Secondary Market Sinks In August

Aug 25 2010 | 1:28pm ET

The secondary hedge fund market fell 3% in August amidst trading dominated by illiquid funds.

Trading on the Hedgebay Illiquid Asset Index rose to 67% in July.

“Funds that are closed to new investment are still an extreme rarity at present,” Elias Tueta, co-founder of Hedgebay, said.

“We will eventually see funds close to new investors if good performance on the primary market continues, and when we do, we will see the secondary market once again being used for its original intention – to allow hedge fund investors to access high performing funds that have closed to investors. Currently, secondary market users are focussed on risk mitigation and capital raising, and this has kept the average price at a relatively low level.”

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