Sales price *
Damning footnote from a recent Lazard report:
"The proportion of proceeds deferred has also increased meaningfully. The historically most common 0 - 25% paid-at-close bracket contracted by 15% in 2025, while all lower-payment brackets expanded, signaling a clear shift toward smaller up-front payments in transactions utilizing deferrals."
The report...
Lazard's 2025 Secondary Market Report
What's a secondary?
An interest in a fund
What's the big deal?
Capital has been flowing into secondary investments as a way for buyers to get discounted values and sellers to generate much-needed liquidity. But sale prices are increasingly contingent on future performance. i.e., actual sale prices could be much lower than signaled.
So what?
Brokers report the headline.
Sellers point to the headline.
Appraisers reference the headline.
Carrying values are validated by the headline.
But investors aren't buying it.
...thus the sluggishness.
Damning footnote from a recent Lazard report:
"The proportion of proceeds deferred has also increased meaningfully. The historically most common 0 - 25% paid-at-close bracket contracted by 15% in 2025, while all lower-payment brackets expanded, signaling a clear shift toward smaller up-front payments in transactions utilizing deferrals."
The report...
Lazard's 2025 Secondary Market Report
What's a secondary?
An interest in a fund
What's the big deal?
Capital has been flowing into secondary investments as a way for buyers to get discounted values and sellers to generate much-needed liquidity. But sale prices are increasingly contingent on future performance. i.e., actual sale prices could be much lower than signaled.
So what?
Brokers report the headline.
Sellers point to the headline.
Appraisers reference the headline.
Carrying values are validated by the headline.
But investors aren't buying it.
...thus the sluggishness.
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