Elm Capital Second Half 2013 Newsletter

February, 2014

Prices on the secondary market have risen sharply in the second half of 2013 following the continuous rise in public equity markets and significant fund distributions
The median of the highest bids on buyout funds recorded by Elm Capital in H2 2013 was 95% of net asset value (“NAV”) compared with 89% in H1 2013 and 90% in H2 2012
The median of the highest bids on venture capital funds was 74% of NAV, vs. 75% in H1 2013 and 70% in H2 2012
A variety of sellers have contacted us during H2 2013, with clear predominance of family offices and funds of funds and reduced presence of financial institutions
Portfolio management and funds’ performance, more than liquidity and regulation, currently appear to be the prevailing reasons for using the secondary market
On the demand side, secondary funds represented over 50% of players we interacted with during H2 2013, but generalist funds of funds remained active buyers

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