Morgan Stanley to Acquire Leading Private Shares Platform EquityZen

• Strengthens Morgan Stanley's leadership position in private markets by enabling clients to better access and trade shares in private market companies
• Establishes an issuer-aligned model that combines deep expertise in cap table management with a scaled private shares marketplace
• Supports Morgan Stanley's efforts to deepen relationships with private market companies across the Integrated Firm

Morgan Stanley today announced it has entered into an agreement to acquire leading private shares platform, EquityZen. The acquisition enhances Morgan Stanley's distinctive private markets ecosystem that provides a full suite of services to 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 support the Firm's efforts to deepen relationships with private companies. This 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.

"We are thrilled to welcome the entire EquityZen team to Morgan Stanley," said Jed Finn, Head of Morgan Stanley Wealth Management. "This announcement comes at a critical time in the development of the private markets ecosystem. The combination of EquityZen with Morgan Stanley will uniquely address client needs as companies stay private longer, such as delivering liquidity solutions for their employees and early investors in a seamless yet controlled process of their own design. With EquityZen, we combine our cap table management solutions with a private shares marketplace to deliver end-to-end solutions to our private market company clients."

The integrated offering will have the issuer at the center of the decision-making, allowing them to have full discretion over when and how their shares trade. EquityZen will serve as a powerful benefit for issuers and their employees, providing streamlined operational processing that is powered by the direct integration with the cap table solution provided by Morgan Stanley.

Since 2013, EquityZen has committed to expanded access to the private markets by connecting retail investors with private company shares. It has over 800,000 registered users and has processed over 49,000 transactions across more than 450 private companies since inception through its scalable, purpose-built technology and infrastructure.

"This deal helps us accelerate our already robust and growing private markets business," said Michael Gaviser, Head of Private Markets at Morgan Stanley Wealth Management. "We are seeing rising interest in private markets exposure across our 20 million clients. EquityZen is the link that connects supply and demand through a seamless, technology-driven solution, broadening the toolset we provide Workplace clients, while expanding opportunities for Advisors and their clients."

The transaction is subject to customary closing conditions, including obtaining applicable regulatory approvals, and is expected to close in early 2026. EquityZen is headquartered in New York with a team of approximately 50 professionals.

"We could not be more excited to join Morgan Stanley. This partnership isn't about selling, it's about scaling," said Atish Davda, CEO of EquityZen. "Our entire mission has been to bring ‘private markets to the public,' and by integrating into Morgan Stanley, we will reach more investors and shareholders than ever before. When our category-leading technology and welcoming marketplace is matched with Morgan Stanley's comprehensive suite of products, services and offerings focused on the private markets, we can create a value proposition together for issuers, shareholders and investors that is unrivaled in our space."

The news comes on the heels of Morgan Stanley Wealth Management's recent expanded partnership with private capital software platform Carta, for whom Morgan Stanley is the exclusive U.S. equity management and workplace solution platform for late-stage private companies going public, and the preferred wealth manager for their participants. Morgan Stanley Wealth Management also recently introduced its Founders Specialist designation, established to recognize Advisors who can address the unique needs of founders and private market executives.

Morgan Stanley was advised by Morgan Stanley & Co. LLC as financial advisor and Morgan, Lewis & Bockius LLP as legal counsel. Perella Weinberg acted as lead financial advisor to EquityZen, and Evercore also acted as financial advisor. Wilmer Cutler Pickering Hale and Dorr LLP acted as legal counsel and Sidley Austin acted as regulatory counsel to EquityZen.

About Morgan Stanley Wealth Management

Morgan Stanley Wealth Management is a leading financial services firm that provides access to a wide range of products and services to individuals, businesses, and institutions, including brokerage and investment advisory services, financial and wealth planning, cash management and lending products and services, annuities and insurance, retirement, and trust services. Morgan Stanley Wealth Management is the trade name of Morgan Stanley Smith Barney LLC, a registered broker-dealer in the United States.

About Morgan Stanley

Morgan Stanley (NYSE:MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 42 countries, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit https://www.morganstanley.com/.

Morgan Stanley Smith Barney LLC, its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.

About EquityZen

EquityZen is a leading marketplace for pre-IPO investments, connecting shareholders of private companies with accredited investors. Through its category-leading technology and innovative approach, EquityZen delivers data-driven insights and tools that empower its 800,000 users to navigate the private markets with confidence. Having completed more than 49,000 private placements in nearly 500 private companies, EquityZen is on a mission to deliver "Private Markets for the Public."

EquityZen will provide investors with access to private market investments and other alternative investments. Alternative investments often are speculative and include a high degree of risk. Investors could lose all or a substantial amount of their investment. Alternative investments are appropriate only for eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be highly illiquid and can engage in leverage and other speculative practices that may increase the volatility and risk of loss. Alternative investments typically have higher fees than traditional investments. Investors should carefully review and consider potential risks before investing.

Clients are responsible for complying with applicable securities laws requirements and potential issuer restrictions and should consult with third-party advisors regarding the risks of transacting in private issuer securities, including the risk of transacting in a market with little or no price transparency or liquidity.

This communication contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In this context, forward-looking statements often address expected future business and financial performance and financial condition. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made, which reflect management's current estimates, projections, expectations, assumptions, interpretations or beliefs and which are subject to risks and uncertainties that may cause actual results to differ materially. Important factors that may cause such a difference include, but are not limited to, (i) the risk that the proposed transaction does not close on the anticipated terms or timing, including as a result of required regulatory approvals or the termination of the definitive agreement relating to the transaction prior to closing, (ii) potential adverse effects resulting from the announcement or completion of the transaction, (iii) the possibility that the anticipated benefits of the proposed transaction are not realized or are not realized within an expected time period, and (iv) the ability of Morgan Stanley and EquityZen to integrate the business successfully and to achieve anticipated synergies. For a discussion of additional risks and uncertainties that may affect the future results of Morgan Stanley, please see "Forward-Looking Statements" preceding Part I, Item 1, "Competition" and "Supervision and Regulation" in Part I, Item 1, "Risk Factors" in Part I, Item 1A, "Legal Proceedings" in Part I, Item 3, "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 and "Quantitative and Qualitative Disclosures about Risk" in Part II, Item 7A, in Morgan Stanley's Annual Report on Form 10-K for the year ended December 31, 2024 and other items throughout the Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including any amendments thereto. Morgan Stanley does not undertake to update the forward-looking statements to reflect the impact of circumstances or events that may arise after the date of forward-looking statements.

© 2025 Morgan Stanley Smith Barney LLC. Member SIPC.

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