From what we understand, aside from the massive secondary stake taken by Brightfolk this month.
Just months after Tiger Global Management paid $50 million for a secondary stake in Automattic, the maker of WordPress.com, the investment management firm has done it again.
And if banks are required to reduce their own investments in alternative assets, that should be a boost for the secondary market for stakes in private-equity funds.
It is striking that so-called "secondary" sales by clients of stakes in buy-out funds are reputedly taking place at large discounts to their reported values, although again trading remains very thin.In the end pressure for consistent and conservative valuations must come from clients.
But he was also instrumental in helping late-stage investors like JP Morgan and Rizvi Capital Management to accumulate a huge stake in the company through secondary sales, buying up shares from earlier investors and vested employees.
But plenty of other companies have restrictions against secondary sales, for the understandable reason that they don't want just anyone to own a stake in their company (and potentially acquire information about its financial picture).
Few in the industry favour this, though, arguing that private-equity managers should know better than outsiders what their investments are worth.Another option might be to use prices in the secondary market for private-equity stakes and portfolios.
36 30: Has Andreessen Horowitz sold stakes via the secondary market?
They went through their formative elementary and secondary education as the high stakes attached to mandated testing was squeezing the curriculum into a narrower box with less art, music, social studies, and science.
