Glossary

SECLINK TERMINOLOGY

Demand Rating: A five-star rating based on the number of SecondaryLink users who have placed a fund or company on their Buy List or Loan List (herein referred to as “Prime Buyers”). It is a relative measure: for funds it is determined by the number of Prime Buyers versus other funds with the same geography and strategy, and for companies it is determined by the number of Prime Buyers as compared to other companies on the website. The Demand Rating is not a measure of the investment merits or quality of the investment.

SecLink Market Price: The highest, most recent bid level for an individual asset voluntarily reported by third party secondary buyers and agents to SecondaryLink. SecLink Market Prices are not verified for accuracy, can be estimated bids, and are sometimes based on limited feedback from buyers and agents.

SecLink Comp Price: The average SecLink Market Price of funds in a similar geography, vintage and strategy over the preceding 30-day period. The SecLink Comp Price for a given company is the average SecLink Market Price of companies operating in similar verticals over the preceding 30-day period. If there are not enough SecLink Market Prices in the preceding 30-day period, the SecLink Comp Price will be based on the prices in the preceding 30 to 365-day period. SecondaryLink receives more pricing feedback for larger funds and companies that are more popular, which may create a bias in the computation of the SecLink Comp Price.

VERTICALS

Advanced Industry and Manufacturing

Advanced Industry and Manufacturing: Enhance the efficiency and productivity of complex industrial and manufacturing processes.

3D Printing: Enable the production of three-dimensional objects using a 3D printer.

Aerospace & Defense: Develop and manufacture technologies for aviation, space exploration, and national defense applications.

Construction Tech: Enhance the efficiency and effectiveness of the construction process.

Industrials: Enhance the efficiency and quality of industrial processes.

Manufacturing: Produce goods through the use of machinery, tools, and labor in industrial processes.

Nanotechnology: Control and manipulate matter at the atomic or molecular scale.

Robotics and Drones: Develop and manufacture robots and drones that autonomously perform tasks.

Space Technology: Advance the exploration, study, and utilization of outer space.

Artificial Intelligence & Machine Learning

Artificial Intelligence & Machine Learning: Enable computers to learn and make decisions autonomously.

Broad Categories

Broad Categories: Span many verticals simultaneously.

Enterprise SaaS: Deliver subscription-based software technologies tailored to businesses.

SaaS: Deliver software technologies on a subscription basis.

TMT: Involve companies in technology, media, and telecommunications that create and distribute digital communications and media.

CloudTech & DevOps

CloudTech & DevOps: Enable the development, deployment, and management of cloud-based applications.

Big Data: Collect and analyze large volumes of data.

Cybersecurity: Protect networks, systems, and data from cyber threats and attacks.

Consumer

Consumer: Provide products and services that meet the everyday needs of individuals and households, spanning goods, technology, finance, and lifestyle.

Apparel & Accessories: Design, produce, and sell clothing, footwear, and fashion accessories for consumers.

Consumer Finance: Provide financial products and services such as credit, loans, and personal financial management tools.

Consumer Goods: Manufacture and distribute products purchased for everyday use, including food, beverages, and household items.

Consumer Technology: Develop and sell electronic devices and digital products designed for personal or household use.

Consumer Services: Deliver services that support daily life, including retail, hospitality, leisure, and personal care.

Home & Living: Produce and sell products for residential use, including furniture, home décor, appliances, and household goods.

Entertainment

Entertainment: Create and distribute content, experiences, and services that engage audiences through film, television, music, live events, and digital media.

Gaming: Develop and distribute video games for consumer entertainment across digital and physical platforms.

eSports: Support and organize professional competitive gaming through events, leagues, and related services.

Social Media: Create platforms that enable people to connect, share, and interact with each other online.

Ephemeral Content: Provide digital content that is available only for a short period of time before disappearing.

ESG

ESG: Focus on improving environmental practices, strengthening social processes, and enhancing governance policies.

AgTech: Improve the efficiency and productivity of the agriculture industry.

Car-Sharing: Enable consumers to rent cars cost-effectively, typically through an app or website.

