Piper Sandler Companies announced the launch of a private‑markets trading platform on November 20, 2025, adding a new service line that will allow the firm to trade equity shares of private companies and provide liquidity solutions for investors in the private‑markets space.
The platform will be led by three newly hired managing directors—Patrick Gordon, Kyle Mooney and David Ilishah—who joined from Forge Global. Their combined experience in private securities and relationships with alternative managers positions Piper Sandler to capture a growing share of the private‑markets trading market, which has expanded as companies remain private longer and seek liquidity before an IPO or sale.
Piper Sandler’s strategy to broaden its trading capabilities aligns with a private‑markets segment that is estimated to be worth tens of billions of dollars and is projected to grow at a double‑digit rate. The firm’s leadership views the platform as a natural extension of its existing advisory and corporate financing businesses, which have delivered strong demand for private‑market exposure.
The launch comes on the back of a record third‑quarter 2025 revenue of $479 million, a 33% year‑over‑year increase that reflects robust performance in advisory services and corporate financing. In Q3 2024 the firm generated $360 million, a 24% increase, underscoring a consistent upward trajectory that provides the financial foundation for the new platform.
President Deb Schoneman said, “As companies stay private for longer, demand for trading in private shares has grown significantly. We are thrilled to have Patrick, Kyle and David join the firm to lead this initiative. Their deep experience and strong relationships across private companies and alternative managers will expand opportunities we can offer our clients to invest in high‑growth private businesses or to monetize illiquid positions before they go public.”
Investors and analysts have welcomed the announcement, noting that Piper Sandler’s recent earnings beat—adjusted EPS of $3.82 versus an estimate of $3.17 and revenue of $479 million versus an estimate of $422.8 million—demonstrates the firm’s ability to capitalize on market opportunities and manage costs effectively. The new platform is expected to reinforce this momentum by tapping a high‑growth segment that complements the firm’s core strengths.
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