Elm Capital First Half 2011 Newsletter

September, 2011

Elm Capital First Half 2011 Newsletter

  • Secondary market prices continued to rise in H1 2011 due to higher valuation of underlying portfolios, buoyant stock markets and strong demand from buyers
  • Median discount to Net Asset Value (NAV) observed by Elm Capital for buy-out funds stood at 8% in H1 2011 compared to 10% for H1 2011 and 14% for Q2 2010
  • Similarly, median discounts for venture funds decreased, reaching 28% compared to 35% in H2 2010
  • Strong competition on the buy side and the need to deploy money on the secondary market have put pressure on target returns
  • We expect that the combination of recent market volatility with uncertainties on public deficits and GDP growth will lead to somewhat higher discounts

Please use the form below to request a copy:


Fields marked with an * are required