Secondary Private Equity Firms

Can someone help me understand what it is that secondary private equity firms do and how they differentiate from traditional P/E? Is it just the case that these secondary P/E firms purchase assets/companies owned by previous P/E firms? 

2 Comments
 

Secondary PE firms essentially provide liquidity in an illiquid market by buying existing stakes. They are often able to buy close to par because there is usually some reason that the LP needs to exit. 

 
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