Elm Capital First Half 2013 Newsletter
February, 2014
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Elm Capital First Half 2013 Newsletter
- Asset Values’ steady increases and significant distributions
- In H1 2013, the median of the highest bid was 89% of NAV for buy-out funds, vs. 90% in H2 2012 and 86% in H1 2012
- For venture capital funds the median was 75% of NAV, vs. 70% in H2 2012 and 75% in H1 2012
- We continued to see family offices and funds of funds using the secondary market to reallocate resources and for portfolio management
- Secondary funds have been active buyers but fewer closed deals leave ever high levels of dry powder to be deployed in the coming months
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