CleanTech: Provide sustainable solutions to industrial processes using renewable energy and efficiency-focused technologies.

Climate Tech: Develop innovations and technologies that address the major causes of the climate crisis.

Impact Investing: Pursue investments that generate positive social or environmental impact.

Financial Services

Financial Services: Provide a broad range of products and solutions that manage money, credit, investments, and risk for individuals and businesses.

Asset Management: Manage investment portfolios on behalf of clients to achieve specific financial objectives.

Consulting: Advise businesses and organizations on strategy, operations, management, and specialized financial or corporate services.

Insurance: Offer products that protect individuals and businesses against financial loss from risk or unforeseen events.

Investment Banking: Provide advisory and capital-raising services, including mergers and acquisitions, underwriting, and securities trading.

Fintech

Fintech: Transform financial services with digital payments, investment platforms, budgeting tools, and peer-to-peer lending.

B2B Payments: Develop technology that facilitates payments between businesses.

Challenger Bank: Operate as digital-only banks offering financial services such as savings, checking, loans, and other banking products.

Cryptocurrency/Blockchain: Use blockchain technology to enable the transfer, storage, and exchange of digital currencies, assets, and information.

InsurTech: Transform the insurance industry with digital products, automated claims processing, and real-time risk analysis.

Lending: Provide technology-driven capital solutions to individuals and businesses through loans, credit facilities, and digital financing platforms.

Mobile Commerce: Enable the buying and selling of products and services through mobile devices.

Mortgage Tech: Streamline the mortgage process by digitizing loan applications, assessing creditworthiness, and facilitating document signing.

Processing & Payment Infrastructure: Provide payment processing, point-of-sale systems, and digital wallets that enable secure consumer transactions.

Real Estate Technology: Enhance the process of buying, owning, and selling residential or commercial property.

RegTech: Help organizations comply with regulations by automating compliance, managing reporting, and monitoring risks.

Wealth Management and Brokerage: Use digital platforms to manage and grow financial assets through investment advice, portfolio management, brokerage services, and tax strategies.

FoodTech

FoodTech: Enhance and streamline food production, storage, and delivery.

Restaurant Tech: Enhance the efficiency of managing, operating, and marketing restaurants.

Health and Life Sciences

Health and Life Sciences: Advance understanding of the human body and its systems to improve health and well-being.

Cannabis: Cultivate, process, and sell cannabis products.

Digital Health: Enable people to monitor their health and support communication between patients and healthcare providers.

FemTech: Apply technology to improve the health, safety, and well-being of women.

Healthcare: Deliver medical services and treatments to patients.

HealthTech: Apply technology to make healthcare more efficient and cost-effective.

Life Sciences: Create and develop technologies that impact the biological processes occurring in living organisms.

LOHAS & Wellness: Promote healthy living through mental and physical well-being, centered on sustainability.

Medtech: Use medical technology to improve treatments and healthcare services.

Oncology: Research and develop treatments for cancer.

Pet Tech: Apply technology to improve the health and quality of life of pets.

Wearables & Quantified Self: Enable tracking and monitoring of health and fitness metrics.

Infrastructure

Infrastructure: Develop and maintain the fundamental systems and facilities that support economic activity and daily life.

Digital Infrastructure: Build and operate networks, data centers, and digital systems that enable connectivity and information exchange.

Energy & Utilities Infrastructure: Provide and maintain systems that deliver electricity, gas, water, and other essential utilities.

Environmental & Waste Management Infrastructure: Develop and manage systems for waste treatment, recycling, and environmental sustainability.

Social Infrastructure: Create and maintain facilities that support public services, including schools, hospitals, and community centers.

Transportation Infrastructure: Build and manage systems for the movement of people and goods, including roads, railways, airports, and ports.

Mobile

Mobile: Enable access to information through mobile devices.

Mobility

Mobility: Enable movement of people through cars, buses, trains, planes, and other forms of public and private transport.

Autonomous Cars: Enable vehicles to navigate without human input using sensors, cameras, and algorithms.

