We run the process. You own the decision.
A bona fide executable offer at the best possible clearing price — in 2 to 4 weeks. No obligation to sell.
The secondary market was never builtClearingStakes exists to close that gap.
for small LPs.
Over the past decade, individual investors, founders, and family offices gained access to private equity and venture capital funds that were once the exclusive domain of large institutions. The opportunity was real. The returns have been significant.
But the secondary market — the infrastructure for exiting those positions — was never built to serve smaller stakeholders. The large advisory teams at bulge bracket banks require minimum mandates well above $10M. Below that threshold, you are on your own.
Approaching buyers directly results in a single offer with no competitive tension. The price reflects the buyer's interests, not the true value of your asset. Most stakeholders either accept a deep discount, wait indefinitely, or find no path to liquidity at all.
Not because their stake lacks value. Because no one has run a proper process on their behalf.
Bulge bracket private capital advisory teams require minimum mandates of $10M+. Below that threshold, there has been no access to institutional-grade advisory — until now.
Without competition, the first buyer you approach sets the price. That price reflects their interests, not the true clearing value of your position.
Buyers know secondary pricing. Sellers typically do not. This asymmetry is systematically exploited. An independent valuation closes that gap.
Without a defined process, weeks become months. Every month of delay is a month your capital stays illiquid. We fix that with a 2–4 week timeline.
A real offer in 2–4 weeks. You decide what happens next.
We are not selling advisory services. We are delivering three specific, tangible outcomes — and you pay only if we deliver.
We assess your stake using the same models applied by the largest secondary advisory teams globally — giving you a clear, independent view of what your position is worth before any offer is made.
Not an estimate. A real offer from a qualified buyer — or competing buyers — at the best achievable clearing price. Within 2 to 4 weeks of engagement.
You are under no obligation to sell. Once you have the offer, you decide. Whatever you choose, you made it with full information and the best price on the table.
Everything included
Five stages, from initial submission to closing. Each stage has a defined deliverable and a defined owner — so you always know where things stand.
We review your fund documentation, NAV statements, and capital account. We form an independent view on current market value versus GP-reported NAV.
We structure the dataroom, prepare a confidential information memorandum, and identify the target buyer universe from our proprietary network.
We approach approved buyers simultaneously under NDA. Indicative offers are submitted, analysed, and used to select finalists for the binding round.
We analyse all offers received. Different buyers value different assets differently. We construct the optimal transaction structure to maximise your proceeds.
We manage legal documentation, coordinate GP consents where required, and drive the transaction to completion. Typically 3 to 4 weeks from launch.
Secondary pricing varies by asset class, GP quality, vintage, and market conditions. The table below provides indicative discount ranges based on current market observations. A structured competitive process consistently improves outcomes within these ranges.
| Asset class | Vintage | Typical discount to NAV | Buyer appetite | Process uplift |
|---|---|---|---|---|
| Venture Capital (Tier-1 GP) | 2018–2021 | 10–20% | High | 10–15% |
| Venture Capital (Emerging GP) | 2018–2021 | 25–45% | Moderate | 8–12% |
| Growth Equity (Tier-1 GP) | 2017–2022 | 5–15% | High | 10–18% |
| Buyout (Large Cap) | 2016–2021 | 5–12% | High | 8–14% |
| Buyout (Mid/Small Cap) | 2016–2021 | 15–30% | Moderate | 10–15% |
| Real Assets / Infrastructure | 2015–2020 | 5–18% | Moderate | 8–12% |
| Emerging Markets PE/VC | 2015–2022 | 30–55% | Selective | 12–20% |
Indicative ranges only. Actual pricing depends on specific fund characteristics, GP quality, unfunded commitments, and prevailing market conditions. A formal independent valuation is conducted as part of our engagement.
Our team has been active in secondary transactions since 2002 — at the private capital advisory divisions of leading global investment banks and top-tier alternative asset managers. We have advised on over $1.5B in secondary transactions across LP-led and GP-led structures globally.
ClearingStakes brings that experience — and those buyer relationships — to LP stakeholders who were previously too small for the large firms to take on. The same models. The same rigour. Now accessible from $1M.
