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06

Venture Fund Stakes Discounted Amid Unicorns’ Valuation Doubts

By Tony Seruga

Mutual fund manager markdowns add to secondary price declines
Volatility especially affects health-care, life sciences funds

The average prices paid for secondhand stakes in venture capital funds are falling amid concern about the real value of the startups the funds have invested in and public market volatility.

During 2015 the average price for venture capital secondaries — stakes in established funds sold on by limited partners — fell the most among all private equity style funds, according to figures from secondary advisory firm Greenhill Cogent.

Average prices as a percentage of net asset value fell from 82 percent in the first half of the year — its highest since 2007 — to 74 percent, according to Greenhill Cogent figures. And they have continued to fall in 2016…

Venture Fund Stakes Discounted Amid Unicorns’ Valuation Doubts

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