Electric & Hybrid Vehicles: Design, manufacture, and distribute vehicles powered by electric motors and batteries.

Micro-Mobility: Enable consumers to rent small electric vehicles such as scooters, skateboards, and bicycles for short trips in urban areas, typically via a mobile app.

Mobility Tech: Enable people to travel more efficiently using GPS tracking, traffic analysis, and ride and route comparison.

Ridesharing: Reduce travel costs by enabling people to share rides to the same destination.

Real Estate

Real Estate: Develop, buy, sell, and manage land and properties for residential, commercial, industrial, and mixed-use purposes.

Commercial Real Estate: Develop, lease, and manage properties used for business activities, including offices, retail spaces, and warehouses.

Industrial Real Estate: Build and manage properties designed for manufacturing, production, logistics, and distribution.

Healthcare Real Estate: Develop and operate properties used for medical services, including hospitals, clinics, and senior care facilities.

Hospitality: Own, develop, and operate facilities that provide lodging, dining, and leisure services such as hotels and resorts.

Real Estate Investment & Management: Invest in, finance, and manage property portfolios to generate income and long-term value.

Residential Real Estate: Develop, buy, sell, and manage properties used for housing, including single-family homes, condominiums, and multi-family units.

Other Verticals

AdTech: Apply technology to improve the effectiveness of online advertising.

AudioTech: Develop technologies that enhance the quality of audio recording, playback, and experiences.

Augmented Reality & Virtual Reality: Enable users to view and interact with altered, enhanced, or fully virtual environments.

Beauty: Provide innovative products and services that enhance beauty and personal care.

E-Commerce: Enable the buying and selling of products and services online.

EdTech: Apply technology to improve the efficiency and quality of education.

Food & Beverage: Produce, distribute, and innovate in the manufacturing and delivery of food and beverage products.

HR Tech: Apply technology to improve HR processes such as hiring, onboarding, and employee management.

Internet of Things: Connect physical objects to the internet to collect and share data.

Legal Tech: Apply technology to streamline legal research, document management, and legal services.

Marketing Tech: Use automation and analytics to optimize marketing strategies and campaigns.

Oil, Gas & Drilling: Explore, extract, and refine fossil fuels through drilling and energy production technologies.

Productivity Management: Apply technology to enhance organizational efficiency and productivity.

Supply Chain Tech: Enable companies to efficiently track, manage, and optimize their supply chains.

SECLINK TERMINOLOGY

FUND TERMINOLOGY

Vintage Year: The year in which a private fund begins to make investments.

Geography: The region or country where a fund is focused on making investments.

Strategy: Which assets and deal types a fund is focused on investing in.

Target Size: The amount of capital that a private fund aims to raise from investors.

Fund Size: The actual amount of capital that a private fund raises from investors, which may be different from the target size depending on market conditions and investor demand.

Fundraising Status: The current stage a fund is at in its fundraising process.

STRATEGIES

Infrastructure

Infrastructure (Core): A fund that invests in established lower risk infrastructure assets with stable cash flows, such as toll roads, airports, and ports.

Infrastructure (Core-Plus): A fund that invests in established lower risk infrastructure assets with stable cash flows, but may also invest in assets that require some improvement or enhancement, such as modernization or expansion.

Infrastructure (Value): A fund that A fund that invests in stable, income-generating infrastructure assets that are undervalued or underappreciated by the market, aiming to enhance returns through disciplined acquisition, prudent management, and incremental operational improvements.

Infrastructure (Opportunistic): A fund that invests in infrastructure assets that require significant improvement or development, such as greenfield projects or distressed assets that offer higher return potential with increased risk.

Infrastructure (Debt): A fund that finances infrastructure projects and assets through debt, providing long-term loans that often offer inflation protection and stable cash flows supported by government contracts and regulations.

Fund of Funds (Infra): A fund that invests in multiple private infrastructure funds giving the investor exposure to a highly diversify portfolio.

