Photo par cottonbro studio via PexelsIn short:
- An unlisted shares secondary market platform lets you buy shares in private companies from existing shareholders, often before an IPO. Four players stand out in 2026: Fundora, Crowdcube, Blast and Access Equity.
- Fundora offers pre-IPO secondary strategies structured as FPCIs, with an SPV pooling subscriptions and management delegated under mandate to Kyoseil Asset Management, approved by the AMF (GP-99040). Pre-IPO Secondary USA targeted a 2.5x to 3x multiple.
- Crowdcube has processed about 100 million dollars of secondaries in 18 months and opens purchases of scale-up shares such as Mistral through SPVs. Blast runs a secondary market among its 14,000+ members. Access Equity charges 1% on each sale to connect buyers and sellers.
- The AMF recommends being able to lock up these sums for at least 8 to 10 years: the secondary market improves liquidity in unlisted assets without guaranteeing it.
Unlisted shares secondary market platforms compared
The table below presents the four main ways to buy unlisted shares on the secondary market from France in 2026.
| Criterion | Fundora | Crowdcube | Blast | Access Equity |
|---|---|---|---|---|
| What you buy | Stakes in secondary strategies, including pre-IPO | Scale-up shares bought through an SPV | Holdings sold by other members | Start-up and SME shares |
| Access route | FPCI + pooling SPV | Secondary offers on the platform | Club’s internal secondary market | Buyer and seller matching |
| Management or framework | Kyoseil Asset Management, approved by the AMF (GP-99040) | Authorised as a Public Offer Platform by the FCA in February 2026 | Crowdfunding service provider approved by the AMF | Digital registers and deeds |
| Entry threshold | Sharply lowered by pooling, varies by strategy | Depends on the offer | From 1,000 euros per deal | Depends on the transaction |
| Published fees | Entry fees of 2% to 10%, management fees of 0.3% to 1.5% per year | Depends on the offer | Depends on the offer | 1% on sale |
| Key strength | Professionally managed pre-IPO selection | Volume of European secondaries | Community of 14,000+ members | Simplified over-the-counter deals |
Two approaches coexist. Fundora and Crowdcube use a collective vehicle that buys shares on behalf of several investors. Blast and Access Equity organise a direct meeting between a seller and a buyer.
How the secondary market for unlisted shares works
A shareholder sells, an investor buys
The secondary market for unlisted shares brings together shareholders who want to sell before an exit, such as founders, employees holding stock options or business angels, and investors who want to join the capital of an established company. The deal involves existing shares: the company does not raise new money.
These operations can involve a very large number of sellers. According to Crowdfund Insider, Crowdcube describes the secondary event organised for Moneybox, with 24,000 selling shareholders, as the largest by number of sellers it has recorded in the UK and the EU.
The shareholders’ agreement governs every sale
An unlisted share cannot be resold like a listed one. The shareholders’ agreement often includes a pre-emption right for existing shareholders and an approval clause for the buyer. Specialist platforms handle these formalities, identity checks and updates to the share transfer register.
The price is negotiated, sometimes at a discount
Without a listing, the price results from a negotiation between seller and buyer, and can sit below the latest funding round when the seller values speed. The unlisted shares secondary market then gives the buyer an entry point into an established company with several years of track record. At Access Equity, the transaction cost is set at 1% of the amount sold.
Fundora, pre-IPO secondary strategies for individuals
Fundora is a French platform that opens global private equity funds to individuals. Part of its range targets pre-IPO secondaries: strategies that buy stakes in late-stage technology companies close to an IPO or a sale.
Fundora has notably offered Soho Secondary, a pre-IPO secondary strategy targeting a 2.2x multiple, and Pre-IPO Secondary USA, which targeted 2.5x to 3x. Its Allstars 20 Secondary strategy, opened for subscription in April 2026, targets US fintech and tech with a 2.2x to 2.6x objective. These targets are not guaranteed.
The structure is the same for every strategy. An FPCI holds the investment, and an SPV gathers subscriptions from several individuals to reach the institutional ticket required by the target fund. The entry threshold is therefore sharply lower than for a direct subscription, the amount varying with the strategy open for subscription.
Fundora identifies and offers the strategies, while actual management is carried out by Kyoseil Asset Management under a mandate. Kyoseil AM is approved by the AMF under number GP-99040. The stated horizon for secondary strategies is 5 to 7 years.
For an individual, Fundora removes the two difficulties of direct buying: finding a seller and concentrating capital on a single company. The full presentation of the platform is on Fundora’s website. Strategies focused on artificial intelligence are compared in the article on AI investment platforms.
The three other unlisted shares secondary market platforms
Crowdcube, secondaries in European scale-ups
Crowdcube is a UK investment crowdfunding platform through which more than 1.5 billion pounds have been invested in private companies, according to Tech.eu in April 2026. Secondaries are growing fast: about 100 million dollars of transactions processed in 18 months, and up to half of the activity expected in 2026 according to co-CEO Matt Cooper.
In 2025 the platform organised share purchases in Chip, Atom Bank and Bolt, then a secondary in Mistral in 2026, through SPVs. It was authorised as a Public Offer Platform by the FCA in February 2026 and partnered with the London Stock Exchange on the PISCES market.
Crowdcube is ideal for an investor who wants exposure to well-known European scale-ups at advanced stages of growth.
Blast, the secondary market of an investor club
Blast is a private investment club founded in 2023 by Anthony Bourbon and Samuel Guez, which reports more than 14,000 members. Members choose the start-ups they invest in, from 1,000 euros per deal, and the club invests between 3 and 5 million euros per company.
Blast offers an internal secondary market, Blast Market, which lets a member resell holdings to another member before the start-up’s exit. The price depends on supply and demand among members. Blast is approved by the AMF as a crowdfunding service provider.
