Private Equity Secondaries

What buyers actually pay for private shares.

A private company’s headline valuation is a number it agreed with its lead investor at a moment in time. This is the other number: the implied per-share price in the secondary market — what someone paid to buy those shares from an existing holder — set against the last primary round price. The gap between the two is the market either validating a mark or refusing to pay it.

Median vs last round
across comparable names
Below last round
names marked down
Above last round
names bid up
Names tracked
with a secondary print

The shape of the tape

A median tells you the centre; these tell you the distribution behind it — whether a market-wide markdown is broad or driven by a distressed tail, and which sectors the discount concentrates in.

Distribution of marks vs last round

Every comparable name placed in its premium/discount band. Hover a bar for the exact count.
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Median discount by sector

Sectors with at least three comparable names, ranked by the market’s verdict. Hover for the sample size.
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Every tracked name

Every private company with an observed secondary trade — search by company or sector, and open any name for its full profile. Companies QuantLogix tracks that have no secondary print are not listed here; they live in the private-company directory.

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How to read these numbers