LP-Led Secondaries and the NAV Discount: Why Fund Stakes Trade Below Reported Value
LPs selling private equity fund stakes in 2025 got 87% of reported NAV on average, and buyout stakes fetched 92% while venture stakes fetched just 78%, according to the Jefferies 2025 Global Secondary
Private Equity Secondaries Hit $226-240B in 2025: What the Discount-to-NAV Data Really Shows
TL;DR: The private equity secondary market hit a record $226 billion to $240 billion in 2025, up 41% to 48% year over year, depending on whether you trust Evercore's or Jefferies' count. Roughly half...
What Family Offices' 2026 Alternatives Pivot Tells Individual Investors
Family offices now put 42% of their portfolios into alternative investments, according to the UBS Global Family Office Report 2026 , which surveyed 307 family offices with an average net worth of...
GP-Led Secondaries and Continuation Funds: What Every LP Needs to Know Before the Roll-or-Cash-Out Call
TL;DR: Your GP is about to offer you a choice — roll your interest into a new continuation vehicle or take cash — and 99% of LPs aren't ready for it. The market that powers this decision hit $115 bill
Private Equity Secondaries in 2026: How the $240B Exit Market Actually Works
TL;DR: The global PE secondaries market hit $240 billion in 2025 transaction volume , up 48% year-over-year and the largest annual figure ever recorded. That was not a fluke. The structural
The J-Curve in Private Equity: Why Your Fund Looks Terrible in Year One
The bottom line: In a typical buyout fund, your reported net asset value drops to roughly 80 cents on every committed dollar by year 3.5 before it ever climbs back. That is not a warning sign. It is..