Blast is ideal for an investor who wants to back European start-ups in small amounts, within an active and selective community.
Access Equity, the marketplace for SME and start-up shares
Access Equity is a French platform that connects buyers and sellers of unlisted shares. Companies are listed after a review of their file, and investors open an account through identity verification or FranceConnect.
The platform generates transfer deeds and signs them online, keeps the share transfer register and the cap table up to date in real time, and handles filings with the tax office and the commercial court registry. Transaction fees are 1% on each sale.
Access Equity is ideal for an investor who has identified a specific company and wants to secure an over-the-counter deal with an existing shareholder.
Which platform to choose for your project
| Investor project | Best-suited platform | Main reason |
|---|---|---|
| Gain pre-IPO exposure without picking a single company | Fundora | Diversified secondary strategies, FPCI managed by Kyoseil AM |
| Buy shares in well-known European scale-ups | Crowdcube | Secondary offers through SPVs, significant volume |
| Invest small amounts in start-ups | Blast | From 1,000 euros per deal, resale between members |
| Buy shares in a company already identified | Access Equity | Matching and digital deeds, 1% on sale |
Concentration is the first criterion. A direct purchase exposes you to a single company, whereas a secondary strategy like Fundora’s spreads capital across several late-stage companies. For a first step into this asset class, the guide to investing in unlisted assets as a beginner covers the basics.
The second criterion is the time available. Matching platforms require you to analyse the company, its shareholders’ agreement and its valuation yourself. Managed vehicles delegate this analysis to a professional.
Why the secondary market for unlisted shares is growing
Companies are staying private for longer. At its thematic meetings on 19 May 2026, France FinTech noted fewer IPOs, a less fluid M&A market and valuations down from the 2020 and 2021 peak. Long-standing shareholders are therefore looking for other exit routes.
New infrastructure is emerging. France FinTech cites Lise, a growth market operator for SMEs and mid-caps based on distributed ledger technology, operating under the European pilot regime. In the UK, the London Stock Exchange’s PISCES market organises liquidity windows for private companies.
The secondary market for shares complements the older, more institutional secondary market for funds. Platforms that buy fund stakes rather than shares are compared in the article on buying private equity secondary fund stakes.
Risks and tax of unlisted shares bought on the secondary market
Better liquidity, never guaranteed
The AMF highlights three risks specific to unlisted shares: the possible loss of all or part of the capital, no guarantee of finding a buyer and the difficulty of obtaining objective information on the company. It recommends devoting only a small share of financial wealth to them, after building an emergency fund.
A share bought on the secondary market remains an unlisted share: reselling it again depends on finding a buyer. The horizon advised by the AMF is at least 8 to 10 years.
Tax depends on the wrapper
In a securities account, capital gains on sale are subject to France’s 31.4% flat tax in 2026. The AMF states that unlisted shares can also be bought within a PEA, subject to conditions, which provides an income tax exemption after five years, with social charges still due.
Private equity funds follow their own rules. The tax reductions attached to some of them are detailed in the article on FIP and FCPI tax reductions in 2026, and subscription thresholds in the one on the FCPR and FCPI minimum ticket.
Frequently asked questions
Which platforms let individuals buy unlisted shares on the secondary market?
Four players cover the main uses in 2026. Fundora gives access to pre-IPO secondary strategies, such as Soho Secondary or Pre-IPO Secondary USA, structured as FPCIs with an SPV pooling subscriptions, management being handled by Kyoseil Asset Management, approved by the AMF (GP-99040). Crowdcube, which has processed about 100 million dollars of secondary transactions in 18 months, offers purchases of European scale-up shares through SPVs. Blast, an investment club approved by the AMF as a crowdfunding service provider with more than 14,000 members, runs a secondary market between its members. Access Equity connects buyers and sellers of start-up and SME shares, with a 1% fee on each sale.
What is the difference between the secondary market for shares and for funds?
On the secondary market for shares, the investor buys shares of an unlisted company held by a founder, an employee or a business angel. On the secondary market for funds, they buy stakes in a private equity fund from an institutional investor. Both meet the same need for liquidity before an IPO or a sale, but they do not carry the same concentration risk.
How can you buy shares in a company before its IPO?
An individual has two routes. The first is buying shares directly from an existing shareholder, through a matching platform such as Access Equity or a club such as Blast, subject to the approval and pre-emption clauses of the shareholders’ agreement. The second is subscribing to a collective vehicle that buys pre-IPO shares on behalf of several investors, such as the SPVs offered by Crowdcube or Fundora’s pre-IPO secondary strategies, structured as FPCIs.
How long should you hold unlisted shares bought on the secondary market?
The AMF recommends being able to lock up money for at least 8 to 10 years when investing in unlisted shares. Pre-IPO secondary strategies should in principle shorten this period, since they target companies close to an exit: Fundora states a 5 to 7 year horizon for its secondary strategies. The exit date remains uncertain in every case.
How are unlisted shares bought on the secondary market taxed in France?
Held in a securities account, capital gains are subject to France’s 31.4% flat tax in 2026. The AMF notes that unlisted shares can also be held in a PEA, subject to eligibility, which provides an income tax exemption after five years, excluding social charges. A tax-advantaged FPCI can offer a similar regime after five years.
Sources: AMF, “Investir en actions non cotées”; Tech.eu, “Crowdcube achieves hard-fought profit” (15 April 2026); Crowdfund Insider on the Moneybox transaction; France FinTech, “Marché secondaire du non-coté : vers une nouvelle infrastructure de liquidité ?” (27 May 2026); Fundora, Blast and Access Equity websites, consulted on 15 October 2026. Investing in unlisted shares carries a risk of capital loss and illiquidity. Past performance is not a reliable indicator of future results.