LP-led secondaries

LP-led secondary transactions

An LP-led secondary transaction is a transfer of an existing investor’s interest in a fund to another investor. It gives the selling LP liquidity while the fund continues to hold and manage its underlying investments.

What changes hands in an LP-led sale?

The seller transfers its fund interest rather than selling a portfolio company directly. A portfolio sale can involve interests in several funds; a record against one fund describes that stake, not necessarily the entire portfolio transaction. Buying an interest does not itself create a continuation vehicle.

In a GP-led continuation transaction, the fund manager instead organizes the transfer of one or more assets into another vehicle. The GP-led transaction database records that separate transaction scope. A sponsor-to-sponsor company buyout is a different category.

Find LP-led records by GP and fund

Fund interests can be identified by manager, strategy, region and vintage. Read the underlying fund’s identity alongside each transfer: a sale of one interest is different from a portfolio sale involving several funds. Use the LP-led transaction database to explore the published records.

A fund profile alone is not evidence that a secondary transfer occurred. A transaction count of N/A is not a statement that no transfer has ever taken place. Different funds can appear in the same portfolio sale, so their transaction counts should not be added together as a count of unique deals.

What does a reported secondary price mean?

Read the price definition attached to the fund’s transaction section. The current records describe what the buyer booked for the stake as a percentage of its valuation on that date. Preserve that reference basis and observation date: it is not automatically a percentage of a separately reported quarter-end fund NAV, an enterprise value, or a price for the whole fund.

A percentage quoted for one stake cannot establish the terms of an entire portfolio sale. A booked valuation observation also does not establish an exact legal closing date. N/A means a supported value is unavailable; it does not mean a zero price or a transfer at par.

Read performance separately from transaction prices

Gross MOIC, net MOIC and net IRR describe different measures of fund performance. Retain the reporter, period and gross or net basis shown in each record. A GP-reported figure and an LP-reported figure can have different observation dates and scopes; they are not interchangeable observations.

The latest fund metrics do not establish what a buyer earned on a specific secondary purchase. No new return, discount or market average is inferred here from the reported fields. Missing quarters and undisclosed prices remain missing.

Public summaries and member access

Anyone can browse the LP-led directory, the GP tables and each fund’s public summary. A confirmed account opens the full fund page, including the available performance series, portfolio and secondary transaction history. Exact supporting documents remain in the restricted research view; public summaries do not expose them.

The separate GP-led catalogue disclosure study counts fields in GP-led transaction records. Its totals do not include the LP-led fund database.