Coinvestment Fund Multi-Manager (Infra): A fund that invests in multiple infrastructure co-investments that are organized and led by other fund managers. This allows investors to gain co-investment exposure to the direct investments of multiple managers, often at more favorable fee structures.

Secondary (Infra): A fund that buys infrastructure assets and fund interests in the secondary market. Strategies include GP-Led deals like continuation funds and LP-Led deals like buying a portfolio of funds from an LP.

Infrastructure: A fund that invests across an array of physical, long-lived assets such as transportation networks, utilities, telecommunications infrastructure, and social infrastructure, typically targeting stable, predictable cash flows through strategic operational enhancements, regulatory optimization, and capital improvements over long-term holding periods.

Natural Resources

Agriculture: A fund that invests in farmland and agricultural businesses that produce crops, livestock, or other agricultural products.

Energy: A fund that invests in oil and gas exploration, production, and distribution companies, as well as renewable energy projects such as solar and wind power.

Metals & Mining: A fund that invests in companies that mine or distribute precious and industrial metals.

Timber: A fund that invests in timberland and related businesses, such as logging and forest management.

Water: A fund that invests in companies that own and manage water resources, such as water treatment plants and water distribution systems, as well as companies that provide water-related services.

Fund of Funds (Nat Resources): A fund that invests in multiple natural resources funds giving the investor exposure to a highly diversify portfolio.

Coinvestment Fund Multi-Manager (Nat Resources): A fund that invests in multiple Natural Resource co-investments that are organized and led by other fund managers. This allows investors to gain co-investment exposure to the direct investments of multiple managers, often at more favorable fee structures.

Secondary (Nat Resources): A fund that buys natural resource assets and fund interests in the secondary market. Strategies include GP-Led deals like continuation funds and LP-Led deals like buying a portfolio of funds from an LP.

Natural Resources: A fund that invests across a diverse spectrum of tangible assets, including energy, metals and mining, timber, agriculture, water, and related infrastructure, with the goal of enhancing operational efficiencies, expanding resource development and managing commodity-price risks.

Private Debt

Direct Lending: A fund that invests senior debt and other forms of corporate loans directly to companies for higher returns compared to traditional fixed income investments.

Senior Debt: A fund that focuses on providing debt that holds the highest repayment priority, secured by collateral and typically offering the lowest interest rates due to minimal risk.
Junior/Subordinated Debt: A fund that focuses on providing debt that ranks below senior debt in repayment priority, typically unsecured or with secondary liens, offering higher yields to compensate for increased risk.
Unitranche Debt: A fund that focuses on providing hybrid debt instruments combining senior and subordinated debt into a single loan structure, providing borrowers simplicity and flexibility through one blended interest rate.
Performing Debt (Multi Strategy): A fund that is not limited to one debt strategy and provides an array of debt instruments (senior, junior, unitranche), depending on the needs of the specific company.

Mezzanine: A fund that provides financing to companies, combining elements of both subordinated debt and equity financing. Investors will typically have the option to convert their debt into equity such as warrants or conversion rights based on predefined conditions.

Venture Debt: provides debt financing to venture companies.

Special Situations: A fund that invests in debt instruments of companies that are experiencing unique or unusual circumstances, such as a bankruptcy or a merger.

Distressed Credit: A fund that invests in distressed debt instruments, such as bonds or loans, of companies that are experiencing financial difficulties.

Fund of Funds (Debt): A fund that invests in multiple private debt funds giving the investor exposure to a highly diversify portfolio.

CoInvestment Multi-Manager (Debt): A fund that invests in multiple Debt co-investments that are organized and led by other fund managers. This allows investors to gain co-investment exposure to the direct investments of multiple managers, often at more favorable fee structures.

Secondary (Debt): A fund that buys private fund interests in the secondary market or provides loans to secondary buyers and sellers, backed by the assets in the secondary transaction.

Private Debt: A fund that invests in privately negotiated debt instruments—including senior secured loans, unitranche debt, mezzanine financing, and subordinated notes—primarily lending directly to businesses with investments structured to generate steady interest income and capital preservation, often secured by borrowers' assets or cash flows.

