Free private markets document template
Secondary Liquidity Planning Memo Template
Create a secondary liquidity planning memo covering sale objectives, portfolio selection, pricing, process, conflicts, risks and proceeds.
01
Executive summary
Community Foundation Investment Office should evaluate an LP-led secondary sale in Second half of 2027 targeting $80m-$110m of net proceeds.
02
Portfolio position
The private markets portfolio has $690m of NAV and $295m of unfunded commitments.
03
Liquidity need
Expected 12-month capital calls are $115m. A secondary sale would supplement distributions and protect commitment flexibility without relying solely on public-asset sales.
04
Transaction objective
Target net proceeds of $80m-$110m. The strategic rationale is to Increase liquidity, reduce tail exposure and rebalance vintage concentration.
05
Proposed portfolio
Eight mature buyout and growth funds from 2015-2019 vintages
06
Valuation & pricing
The portfolio has $135m of reference NAV and is expected to price at 85%-92% of reference NAV. Compare headline pricing after deferred consideration, fees, leakage and closing adjustments.
07
Market conditions
Improving buyer demand for diversified seasoned portfolios; financing remains selective
08
Sale process
Run a competitive process with an experienced secondary advisor. Target buyers include Dedicated secondary funds, diversified asset managers and selected strategic buyers. Preserve flexibility to remove assets or terminate the process.
09
Governance & conflicts
Independent pricing review, disclosure of advisor relationships and committee approval of any stapled transaction
10
Key risks
Key risks are pricing discount, information leakage, GP consent, deferred consideration and adverse selection. Establish minimum pricing, certainty and consent requirements before launching.
11
Recommendation
Authorize market testing and return to the Investment Committee before accepting a binding offer.