📄 Extracted Text (209 words)
SOF III - 1081 Southern Financial LLC
Secondary market pricing has normalized to historical
levels
Secondary market pricing of private equity fund interests and deal volumes
• Overheated market in 2006 and 2007 with few • Few transactions closed at this pricing • Pricing returned back to normalized
sellers due to a wide bid-ask spread historical levels
• Premiums paid for over-levered companies • Closed transactions consisted mostly • Now stable for 2 years at 80-85c/S as
marked to the top of the market of unfunded LP interests supply continues to come to market
Pricing % of NAV Annual volume USS
120 30
110
107
110
97 Prerniimi 25
100 90 93
DISCOU
90 85 84 85 84 20
80 81 80 80
alieSecondary market volume
80 72
—a—Secondary market pricing 75 15
70
60 10
50
5
40
40
30 0
2003 2004 2005 2006 2007 1H08 21108 1H09 21109 11110 21110 11111 al 1 1 11112 21112 1H 13
Source 06 RE analys:s and est:mates based On C (>9en t Secondary Pour, Trends & Analysis, July 2013.
Note: NAV = Net Asset Value.
— — — — —
Deutsche Asset
S. Wealth Managerneni 15
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0109189
CONFIDENTIAL SDNY_GM_00255373
EFTA01452271
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EFTA01452271
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