Private Equity

VC: A fund that invests in early-stage, high-growth companies by providing equity financing in exchange for ownership stakes, while potentially also participating in follow-on funding rounds, secondary market transactions, and, in some cases, complementary assets like convertible debt or strategic partnerships to

VC (Early Stage / Seed): A venture capital fund that targets startups at initial formation or shortly thereafter, prioritizing backing founding teams and innovative business models that require substantial support to reach market viability (typically pre-Series B)
VC (Expansion / Late Stage): A venture capital fund that focuses on investing in more mature startups seeking capital primarily to scale operations, expand market presence, or prepare for potential exits (typically post-Series A)
VC (Multi Stage): A venture capital fund that invests flexibly across various startup growth phases—from seed through late-stage—allowing continuous capital allocation as portfolio companies mature.

Growth: A fund that invests in companies that are in the growth phase of their lifecycle and demonstrate strong revenue and earnings growth with potential for capital appreciation.

Turnaround: A fund that invests in distressed companies that are experiencing financial or operational difficulties, and generates returns through restructuring.

LBO: A buyout fund that acquires a company using a significant amount of debt and generates returns by restructuring the company's operations, management, and capital structure.

Fund of Funds (PE): A fund that invests in multiple private equity funds giving the investor exposure to a highly diversify portfolio.

CoInvestment Multi-Manager (PE): A fund that invests in multiple private equity co-investments that are organized and led by other fund managers. This allows investors to gain co-investment exposure to the direct investments of multiple managers, often at more favorable fee structures.

Secondary (PE): A fund that invests by acquiring existing stakes in private equity funds or portfolio companies through transactions initiated either by a limited partner or by a general partner

Secondary (PE - GP led/Directs): A secondary fund whose investment focus is on buying and restructuring assets from an existing private equity fund, often through continuation funds, strip sales, tender offers or some other structure, as initiated by the fund’s general partner.
Secondary (VC Directs): A secondary fund whose investment focus is on buying, from investors and employees, the issued shares of private, typically late-stage venture-backed companies

GP Stakes: A fund that invests in management companies of private equity funds.

Multi Strategy (PE): A fund that invests in companies across different stages of growth, from venture to buyout.

Private Equity: A fund that invests in private companies as a majority or minority investor aiming to benefit from operational efficiency changes or growth, often generating returns through IPOs, the sale of the company or a secondary transaction, typically within a five- to seven-year holding period.

Real Estate

Real Estate (Core): A fund that invests in stable, income-generating properties with low volatility, such as high-quality office buildings, apartments, or retail spaces.

Real Estate (Core-Plus): A fund that invests in stable, income-generating properties that may require some improvement or enhancement, such as renovation or repositioning.

Real Estate (Value): A fund that invests in undervalued or underappreciated real estate assets to generate high returns through capital appreciation.

Real Estate (Opportunistic): A fund that invests in high-risk, high-return real estate investments by actively acquiring undervalued, distressed, or development-intensive assets to capitalize on significant appreciation potential through repositioning or redevelopment strategies.

Real Estate (Debt): A fund that invests in the debt of real estate projects and assets, such as project finance loans, corporate loans, and bonds.

Real Estate (Distressed): A fund that invests in distressed or underperforming properties that require significant improvements or restructuring.

CoInvestment Fund Multi-Manager (Real Estate): A fund that invests in multiple real estate co-investments that are organized and led by other fund managers. This allows investors to gain co-investment exposure to the direct investments of multiple managers, often at more favorable fee structures.

Fund of Funds (Real Estate): A fund that invests in multiple real estate funds giving the investor exposure to a highly diversify portfolio.

Secondary (Real Estate): A fund that buys real estate assets and fund interests in the secondary market. Strategies include GP-Led deals like continuation funds and LP-Led deals like buying a portfolio of funds from an LP.

Real Estate: A fund that may invests across an array of diverse property types by acquiring, developing, repositioning, managing, and strategically disposing of real estate assets to generate returns through rental income, value appreciation, and eventual profitable exits.

