Sole fund interest: Sale of one fund investment

Portfolio: Sale of a portfolio of fund investments

Partial sale: Secondary market transaction where the seller retains a proportion of their original interest in a fund

GP restructuring: Involves a GP working with a secondaries specialist to offer liquidity options to a fund’s existing LPs and to secure additional time and capital for the fund’s unrealized portfolio (this typically involves re-housing some assets in an old fund to a new fund)

Structured transactions: Enables distressed LPs to finance their drawdown obligations, while retaining ties with their fund managers. The LP contributes their fund interests to a joint venture, co-owned by a counter-party, which contributes cash to the joint venture and finances 100% of future capital calls. The LP and the counter-party each receive 50% of the future distributions generated by the joint venture, providing the counter-party first receives an agreed-upon return on their contribution.