Elm Capital Second Half 2010 Newsletter

February, 2011

Improved secondary market pricing and continued increase in transaction volume
Average secondary discount observed in the second half of 2010 for buyout funds was 10% of the latest reported net asset value (down from 14% in Q2)
Venture capital funds are trading at a wide range of prices in the secondary market, with an average discount observed in the second half of 2010 of approximately 35%
Strong demand exists for a wide variety of funds managed by prominent GPs, in addition to a continued demand for middle market and emerging market funds
Expectations are for secondary prices to stabilise or slightly rise from current levels as GPs harvest value in their portfolios, and for transaction volume to increase

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