. 



Please note that the testimonials presented on this site are no guarantee of future performance or success and may not be representative of the experience of other customers. These are not paid testimonials. 


What is a secondary transaction?

A secondary transaction, also known as a non-issuer transaction, involves the sale of private company stock owned by an existing shareholder. It differs from a primary transaction in that no new stock is issued.

Who typically sells private stock?

Founders, early employees and early investors are the most common sellers of private stock, as they have typically gone the longest without liquidity.

Why do people sell?

Many entrepreneurs inadvertently employ a personal investment strategy that can be extremely risky: equity in their company represents the majority of their net worth. In addition, the average time from first round of funding to exit is now nine years, almost twice what it was in 2001. Having so much of one’s net worth allocated to such an illiquid investment can be a very frustrating and nerve-racking financial situation. Secondary transactions allow people in this position to diversify their personal assets, thereby decreasing exposure to risk while still maintaining some upside from future growth. There are several other motivations for selling a portion of one's stake in their company, the most common of which are listed below.

For founders, executives and other early employees:

• Obtain immediate cash for major purchases and personal needs (mortgages, college loans, etc.)
• Cover option exercise costs
• Optimize tax planning objectives
• Cash out of a former company
• Access capital for a new venture
• Keep company private longer to maintain strategic control
• Avoid the corporate governance concerns and costs of an IPO
• Retain key employees by rewarding progress thus far
• If an IPO is imminent, avoid the lockup, reporting requirements and other constraints
governing restricted stock

For VCs and angels:

• Correct excess allocation to an individual company
• Cash out of a single position entirely when an exit has been postponed indefinitely
• Obtain partial liquidity when the holding period is longer than expected, but an
eventual exit is still expected
• Free up capital for new investments
• Avoid the lockup for restricted stock in IPOs

Who will be buying my shares?

We evaluate investor suitability on a deal-by-deal basis in order to maximize our efficiency and avoid any conflicts of interest. The majority of our investors are passive, institutional investment firms, including secondary funds, venture capital funds, family offices, hedge funds and mutual funds. When appropriate, we also present our opportunities to angel investors and other accredited individual investors.

What is the typical timeframe for a transaction?

Though this can vary depending on the company’s cooperation, ROFR terms, due diligence expectations and a number of other factors, most of our past transactions have closed within 30 to 120 days from submitting an executed offer letter.

What level of involvement am I expected to have in the transaction?

The level of client participation varies from transaction to transaction, depending on the nature of the client’s relationship with the company. When working with current executives, we typically ask them to provide as much due diligence material as possible, such as financial statements, capitalization tables, investor presentations, board meeting slides and any other information that can help investors evaluate the company. When working with former employees, any introductions to current management are greatly appreciated, but not mandatory. In some cases, clients choose to make themselves available to pitch the deal and/or answer investor questions. Generally speaking, more client participation increases the likelihood of a successful close.

What criteria are necessary for a successful sale?

Though there are no specific requirements for a successful sale, we find that investors like to focus on later- stage, venture-backed companies with thriving operations. They typically seek the following criteria: impressive growth prospects, significant unrealized value, a proven business model, a seasoned management team and at least $25 million in annual revenue. Other compelling characteristics include the existence of reputable investors and a clear path to a liquidity event within the next three years.

How do I know if I am able to sell my shares?

The extent to which one’s shares are transferable varies significantly. All sales of private stock are subject to various federal and state securities regulations. In most cases, there are also additional restrictions imposed by the company that issued the securities. These can include rights of first refusal (ROFRs), requirements for the board to approve any buyers, provisions against secondary sales and/or various other restrictions. Since this is such a case-by-case issue, it is better suited to a direct conversation with us to discuss the transferability of your stock.



Contact Us

1388 Sutter St., Suite 900
San Francisco, CA 94109
Phone: (415) 277-2290
Email: larry at ebexchangefunds com or
lou at ebexchangefunds com





This website does not constitute an offer to sell or a solicitation of an offer to buy any securities or investment products and may not be relied upon in connection with any offer or sale of securities. Any such offer or solicitation may only be made by means of delivery of an approved offering memorandum (the “Memorandum”). The Memorandum must be received and reviewed prior to any investment decision. Any person subscribing for an investment must be able to bear the risks involved and must meet the suitability requirements relating to such investments. The Memorandum may not be distributed suitability to other than the intended recipient. Unauthorized reproduction or distribution of all or any this website is strictly prohibited.

Securities offered through Growth Capital Services (member FINRASIPC), 582 Market Street, Suite 300, San Francisco, CA 94104. Please refer to FINRA BrokerCheck for information about Growth Capital Services, Larry Albukerk, and Louis Dalrymple.

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