And for smaller preferred equity holders (e.g. founders, angels, etc) yeah, they have that option. I may be wrong, but to my knowledge any significant investor

And for smaller preferred equity holders (e.g. founders, angels, etc) yeah, they have that option. I may be wrong, but to my knowledge any significant investor isn't getting liquidity through those private markets. That's all done through traditional bespoke financial transactions. In fact, that's literally what an acquisition is.