Morgan Stanley Slashes EquityZen Fees to 2.5%, Expanding Private Market Access
Event summary
- Morgan Stanley's EquityZen platform cut transaction fees from 5% to 2.5% effective immediately.
- The fee reduction applies to both buy and sell sides, with a $5,000 minimum maintained.
- EquityZen's 'Express Deals' feature also benefits from the lower fees.
- Morgan Stanley acquired EquityZen in January 2026 to expand its private markets ecosystem.
The big picture
Morgan Stanley's aggressive fee reduction underscores the intensifying competition in private markets, where wealth managers are vying to capture retail investor interest. The move positions EquityZen as a more accessible platform while leveraging Morgan Stanley's institutional relationships to maintain issuer-first principles. This strategy reflects broader industry trends toward democratizing private market access through technology-enabled platforms.
What we're watching
- Competitive Response
- How rivals like Goldman Sachs and JPMorgan will react to Morgan Stanley's fee cuts in the private markets space.
- Client Adoption
- The pace at which lower fees will drive increased transaction volume on EquityZen's platform.
- Regulatory Scrutiny
- Whether the SEC will examine the fee structure changes as part of broader private markets oversight.
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