Venture secondaries
Purchases of existing startup shares or venture-fund interests from their holders, often to provide liquidity. Prices can be below or above a stated reference value; a discount is not part of the definition.
Venture secondaries in round numbers
Hypothetical: a buyer pays US$7 million for a venture-fund interest with reported net asset value of US$10 million as of December 31, 2025. The price is 30% below that reported NAV: (10 − 7) / 10 = 30%. This discount is not a promised return. Future distributions, timing, costs and any remaining unfunded commitments affect the buyer’s result.
Terms Related to Venture secondaries
Secondaries · Stapled secondary · NAV · Illiquidity discount · All of the glossary