No action required
This is an administrative and operational change. You do not need to take any action to continue using the EquityZen platform. You can continue using your current EquityZen login credentials to view investment opportunities and review your portfolio.
On or about December 1, 2026, EquityZen Securities LLC ("EZS") expects to integrate its business into Morgan Stanley Smith Barney LLC ("MSSB"), a registered broker-dealer and subsidiary of Morgan Stanley.
Q: What is changing?
Following the integration, EZS will become part of MSSB, and the two broker-dealers will operate as a combined firm. Beginning on or about December 1, 2026, MSSB will facilitate private company transactions offered through the EquityZen platform.
Q: Do I need to take any action?
No. You do not need to take any action to continue using the EquityZen platform in response to the changes described in the notice.
We encourage you to review the updated MSSB Client Relationship Summary, also known as Form CRS, and the Morgan Stanley U.S. Privacy Policy and Notice for important information about your relationship with Morgan Stanley.
Links to these documents are provided below.
Q: What will happen to my EquityZen fund investments?
The integration will not change how EquityZen fund investments are managed.
EquityZen Advisors LLC ("EZA") will continue to manage your fund investments and maintain the related records on the EquityZen platform. Transaction documents and brokerage commissions owed for transactions that close on or after December 1, 2026, will be transitioned and paid to MSSB, respectively.
Q: What if my funds are in escrow on December 1?
This depends on the type of transaction:
Direct transactions: If you are a buyer in a direct, facilitated transaction and EZS is holding your funds in escrow on December 1, the funds will be transferred from EZS's escrow account at SouthState Bank, N.A. to an account in MSSB's name at Citibank, N.A. No additional action is required on your part for this transfer.
EquityZen fund offerings: If you are participating in an EquityZen fund offering managed by EZA, including a standard or express deal, your funds will not be affected by the integration. They will remain in escrow at SouthState Bank until EZA accepts your subscription and your investment closes.
Q: Am I required to open a Morgan Stanley account or work with a financial advisor?
No. You will not be required to create a Morgan Stanley account to continue transacting on the EquityZen platform, and you will not be assigned a Morgan Stanley financial advisor.
Q: What privacy notice will apply after the integration?
After the integration, EquityZen subscribers will be subject to the Morgan Stanley U.S. Privacy Policy and Notice, including the MSSB Consumer Privacy Notice.
Under the Privacy Notice, MSSB may share creditworthiness information with its affiliates for everyday business purposes. You may opt out of this sharing at any time by calling +1 (866) 227-2256. MSSB will not share information subject to an opt-out right until 30 days after the Privacy Notice was sent.
Q: Where can I review the updated Client Relationship Summary?
The updated MSSB Client Relationship Summary, or Form CRS, includes important information and disclosures about your relationship with Morgan Stanley, including EquityZen private-market investment services provided through MSSB.
Q: Will EquityZen's Terms of Use change?
Yes. EquityZen's Terms of Use will be updated effective December 1, 2026, to reflect the new operating structure and the changes described in the client notice.
Still have questions?
Please contact 1-800-955-1961 for assistance. Phone support is available Monday through Friday, from 9:00AM to 5:00 PM EST