Secondary pricing by strategy: buyout, venture, credit, real estate

Secondary pricing varies more by strategy than by any other factor. Jefferies' Global Secondary Market Review for July 2026 put the H1 2026 average for LP portfolios at 87% of NAV, but that average covers buyout and infrastructure at 91%, credit at 89%, venture at 79% and real estate at 68%. The spread reflects how much buyers trust the reported NAV and how soon they expect cash back. Single-asset continuation vehicles sit above the LP market, with most priced at or near par.

The H1 2026 numbers

Sources: Jefferies, Campbell Lutyens and Evercore, H1 2026 reports. The three firms measure different samples, so figures are indicative rather than directly comparable.

Jefferies described buyout pricing as resilient, venture as up 100 basis points on the prior period, credit as down from 91% at the end of 2025, and real estate as having settled at 68%. Campbell Lutyens recorded the venture discount widening from 26% to 32% over the same period, which is the one strategy where the two advisers point in different directions.

Why buyout and infrastructure price highest

Buyout and infrastructure interests share features buyers pay for. Portfolios are usually diversified across many companies or assets, valuations are marked against observable transactions, and cash yields or regular exits give buyers confidence about the timing of distributions. Infrastructure also benefits from contracted cash flows. Evercore noted that buyers rotated towards business services, healthcare and industrials in H1 2026 while interest in technology wavered on AI and valuation concerns, which shows that sector exposure moves pricing within the buyout category as well.

Credit sits close behind for a different reason. Senior loan portfolios are carried near par and amortise, so there is less valuation uncertainty to discount. Evercore recorded GP-led credit transactions clearing at about 99% of fair value. Campbell Lutyens expects credit secondaries to reach $23bn for full-year 2026, and the Coller Capital Summer 2026 Barometer found that LPs expect private credit secondaries to see the greatest proportional growth of any segment over the next three years.

Why venture and real estate price lowest

Venture pricing carries the widest discount because reported NAVs rest on the last financing round, which may be years old, and because buyers cannot forecast exit timing. Evercore observed that premiums were limited to top performers. Real estate discounts reflect the repricing of the asset class since 2022 and the leverage within underlying vehicles, which magnifies any gap between carrying value and achievable sale price.

For a seller, the practical point is that the discount is a judgement on the NAV, not a fixed cost. A family office holding mature buyout funds with a known exit pipeline can expect pricing in the low 90s. The same office holding a 2021 vintage venture fund should expect bids in the 70s, and may conclude that the discount is too large to accept. The second route, borrowing against the portfolio instead of selling, is compared in selling versus borrowing.

Continuation vehicles and the premium end

GP-led continuation vehicles price differently because the buyer underwrites a single company or a small group rather than a blind portfolio. Campbell Lutyens reported that single-asset vehicles carried an average discount of 2.9% in H1 2026 and that 69% priced at par or above, up from 57% in 2025. Multi-asset vehicles were weaker, at an average 10.5% discount with 33% at or above par. Lazard's interim 2026 report found that 23% of single-asset volume priced above par, up from 8% in 2025, while the share of multi-asset volume priced below 90% of NAV rose from 16% to 40%. The structure and conflicts behind these deals are explained in GP-led continuation funds, explained for LPs.

Who pays more

Buyer type moves price. Campbell Lutyens found evergreen vehicles paid 92.1% of NAV for LP portfolios in H1 2026 against 86.7% for the market overall, because they deploy continuous inflows and value diversified, funded exposure. Deferred consideration also lifts headline prices. Ropes & Gray's H1 2026 update notes that about a third of LP-led deals include a deferred payment, most settling within 12 months, so a quoted price should be read alongside its payment terms.

A seller comparing bids should therefore look past the headline percentage to the reference date, the adjustments for interim cash flows and the proportion paid at closing. The process is described in how selling an LP interest works.