A family office that is over-weight one vintage, strategy or manager can sell selected fund interests on the secondary market instead of waiting for distributions. Selling is routine portfolio management, not a sign of distress.1 Price depends on what you sell: in H1 2026, buyout interests averaged 91% of NAV, venture 79% and real estate 68%, against an 87% average across LP portfolios.2 On The Boring Desk you can list one fund or several, each position is underwritten on its own, and you decide on every bid, line by line.
What is different in this situation
- List the positions you want to reduce. Each is underwritten on its own against strategy and vintage benchmarks.
- Buyers can bid on single positions, so you keep the lines you want and sell the ones that fix the concentration.
- Your identity is disclosed to a buyer only when you authorize it.
How the sale runs on The Boring Desk
| Step | What happens |
|---|---|
| Intake | Create a seller account, name the fund, GP, vintage, strategy and reported NAV, confirm accredited-investor status, and upload the LPA, the latest capital account statement and the most recent GP quarterly letter. |
| Underwriting | The documents are extracted, including the LPA's transfer provisions. NAV is underwritten independently against strategy and vintage benchmarks, and a banker approves the valuation before anything goes out. |
| CIM and model | The desk produces a confidential information memorandum and an Excel model for the position. |
| Marketing | A blind profile goes to buyers whose mandate matches. Buyers sign an NDA before the data room opens, and your identity is disclosed only when you authorize it. |
| Bids | Buyers submit nonbinding indications as a percentage of NAV. You accept, reject or counter each one. |
| LOI and PSA | A letter of intent, then the purchase and sale agreement, which is the binding document. |
| Transfer and GP consent | The transfer agreement and the consent requests (GP consent, and LPAC, ROFR or ROFO waivers where the LPA requires them) are sent and tracked, with reminders, until each is answered. |
| Closing and wire | Closing tax forms are collected, the transfer completes at the fund's transfer window, and the proceeds are wired. |
Transfer and pricing mechanics
Vintage is a primary driver of price: recent vintages traded at single-digit discounts to NAV in H1 2026, while 10+ year tail-end interests traded at discounts of 25% or more.2
Sellers commonly pair newer vintages with tail-end funds in one sale to lift the blended price.3
The denominator effect, where private holdings grow as a share of a portfolio after public markets fall, is a common reason LPs sell.4
Every fund in a multi-fund sale is its own transfer: its own GP consent and its own transfer agreement.5
What it costs
The seller pays a 3% success fee on the transaction value, owed only on settlement. No retainer and no upfront fee. Buyers pay nothing.