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Stop asking about discounts: Why asset quality drives venture secondary returns

Stepstone Group

Returns in the secondary market are typically driven by two factors: asset appreciation and discounts. Let’s face it, everyone likes a discount. Purchasing a big-ticket item at 25% off is appealing!

It’s human nature to strive for the best value and bargain hunt. However, in the venture secondary world, we have found that higher discounts are not correlated with better returns nor do discounts materially contribute to returns. This is evident in our own portfolio.

Stepstone Group

Wednesday 20th August 2025

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