Stakes in Western Europe-focused funds continue to price higher than their North American equivalents, according to data from secondaries market advisor Setter Capital.
In the last quarter, the average top price of a stake from for a Western European fund priced at 95.96 percent of net asset value , compared with 88.78 percent for a North American fund and 89.01 percent for a global fund. Asian funds lagged slightly behind at 86.02 percent with ‘other’ funds achieving a healthy average top price of 94.65 percent of NAV.
Two years ago only one percentage point separated Western Europe and North America, with stakes from these funds achieving 90.40 and 89.53 percent of NAV respectively. The former has continued to lead but the spread has fluctuated between a high of 10 percentage points in the fourth quarter of 2016 to a low of 4 points in the first quarter of 2017.
The price of stakes from global funds has remained relatively steady over that period, fluctuating between 88.07 percent of NAV in the third quarter of 2016 and 92.05 percent of NAV in first quarter of 2017.
Broken down by fund type, over the last 90 days leading to 30 June, Western European stakes price highest among large buyout, growth, fund of funds and real estate vehicles, while global funds have the pricing edge when it comes to venture capital and infrastructure vehicles.