Two years ago, the entire market for investing in private startups was in a slump. Tender offers were no exception. Between the end of 2021 and the end of 2022, the quarterly count of new tenders administered by Carta fell by 74%. In recent quarters, however, interest in these transactions has begun to rebound. Dating back to Q2 2023, the number of new tender offers administered by Carta has now increased in five of the past six quarters. That includes Q3, which saw 26 new tender offers—the highest quarterly total since the middle of 2022, when the market was still feeling the heady effects of the recent venture boom. Jamie Hutchinson, a partner in the private equity group at Goodwin, expects that momentum to continue, with plenty of other transactions in the pipeline. “The market for tender offers is very busy,” says Hutchinson to Carta, who frequently works with clients on tenders and other secondary transactions. “Since January 1, it’s probably been busier than we’ve ever seen.”