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Elm Capital Second Half 2012 Newsletter
February, 2013
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Elm Capital Second Half 2012 Newsletter
- Prices on the secondary market increased in the second half of 2012, as public markets rallied and funds made substantial distributions
- The median of the highest bid per fund was 90% of NAV for buy-out funds in H2 2012, vs. 86% in H1 2012 and 85% in H2 2011
- Family offices continued to be active sellers in order to redirect resources to other activities. Funds of funds, secondary funds and other institutional investors were also actively using the secondary market in order to rebalance their portfolio or to accelerate distributions
- Secondary funds were more aggressive buyers than in the past, winning the vast majority of our deals.
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