Pricing among similar-style US-based mega-funds raised during the credit bubble era of 2006 to 2008 has been widely diverging, with the average high bid on such funds sometimes varying by up to 20 percent of net asset values, according to secondary advisor Cogent Partners.
“Pricing differences have begun to emerge across funds as the underlying portfolio companies mature on differing trajectories and varying fund terms begin to impact funds’ projected returns and resulting secondary pricing,” Cogent said in its mid-year secondary pricing report, published this week.
Mega-fund secondary pricing begins to diverge(2)
Once stable secondary pricing on mega-funds raised from 2006 to 2008 has shifted, though general pricing on buyout funds has remained steady, says Cogent Partners.
