The questions people actually ask. Answered the way we'd want them answered.

Less than the net asset value on your statement. We say that first because everything else follows from it. NAV is an accounting mark; a secondary price is what a qualified buyer will pay today for an illiquid, consent-restricted claim on future distributions. The gap between the two is the discount, and depending on the fund's strategy, maturity, unfunded commitments, and market conditions, it can range from modest to substantial.

What we can influence is where in that range you land. Pooling your position into an institutional-scale vehicle and forcing multiple qualified buyers to compete for it consistently produces better pricing than a lone seller can negotiate. We will not quote you a number before we have seen your documents — anyone who does is guessing — but once we have reviewed a position, we give you a realistic range and our honest view of whether selling makes sense at all.

Plan in months, not weeks. A typical path runs: initial review and valuation of your position (a few weeks), aggregation of the vehicle as other sellers commit (variable — sometimes we are already assembling one your position fits), the competitive sale process (roughly six to ten weeks), and GP consent and closing mechanics (the least predictable stage — weeks to several months depending on the fund).

End to end, most transactions complete within four to nine months of engagement. We give you a realistic timeline at the outset and update it as consents progress. If your situation has a hard deadline — a court date, an estate filing — tell us early, and we will tell you honestly whether the timeline can meet it.

Almost every private fund's partnership agreement restricts the transfer of interests: you cannot sell to whomever you like, whenever you like. The fund's general partner must approve the transfer. This exists to protect funds from disruptive or unqualified investors, and no credible process can route around it.

It matters because it is the gate the entire transaction passes through. We manage the consent process end to end on your behalf — you will not be negotiating with the fund yourself — and we set timeline expectations realistically rather than optimistically. If a GP declines consent for your position, it does not transfer — we tell you promptly, and you owe nothing for the attempt.

Yes, and structurally so — many of our clients are in the middle of divorce proceedings, estate administration, or a sensitive departure from a fund manager. Your identity and situation are disclosed only to the parties a transaction legally requires: the fund's general partner (whose consent names the transferring holder) and, under non-disclosure agreements, the qualified buyers evaluating the vehicle.

Buyers underwrite the positions in the vehicle, not the personal circumstances of the people behind them. Your reasons for selling are not part of the data room. Inquiries to us, including through this website, are treated as confidential from the first contact.

We work with limited partnership interests in private equity, venture capital, and private credit funds; hedge fund interests, including positions gated, suspended, or held in side pockets; and carried interest or co-investment positions held by former employees and partners of fund managers.

What matters more than category is character: a documented interest in an identifiable fund, with reporting we can put in front of a buyer. Positions that are very early in a fund's life, heavily encumbered, or subject to unresolved disputes are harder — sometimes impossible — to sell well, and we will tell you that at the first review rather than after months of process.

Often you shouldn't sell — and when that is our view of your position, we will say so. An LP with no need for liquidity, tolerance for a decade of duration, and capacity to meet future capital calls is usually better off holding.

But most of our clients are not that LP. An estate cannot stay open for eight years. A divorce settlement cannot be divided in units of "eventual distributions." A former employee's carry may sit behind hurdles they no longer influence. Holding also has costs that don't appear on a statement: unfunded commitments that can be called at any time, ongoing K-1 and reporting burdens, and the risk that a fund's remaining assets underperform its marks. The question is not "discount versus NAV" — you cannot transact at NAV. It is "certain cash now versus uncertain distributions over many years." For the people we serve, that is a real decision, and it deserves honest arithmetic rather than a sales pitch in either direction.

Our fees are discussed openly — but privately — during the initial consultation, once we understand your position and what the process for it would involve. Fee structures in this market vary with the size, complexity, and consent profile of a transaction, and quoting a single figure on a website would be misleading in both directions.

Two things we will commit to in writing before you engage us: our compensation is agreed in advance with no surprises at closing, and we are paid as a seller-side advisor — our economics improve when yours do.

Institutional secondary-market investors: dedicated secondaries funds, hedge funds running secondary strategies, and specialist liquidity solutions firms. These are established buyers of fund interests with the capital, diligence capability, and GP relationships to close reliably. We qualify every bidder before they see any information, and closing certainty is weighed alongside price when bids are compared.