Elm Capital Second Half 2016 Newsletter

March, 2017

Prices in the second half of 2016 ticked up compared to the first half of the year, but remain below the peak seen at the end of 2015.
The median of the highest bids received by Elm Capital was 95% of net asset value across fund types
The level of bids being offered for buyout funds remained high, at 98% of net asset value, but below the record level of 100% seen twelve months ago
As pre-2007 vintages become increasingly tail-end in nature, a growing number of fund-of-fund managers are looking to the secondary market as a way to liquidate their older vehicles through portfolio sales
With interest rates still at record lows, cheap debt continues to support leverage in transactions
GP restructurings continue to be an important theme in the secondary market

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