Was talking to an LP today about the secondary market for venture LP interests. They claimed that average discount is now 40%. It is super interesting to me to see how low this dips.
100 mil stake, with 40 mil deployed.
Fund’s mark at 1.5x = 60 mil mark.
40% discount = 0.6x60 mil = 36 mil.
Buy at 36 mil, with commitment to fund another 60 mil in the future.