At a time when the secondary market for fund interests barely existed, we completed our first transaction — establishing the practice that is now mainstream.
Pioneered NAV-based financing structures to provide liquidity without requiring an outright sale — a structure now widely used across the industry.
Advised on one of the earliest GP-led secondary transactions in Europe — a structure that now dominates secondary market activity.
Structured one of the first continuation vehicles in the European market — providing LPs with a liquidity option and GPs with a path to extend high-performing assets.
Institutional-grade secondary advisory, made accessible to LP stakeholders from $1M — for the first time.
A success fee on completion. Nothing if we do not deliver an offer. You remain free to accept or decline at every stage.
Up to $5M
5%
success fee
$5M – $10M
4%
success fee
$10M – $15M
3%
success fee
$15M+
Bespoke
contact us
We earn when you earn. Our incentive is identical to yours: the highest possible clearing price. The fee applies to gross transaction proceeds on close.
You receive a real, executable offer. You choose not to proceed. You pay 30% of the success fee — for the valuation and the competitive process we ran. If we deliver no offer, you owe nothing.
Anonymised for confidentiality. Reflects advisory mandates completed by the ClearingStakes team at prior institutions.
| Transaction type | Asset class | Size | Geography | Year | Status |
|---|---|---|---|---|---|
| LP-led Fund Portfolio Sale | PE / VC | €90M | Europe | 2016 | Completed |
| LP-led Sale of Two Fund Interests | Real Estate | £120M | Europe | 2015 | Completed |
| LP-led Sale of Single Fund Interest | Private Equity | $60M | Europe | 2015 | Completed |
| LP-led Fund Portfolio Sale | PE / VC | $190M | Middle East | 2014 | Completed |
| GP-led Single Asset Secondary | Growth Equity | $80M | Europe | 2025 | Completed |
| GP-led Preferred Equity Solution | Private Equity | $150M NAV | United States | 2025 | Completed |
| LP-led Sale of Single Fund Interest | PE / VC | €1.1M | Europe | 2026 | In progress |
| LP-led Fund Portfolio Sale | PE / VC | $5M NAV | Australasia | 2026 | In progress |
Everything you need to know before you start. Still have a question? Speak directly to a member of our team.
Speak to the teamStart by completing our short registration form — it takes 3 minutes. Tell us about your fund, the approximate size of your position, and your objectives. We review every submission and respond within 48 hours with an honest assessment of your position and whether we can run a process for you.
We work with LP stakes from $1M in NAV. Below this threshold, the economics of a structured advisory process become difficult for all parties. If your stake is below $1M, we are happy to provide an informal assessment and point you towards appropriate alternatives.
We work with a broad range — single LP fund interests, portfolios of LP interests, co-investment positions, and preferred equity structures. Asset classes include venture capital, private equity, growth equity, and real assets. Complex and structured situations are a core part of our practice.
We approach a curated universe of qualified buyers simultaneously — not sequentially. Different buyers have different appetites for different assets. By creating genuine competition between the most relevant buyers for your specific position, we generate pricing tension that a single bilateral approach cannot achieve. Our network of 500+ qualified secondary buyers globally is central to this.
You are entirely free to decline. If you receive a bona fide executable offer and choose not to proceed, you pay 30% of the applicable success fee — for the independent valuation and the competitive process we ran on your behalf. If we do not deliver an offer, you pay nothing.
From engagement to a real offer typically takes 2 to 4 weeks for a single LP interest. More complex situations or portfolio sales may take longer. We set a defined timetable at the outset and manage the process to it.
We manage confidentiality carefully throughout. Where GP consent or right of first refusal notice is required, we advise on timing and approach to minimise market signal. We do not disclose your identity to prospective buyers until a confidentiality agreement is in place.
Yes. ClearingStakes is authorised and regulated by the Financial Conduct Authority. All advisory services are provided under our FCA authorisation, which can be verified on the FCA register.
Tell us about your position. We respond within 48 hours — and deliver a real offer within 2 to 4 weeks.
Step 01
Fund type, vintage, approximate NAV, and your objectives. 3 minutes.
Step 02
Within 48 hours — an honest view on your position and what we can achieve.
Step 03
A bona fide executable offer at the best possible clearing price. You decide.