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NYPPEX 1Q2010 Secondary Private Market Review and Outlook

"Price executions varied widely from 30% above bid indications for performing funds to 'no bids' for underperforming funds. We expect this highly discerning tone in the secondary private markets to continue throughout 2010" , states Laurence G. Allen, Managing Member of NYPPEX.

The Report states that the median secondary bid indication for interests in private partnerships increased approximately 3.49% to 58.41 (as a percentage of net asset value) on March 31, 2010 vs. 56.44 on December 31, 2009. The secondary median bid indication for unregistered securities increased approximately 0.75% to 47.04 (as a percentage of a fund's stated fair value) on March 31, 2010 vs. 46.69 on December 31, 2009.

New buyers continued to enter the secondary private markets, a trend that began in the second half of 2009. NYPPEX believes the secondary price increases were primarily due to the increasing influence of these new buyers.

NYPPEX estimates that secondary transaction volume for private partnerships was mixed: the number of transactions increased, however, the dollar volume declined moderately when compared to the 4Q2009. NYPPEX continues to project a significant increase in secondary transaction volume with momentum beginning in the 2Q2010.

For a full copy of the report, please sign up for a free trial subscription to the NYPPEX Secondary Private Market Research and Data service by clicking here or visiting the NYPPEX website at www.nyppex.com.

About NYPPEX

Established in 1998, NYPPEX is a global securities firm specializing in secondary private market advisory, trading, credit facilities, principal investments and research for illiquid asset classes. The Company provides access to private market liquidity for interests in private partnerships (e.g. buyout, venture, natural resources, real estate, hedge funds etc.), unregistered equity and debt related securities in private companies and their respective derivative instruments. The NYPPEX IPL Private Trading System matches buy and sell orders, anonymously and at low transaction cost, via a secure issuer-controlled platform. Since 2004, the NYPPEX QMS has been recognized by the U.S. Internal Revenue Service (through private letter ruling PLR-111165-04) as a Qualified Matching Service for private partnerships under Internal Revenue Code §1.7704. Member FINRA and SIPC. www.nyppex.com.

NYPPEX
MaryAnn Sapione, 203-422-5000 x220
Vice President of Communications
inquiries@nyppex.com