The single family office Kemnay Advisory Services has plans to sell a portfolio of private equity fund stakes that are valued at more than $1 billion.
The portfolio sale comes at a time of severe market volatility, which makes it difficult to price underlying private assets in secondary sales. It remains to be seen if the Kemany portfolio will actually transact with sellers being asked to take possible steep discounts on fund interests.
Exposure in the portfolio includes TCV, which is common among tech growth firms at a discount because of the recent public market volatility, which has been hard on tech companies.
LP portfolios sales have picked up this year with several processes moving through the market from Washington State Investment Board. The portfolio sales have been spurred by different factors, especially the private equity fundraising cycle.