Other Strategies

CoInvestment Fund Single Asset: A co-investment fund that invests in only one private investment.

Royalty: A fund that provides financing to companies in exchange for a share of their future revenues.

FUND STRUCTURES

Closed-Ended: Private fund structure where vehicle has limited lifespan, predetermined investment strategy, and limited liquidity options for investors.

Open-Ended: Private vehicle without fixed end date that allows investors to enter and exit at multiple points in time. Able to distribute profits from exits at multiple intervals.

Evergreen: Type of open-ended vehicle that has intends to operate indefinitely. Reinvests capital from exits rather than paying distributions to investors. Offer investors the ability to enter and exit at multiple intervals. Many offer redemptions at NAV at any time.

Semi-Open-Ended: A vehicle with characteristics of both open and closed-ended funds. Allow investors to enter and exit at some intervals, but not at any time. Often have fixed size or amount of units in the fund, so may not always accept new investment.

Listed: Publicly listed investment company that makes investment in private securities.

De-Listed: A formerly publicly listed investment company that has been delisted from public exchanges due to financial or extraneous circumstances.

Mutual Fund: An open-ended vehicle that invests in multiple assets including private debt, equity and other investment types. Allows investors to purchased and redeem shares daily at NAV.

Continuation Fund: A closed end vehicle set up by GPs to enable them to hold a single asset or multiple assets for longer so they can continue to earn economics and ride the upside.

CoInvestment Fund Single Manager: A vehicle that allows investors to co-invest alongside a lead investor in specific deals, providing the opportunity to participate in transactions with lower fees and expenses and greater control over their investments.

CoInvestment Fund: A co-investment fund is a pooled investment vehicle that allows investors to invest alongside a lead firm in specific deals, typically offering direct exposure to a single asset or portfolio company with lower fees and greater control than traditional fund commitments.

Feeder Fund: A fund that pools capital from multiple investors and feeds it to the master fund. These funds typically have lower minimum investment requirements for out of reach individual investors and will invest through the master fund.

Single Investor: A vehicle established exclusively for, and funded entirely by, one institutional investor or family office, providing customized investment terms, enhanced transparency, and greater control over asset selection and strategy execution.

Semi-Liquid Evergreen: A vehicle, structured either as a U.S. fund under the Investment Company Act of 1940 ('40 Act) or a European SICAV, that invests across private market strategies that provides periodic liquidity to investors through scheduled tender offers to repurchase a portion of outstanding shares at net asset value.

FUND STATUSES

Closed-Ended Funds

Closed-Ended: A private fund structure with a fixed lifespan, a defined investment strategy, and limited liquidity for investors, typically offering returns only after assets are realized or the fund winds down.

Continuation Fund: A closed-ended fund established by GPs to transfer one or more portfolio assets from an existing fund into a new vehicle, extending ownership and offering liquidity options to existing investors.

Open-Ended Funds

Open-Ended: A private fund structure without a fixed end date that allows investors to subscribe and redeem at set intervals, often distributing profits periodically from realizations.

Evergreen: An open-ended fund designed to operate indefinitely, typically reinvesting proceeds from exits rather than distributing them, and offering investors the ability to subscribe or redeem at scheduled intervals, often at NAV.

Semi-Liquid Evergreen: An evergreen fund, often structured as a U.S. ’40 Act fund or European SICAV, that invests across private market strategies and offers periodic liquidity to investors through scheduled tender offers at NAV.

Mutual Fund: An open-ended fund that invests primarily in liquid public assets such as equities and bonds, and allows investors to purchase and redeem shares daily at NAV.

Listed Funds

Listed: A publicly listed investment company that invests in private securities, providing liquidity through exchange trading.

De-Listed: A formerly listed investment company that has been removed from public exchanges due to corporate, regulatory, or financial circumstances.

Co-Investment Funds

Co-Investment Fund: A pooled investment vehicle that allows investors to invest alongside a lead firm in specific deals, typically providing direct exposure to a single asset or portfolio company with lower fees and greater control than traditional fund commitments.

