---
title: "Secondaries | Altss Taxonomy"
description: "Secondaries are transactions in which existing interests in private funds, or assets held by those funds, are sold or restructured before the underlying…"
canonical: "https://altss.com/taxonomy/secondaries"
---

Topic hub

# Secondaries

[Secondaries](https://altss.com/glossary/secondaries) are transactions in which existing interests in private funds, or assets held by those funds, are sold or restructured before the underlying investments are realised. The market divides into [LP-led](https://altss.com/glossary/lp-led-secondary) sales of fund interests and [GP-led](https://altss.com/glossary/gp-led-secondary) transactions such as [continuation vehicles](https://altss.com/glossary/continuation-vehicle).

Sections cover transaction types, pricing and process, and the funds and participants on each side. Pricing concepts include [secondary pricing](https://altss.com/glossary/secondary-pricing) against NAV and the NAV reference date. Process concepts include the roll-or-sell election and the fairness opinion in GP-led deals. Direct secondaries, purchases of existing shares in private companies rather than fund interests, are included.

Not in this hub: [NAV facilities](https://altss.com/glossary/nav-facility), which raise liquidity by borrowing against a portfolio rather than selling it, are covered in [Private credit](https://altss.com/taxonomy/private-credit).

Publisher: Altss LLCPublished 2026-01-08Content modified 2026-10-01

7 concepts

## Reference index

Definition:

[Secondaries](https://altss.com/glossary/secondaries) — Secondaries are transactions in which existing interests in private funds, or assets held by those funds, are sold or restructured before the underlying investments are realised; the market divides into LP-led and GP-led transactions.

### Transaction types

5 concepts

- [LP-Led Secondary](https://altss.com/glossary/lp-led-secondary)

An LP-led secondary is a sale, initiated by a limited partner, of all or part of its existing interests in one or more private funds to another investor, who takes over the seller's share of NAV and its unfunded commitment.

- [GP-Led Secondary](https://altss.com/glossary/gp-led-secondary)

A GP-led secondary is a transaction initiated by the general partner in which fund assets or LP interests are sold to new investors, usually via a continuation vehicle or tender offer, and each existing LP elects to sell or roll.

- [Continuation Vehicle (CV)](https://altss.com/glossary/continuation-vehicle)

A continuation vehicle (CV) is a new fund, managed by the same GP, that buys assets from an existing fund so the GP can keep managing them beyond that fund's life, with each existing LP electing to sell or roll.

- [Tender Offer (Secondaries)](https://altss.com/glossary/tender-offer)

- [Stapled Secondary](https://altss.com/glossary/stapled-secondary)

### Pricing and process

1 concept

- [Secondary Pricing](https://altss.com/glossary/secondary-pricing)

Secondary pricing is the convention of quoting a private fund interest's price as a percentage of its NAV at a stated reference date, adjusted for cash flows to closing, with the unfunded commitment assumed separately by the buyer.

## Canonical URL

https://altss.com/taxonomy/secondaries