Secondary transaction
In private markets, a secondary transaction is the sale of an existing interest in a private fund, or in a portfolio of its assets, from one investor to another. In an LP-led secondary a limited partner sells its fund stakes, usually to a dedicated secondaries fund, for liquidity or rebalancing; in a GP-led secondary the general partner organizes the deal, for example through a continuation fund. Prices are commonly quoted as a percentage of the fund's reported net asset value.
In DFX data
Secondaries managers are classified as their own group on the private equity graph and counted on the coverage page; individual secondary trades are not on the record.