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The secondary market for private equity limited partnership interests has increased significantly during the past ten years, shadowing the steady increase in funds being raised by private equity firms around the world. At the same time, the secondary market has become an accepted and fairly well known part of the private equity investment environment. During the first quarter of 2009, however, secondary deal activity experienced a severe slowdown, primarily as a result of a disconnect between sellers' price expectations and the typical 40% to 60% or higher discount to NAV that buyers were offering.
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