Elm Capital Second Half 2016 Newsletter

March, 2017

Elm Capital Second Half 2016 Newsletter

  • Prices in the second half of 2016 ticked up compared to the first half of the year, but remain below the peak seen at the end of 2015.
  • The median of the highest bids received by Elm Capital was 95% of net asset value across fund types
  • The level of bids being offered for buyout funds remained high, at 98% of net asset value, but below the record level of 100% seen twelve months ago
  • As pre-2007 vintages become increasingly tail-end in nature, a growing number of fund-of-fund managers are looking to the secondary market as a way to liquidate their older vehicles through portfolio sales
  • With interest rates still at record lows, cheap debt continues to support leverage in transactions
  • GP restructurings continue to be an important theme in the secondary market

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