Data & Methodology
Where does the transaction pricing data come from?
From the Colmore LP-level cashflow feed. Secondary transactions are identified when cashflows are flagged as "Secondary Purchase" by Colmore's data management team, capturing the acquisition cost and discount/premium details. Preqin processes, anonymizes, and aggregates these cashflows into benchmark statistics. No individual transactions, LP names, or GP fund names are ever displayed.
How is the "Average % of NAV" calculated?
The headline figure is a transaction-value-weighted mean. Each transaction's discount-to-NAV is weighted by its dollar value, so a $100M transaction at 85% of NAV has more influence on the average than a $10M transaction at 95%. This approach better reflects where the market is clearing in aggregate dollar terms.
What asset classes are covered?
Private Equity (largest share by deal count and value), Infrastructure, Private Debt, Real Estate, Natural Resources, and Venture Capital. Strategy-level cuts include Buyout, Growth, Co-investment, Direct Lending, Mezzanine, Distressed, Real Estate Opportunistic, Infrastructure Core/Core+/Value-Added, Venture (General/Early/Late), Fund of Funds, and Secondaries.
How large is the dataset?
The current dataset covers approximately 1,690 unique GP funds and 7,000+ LP-led secondary transactions representing $38.8B+ in total transaction value, with deal coverage from 2010 onward.
Do you Market Pricing Insights include GP-led secondaries?
No. The current dataset covers LP-led secondary transactions only. GP-led secondaries coverage is under exploration and is not included in this release.
Privacy & Anonymization
Why do some filter combinations show no results?
This is the anonymization threshold working as designed. Transaction-level details in the pricing insights are suppressed to prevent identification of individual deals. As you narrow filters, some combinations will drop below this threshold and disappear.
Can I see individual transactions or fund names?
No. Market Pricing Insights is a statistical benchmark, not a transaction browser. Individual deal records, seller/purchaser names, GP fund names, and portfolio company identifiers are never displayed. For named deal-level records, see the separate Transactions module, which surfaces publicly reported secondary deals.
Investment Bank Consensus
Which banks contribute to the consensus pricing?
Campbell Lutyens, Evercore, Jefferies, Lazard, and PJT. Their pricing views are aggregated into a central average line with a range envelope showing the spread across contributors.
How is this different from the banks' own published reports?
Evercore and Jefferies publish their own periodic secondary market reports. Preqin's Investment Bank Consensus is differentiated by being regularly updated, multi-contributor, and integrated alongside transaction data, fund-level indicators, and investor intelligence in one platform — so users can move between pricing views without switching tools.
Potential Sellers & Buyers
How does "Likelihood to Sell" work?
It is derived from Preqin's annual investor survey, where LPs self-report their likelihood of considering a secondary sale. This is a leading indicator of LP-led activity, not a prediction or transaction forecast. Use it alongside other filters (asset class, region, fund age, commitment size) to build targeted cohort views.
How many investors are covered?
The Potential Sellers universe includes 35,000+ investors with 250,000+ known commitments representing $1.79T+ in filtered known NAV.
Fund Price Indicator
What is the Fund Price Indicator?
A fund-level % of NAV indication generated by Preqin's price indication model. The model uses listed private equity discounts/premiums as a starting proxy, then adjusts for fund vintage, called-up percentage, fund ranking, and the firm's average quartile ranking.
How is it different from Market Pricing Insights?
Market Pricing Insights answers a market-aggregate question: "Where is the market clearing for this type of fund?" Fund Price Indicator answers a fund-specific question: "What is the price indication for this particular fund?" They complement each other.
Data Freshness & Access
How often is the data updated?
Data source | Frequency |
Transaction-based pricing | Quarterly |
Investment Bank Consensus | Semi-annually |
Likelihood to sell/buy signals | Yearly |
Publicly reported transactions | Ongoing |
The "as at" date for the latest refresh is displayed in the product.
Who has access?
Secondary Market Insights is available to clients with the Secondaries module on Preqin Pro. If you do not currently have access, contact you