Insights
The Secondary Market, Explained
Perspectives on illiquid asset transactions — how they work, who is involved, and what sellers should know before initiating a process.
- Year-End Selling an Illiquid Position at a Loss Before Year-End When a private sale counts for tax purposes, why company and general partner approvals set the pace, and what changes if the close moves into 2027. Read more
- LP & Fund Interests How to Sell an LP Interest: The Hidden Market for Fund Positions Most limited partners don't know they can sell. How GP consent and rights of first refusal work, and what actually determines price. Read the article
- Private Company Stock How to Sell Stock in a Private Company Settle whether your shares can be transferred before you negotiate price: the right of first refusal, company consent, exercising options, pricing, tender offers, and how to compare offers. Read the article
- Real Estate Partnerships When a Real Estate Partnership No Longer Works Partnerships are designed for patience. When circumstances change, the secondary market provides a path to liquidity that most holders don't know exists. Read the article
- Royalties & Mineral Rights The Lump Sum Decision: When to Sell a Royalty Stream A royalty stream has a present value — a lump sum a buyer will pay today in exchange for future payments. What determines that number, and when does selling make sense? Read the article
- Cross-Asset Holders The Cross-Asset Holder's Problem Family offices and estates rarely hold just one illiquid position. Why running separate sale processes for a fund interest, a real estate stake, and a royalty costs more than running one. Read the article