We enter where the j-curve ends, not where it begins. By acquiring proven equity stakes at a discount to NAV, we compress both risk and time-to-return. The interactive explainer below walks through the structure, the mechanics, and the structural gap we are purpose-built to close in MENA.
Primary funds follow a predictable arc: years of negative returns driven by management fees, early-stage failures, and the slow pace of capital deployment. The J-curve is not a bug, it is the structural cost of building a portfolio from scratch. Secondaries investors bypass it altogether, entering after companies have established track records and acquiring stakes at a discount to their reported value.
In a secondary transaction, an existing equity stake changes hands rather than new capital entering a company. The seller, typically an early investor or founder seeking liquidity, accepts a discount to the last reported NAV in exchange for certainty and speed. The buyer acquires a proven asset at a price that builds in a margin of safety from day one. Because the underlying companies are already mature, the path to exit is compressed, with LP distributions arriving 3 to 5 years earlier than in a traditional primary fund structure.
Every secondaries thesis rests on two questions: do the deal economics work, and is the market large enough to deploy into? The models below let you stress-test both. Adjust the assumptions and watch the numbers move.