Report published May 28, 2026
Understanding Secondary Valuations in Evergreen Private Market Funds
Hamilton Lane · May 28, 2026
This report explains why secondary transaction prices in evergreen funds often differ from reported Net Asset Values due to liquidity needs and reporting lags. It emphasizes that these negotiated discounts do not alter the underlying fair value of the fund's assets for other investors.
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Finvaulta summarizes Hamilton Lane's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.Secondary transactions in evergreen funds help create mature, diversified portfolios with faster cash flow potential.
- 2.Secondary prices often trade at a discount to reported Net Asset Value (NAV) due to negotiation, liquidity needs, and reporting delays.
- 3.Asset quality and long-term performance are more critical for investors than the specific entry discount of a secondary trade.
Table of Contents
- KEY TAKEAWAYS
- Secondary Pricing and Reported Value May Differ
- What That Means for Fund Value
- The Hamilton Lane Advantage
- DEFINITIONS
Report data
Key figures extracted from this report
| Metric | Estimate | Context |
|---|---|---|
| Secondaries Platform AUM | 20 billion dollars | The size of Hamilton Lane's secondaries platform. |
| Experience in Secondaries | 25 years | Duration Hamilton Lane has been active in secondary markets. |
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