Banks and other financial institutions were the most active sellers of fund interests last year, according to the latest findings from Landmark Partners.
The average high bid for partnership interests across all asset classes reached almost 80% of NAV in the first half of 2010, according to data from Cogent Partners.
The secondaries market, which suffered from a major gap between seller and buyer expectations, recovered in the latter half of 2009 as bids went up and traditional buyers returned.
Average high bids for private equity fund interests fell to 61% of NAV in the five months through November 2008, driven by stale holding values, according to Cogent Partners.