Elm Capital First Half 2012 Newsletter

August, 2012

Secondary prices remained stable in H1 2012 for buy-out funds, whereas we noticed an increase in pricing for venture capital funds
The median high bid for buy-out funds was 86% of NAV vs. 85% in the previous period and 75% of NAV for venture capital funds vs. 70%
Family offices represented the largest category of sellers, in many cases seeking to reallocate assets to more liquid instruments and direct deals. Funds of funds were also using the secondary market to rebalance portfolios or accelerate distributions
The majority of funds for sale were European funds, showing that some investors are reducing exposure within Europe
Funds of funds are increasing their allocation to secondaries contributing to creating a high price environment despite the economic slowdown

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