Should a venture LP sell a fund stake or hold it?
It depends on what the fund will distribute. Selling at a discount is cheaper if the fund ends up returning less than its NAV; holding, or financing against the stake, is cheaper if it returns more. With venture stakes selling for about 68–79% of NAV in 2026, a sale only wins if you expect the fund to underperform its own marks.
Sale vs. advance on the same need
An LP with $30MM of NAV across its venture funds needs $6MM. Selling 29% of its interests at 70% of NAV raises the $6MM; if the interests later distribute $40MM, that sale cost $11.4MM in distributions given up. A $6MM distribution financing advance on the same interests costs about $9.1MM. The two cost the same at about $32.5MM of distributions, or 108% of NAV. Below that the sale is cheaper; above it, the financing is.
Try your own numbers in the calculator.
Before you decide
- How old are the marks, and how do they compare with recent rounds and public comparables?
- How concentrated is the NAV? One or two companies often drive most of an older fund’s value
- What has the fund reported holding over time? A fund well past its peak may be marking down, distributing, or both
- Do you need cash, or do you need DPI on a report? The answers can point to different routes
- What do transfer restrictions, ROFRs and taxes add to the cost of a sale?
Data on the fund itself
Check the fund’s filed values year by year in the Fund Tracker, including public pension DPI and TVPI where they exist. Current secondary pricing is on this page.
Sources and related questions
Sources
- Jefferies, Global Secondary Market Review, July 2026
- Campbell Lutyens, 1H 2026 Secondary Market Report, August 2026
Related
- How can a venture LP get cash without selling its fund interest?
- What discount do venture LP stakes trade at in 2026?
- Sale vs. financing calculator
Updated October 19, 2026. Yantacaw provides distribution financing; this page also covers options we don’t offer. General information, not legal, tax or investment advice.