![$site_logo['alt']](https://www.elmcapital.com/wp-content/uploads/2019/05/EC_Logo_RGB-e1588361706837.png){kind=logo}
Elm Capital First Half 2011 Newsletter
September, 2011
Fields marked with an * are required
Elm Capital First Half 2011 Newsletter
- Secondary market prices continued to rise in H1 2011 due to higher valuation of underlying portfolios, buoyant stock markets and strong demand from buyers
- Median discount to Net Asset Value (NAV) observed by Elm Capital for buy-out funds stood at 8% in H1 2011 compared to 10% for H1 2011 and 14% for Q2 2010
- Similarly, median discounts for venture funds decreased, reaching 28% compared to 35% in H2 2010
- Strong competition on the buy side and the need to deploy money on the secondary market have put pressure on target returns
- We expect that the combination of recent market volatility with uncertainties on public deficits and GDP growth will lead to somewhat higher discounts
Please use the form below to request a copy:
Fields marked with an * are required