Co-Investment Fund Single Manager: A fund that allows investors to invest alongside a single lead manager in specific deals, offering lower fees and greater control compared to traditional fund commitments.

Other Fund Structures

Feeder Fund: A fund that pools capital from multiple investors and channels it into a master fund, often lowering minimum investment thresholds and providing access for investors who could not otherwise meet the master fund’s requirements.

Semi-Open-Ended: A hybrid fund that combines features of open- and closed-ended structures, allowing subscriptions and redemptions only at certain intervals and often maintaining a fixed fund size or number of units, which may restrict new investment.

Single Investor: A vehicle established exclusively for one institutional investor or family office, providing customized terms, enhanced transparency, and greater control over investment strategy.

DEAL TYPES

GP-led Secondaries

Continuation Vehicles: A GP-led secondary transaction whereby one or more assets from an existing fund are moved into a new vehicle to extend their holding period, giving LPs the option to cash out or roll their interests into the new vehicle.

Fund Restructurings: A GP-led secondary transaction whereby changes are made to the structure, economics, or term of an existing fund, such as extending its life, modifying management fees, or resetting carried interest.

Fund Tender Offers: A GP-led secondary transaction whereby LPs are offered the option to sell all or part of their fund interests.

Preferred Equity Deals: A GP-led secondary transaction whereby fund financing is used to accelerate liquidity for LPs and/or complete investments in portfolio companies, typically structured as participating preferred equity that provides upside after the investor has received an agreed multiple of invested capital.

GP-Led Secondaries: A broad category of secondary transactions whereby a GP seeks to provide liquidity for LPs, portfolio companies, or themselves.

LP-led Secondaries

Portfolio of LP Stakes: An LP-led secondary transaction whereby an LP sells stakes in multiple funds collectively to another investor or group of investors.

Single LP Stakes: An LP-led secondary transaction whereby an LP sells their stake in a single fund individually to another investor or group of investors.

LP-Led Secondaries: A broad category of secondary transactions whereby an LP seeks liquidity by selling all or part of their interests in a private fund.

Direct Secondaries

Single Directs (non-VC): A direct secondary transaction whereby an existing investor sells their direct interest in a single, non–venture-backed company.

Portfolios of Directs: A direct secondary transaction whereby an existing investor sells their direct interests across multiple companies.

VC Company Directs/Tenders: A direct secondary transaction whereby an investor acquires an existing shareholder’s direct interest in a single portfolio company, in a deal facilitated either informally by the seller or formally by company management through a tender offer giving shareholders the option to sell.

Direct Secondaries: A broad category of secondary transaction types whereby a founder, employee, or investor receives liquidity by selling all or part of their direct ownership stake in a company.

Hybrid Primaries/Secondaries

Staples: A type of hybrid transaction whereby an investor purchases LP interests in an existing fund while simultaneously committing capital to the GP’s next fund.

Seasoned Primaries: A type of hybrid transaction whereby an LP commits primary capital to a new fund that already has a significant portion of its portfolio deployed.

Hybrid Primaries/Secondaries: A broad category of transactions whereby elements of both a secondary investment and a primary commitment are combined.

Secondary/Fund Financing

NAV Loans: A loan whereby a GP provides distributions to LPs or invests in portfolio companies, secured by a fund’s assets.

Loans on Direct Secondary Deals: A loan whereby a founder, employee, or early investor accesses liquidity against company shares, secured by the underlying direct equity position. Loans on Fund Secondary Deals A loan whereby an investor finances a fund secondary transaction, secured by the value of the acquired fund stakes.

Loans to GPs/GP Financing: A loan whereby a GP funds commitments, working capital, or strategic growth initiatives, secured by the GP’s management company.

Loans: A broad category of alternative asset financing solutions whereby loans are secured by private funds or companies.

Other Deal Types

GP Stakes: A type of transaction whereby an investor acquires an ownership interest in an asset manager’s management company, typically providing the GP with permanent capital in exchange for equity, future management fees, and carried interest.