% of NAV (Discount to NAV): The price at which a secondary transaction occurs, expressed as a percentage of the fund's reported Net Asset Value at the time of purchase. A value below 100% indicates the buyer acquired the interest at a discount; above 100% indicates a premium.
Transaction Year: The calendar year in which the secondary purchase occurred. Used as the primary time-series dimension for pricing trends.
Investment Bank Consensus: Aggregated pricing views from five contributing investment banks (Campbell Lutyens, Evercore, Jefferies, Lazard, PJT), showing where each sees the market clearing for a given asset class and strategy. Displayed as a central average line with a range envelope.
Banker Average: The mean of contributing banks' pricing views for a given segment and year.
Banker Range: The spread between the highest and lowest contributing bank pricing views, shown as a shaded envelope around the Banker Average.
Potential Sellers: Investors in Preqin's database surfaced with likelihood-to-sell indicators derived from Preqin's investor surveys and portfolio characteristics.
Potential Buyers: Investors and intermediaries identified as active or likely buyers of secondary positions, based on past transactions, survey responses, and stated preferences.
Likelihood to Sell: A sentiment-based indicator derived from Preqin's annual investor survey, reflecting an LP's self-reported likelihood of considering a secondary sale. Treat as a leading indicator, not a transaction forecast.