The document discusses the normalization of secondary market pricing for private equity fund interests to historical levels after an overheated market in 2006 and 2007. It highlights the return to normalized pricing due to a wide bid-ask spread and the stabilization of prices at 80-85% of NAV over two years. The document includes a table showing pricing percentages of NAV and annual volume from 2003 to 2013, with annotations for 'Bubble', 'Crisis', and 'Normalized' periods.
documents/EFTA01451807.pdf
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