Secondaries
LP-Led Secondary
A transaction in which an LP sells one or more fund interests to another investor on the secondary market.
LP-led secondaries are a portfolio management tool: rebalance vintages, exit non-strategic relationships, raise liquidity, or trim concentration. Pricing is driven by NAV discount, fund maturity, GP quality, and market conditions.
A structured sale process with multiple bidders and a qualified secondary advisor typically yields tighter discounts than bilateral negotiations.