There are many liquidity events that are not in the set of 'IPO' events. But the issue remains that liquidity is a core element of asset value. Many later stage

There are many liquidity events that are not in the set of 'IPO' events. But the issue remains that liquidity is a core element of asset value. Many later stage financing events can be structured to provide limited liquidity to founders and early investors; the issue is that this may not help all employees equally. The IPO is useful in this case.