What discount do venture LP stakes trade at in 2026?
In the first half of 2026, LP stakes in venture funds sold for about 68% to 79% of NAV, the lowest pricing of any major strategy. Jefferies put average venture pricing at 79% of NAV, up one point; Campbell Lutyens put the average venture discount at 32%, wider than 26% in 2025. Buyout stakes sold for about 91% of NAV.
Average LP-led pricing, 1H 2026
| Source | Venture | Buyout | All strategies |
|---|---|---|---|
| Jefferies (July 2026) | 79% of NAV | 91% of NAV | 87% of NAV |
| Campbell Lutyens (August 2026) | 32% discount (68% of NAV), from 26% in FY 2025 | – | 13.3% discount |
The two firms survey different deals and weight them differently, so their averages differ. Both show venture as the weakest strategy.
Why venture trades lower
- Buyers concentrate on top-tier managers and funds holding leading AI companies; those trade near the top of the range
- Software-heavy funds, lesser-known managers and portfolios far from exits trade at wider discounts, per Jefferies
- Campbell Lutyens ties the widening to venture portfolios’ heavy software exposure amid uncertainty over AI
- Pricing is quoted against the last reported NAV, which for venture funds is often months old
What the discount costs
On $10MM of NAV, a sale at 79% of NAV raises $7.9MM; at 68% it raises $6.8MM. The $2.1MM to $3.2MM gap is the minimum cost of selling. If the interest later distributes more than its NAV, the real cost is larger, because the buyer keeps that gain. The calculator compares a sale with distribution financing for your own numbers.
Which funds hold the value
The banks’ reports price venture stakes in aggregate. To see what a specific fund has reported holding each year since 2011, use the Fund Tracker or browse the firm pages.
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?
- Should a venture LP sell a fund stake or hold it?
- Liquidity options compared
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.