Tom Treanor AVI: Private equity and venture capital discounts

The diversified fund-of-funds listed on the London market are good proxies for the broader PE market. Going into mid to late 2021, those funds were trading at between 15% to 20% discounts to NAV and, if you look at them today, they are trading at discounts in excess of 40%. Some might say that is the market telling us valuations are stale and they will come down to meet share prices, which would mean it is not a real discount. Although private valuations do lag public markets, they lagged on the way up, too. Private equity trust discounts ease most among alternatives in H1 Pr...