PIPEs Strategy
Understanding Private Investment in Public Equity as a capital markets tool
Brandan Kotar · March 1, 2026
Capital Markets Strategy
Private Investment in Public Equity (PIPE) transactions allow accredited investors to purchase stock directly from public companies—often at a discount—providing issuers with faster, more flexible financing than traditional secondary offerings.
$26B+
PIPE transaction volume in 2023 across U.S. markets
30–60
Days to close vs. 3–6 months for traditional offerings
5–15%
Typical discount to market price for investors
800+
PIPE transactions completed annually in the U.S.
Sources: PlacementTracker (2024); PrivateRaise (2023)
Financing Comparison
Understanding the trade-offs between speed, cost, and market impact.
Key Considerations
Common questions and strategic insights for evaluating PIPE opportunities.
PIPEs represent a middle ground between public and private markets—offering public company exposure with private placement economics.
Sources: SEC PIPE Guidance; Morrison & Foerster PIPE Primer (2023)
In a market where timing is everything, PIPEs give companies capital when they need it—and investors access on favorable terms.
The best PIPE opportunities combine speed, structure, and alignment of interests.
Understanding the mechanics and risks of PIPE transactions is essential for investors seeking diversified exposure to public equities through private channels.
This material is provided for educational and informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security or investment product. The information presented is general in nature and is not intended to be relied upon as a primary basis for investment decisions. Advisors should evaluate all investments independently and in the context of their clients' objectives, risk tolerance, liquidity needs, and suitability requirements. Charts, figures, and data visualizations are based on publicly available information, industry research, and reasonable estimates. Certain data points are illustrative or derived from aggregated sources and should not be interpreted as precise measurements or forecasts. Past trends do not guarantee future results. All investments involve risk, including the potential loss of principal. Private market investments may involve additional risks, including limited liquidity, valuation uncertainty, and longer investment horizons, and may not be suitable for all investors.
Kelly Park Investment LLC (CRD# 299882) is an SEC-registered investment adviser.
This material is educational and for informational purposes only. It does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation for any security or investment product, and it is not investment, legal, or tax advice.
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