Jasmin Capital is pleased to share its latest whitepaper, “What Are the Best Practices for LPs When Assessing Their Portfolio Ahead of a Sale on the Secondary Market?” It sets out a step-by-step approach to defining the right sale perimeter before launching a secondary process.
Highlights from the whitepaper:
- A key portfolio management tool: as distributions have dried up and LPs seek to streamline their portfolios, LP-led volumes have almost doubled in four years, from $66bn in 2021 to $121bn in 2025
- Define an initial transaction scope through a strategic review: ring-fence the core portfolio, then exclude the positions least suited to the market. These include funds less than 70% called, funds not yet sufficiently revalued, and niche sectors or less established GPs
- Refine the list line by line along three axes: fund characteristics relative to the seller’s objectives, GP quality and attractiveness (generally the primary factor), and legal and operational constraints (transfer provisions, GP consent, preemption rights)
- Finish with a detailed review of the key underlying assets: around fifteen holdings often account for 30% to 50% of NAV, or even more, and are where buyers focus their due diligence. The greater the visibility on these assets’ future performance, the smaller the discount
We hope you find this whitepaper insightful.
If you are considering a secondary sale or would like a pro bono review of your portfolio, our team would be delighted to connect and share perspectives.