Dr. Aran was awarded a personal research grant from the Israel Science Foundation (ISF) of 135,000 NIS per year, for four years, for the project “Liquidity Without Listing: The Legal and Institutional Infrastructure of Private Capital Markets” (ISF application no. 1730/26). The research examines the rise of secondary-liquidity mechanisms — company-sponsored tender offers, structured buyouts, and employee and investor share sales — that allow founders, employees, and investors in private, venture-backed startups to sell shares and access liquidity without the disclosure, pricing discipline, or governance constraints of public markets. The study analyzes how legal and institutional innovations have made extended private status viable, comparing the U.S. and Israel, and considers what this shift means for corporate governance, capital formation, and the integrity of public capital markets.