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GLOSSARY

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Secondary Fund
Fund that purchases private equity limited partnership interests or real estate interests in the secondary market; diversifies investors across vintage years in addition to the other fund-of-funds diversification benefits outlined above; high current income component as mature fund interests are already in liquidation phase.

Secondary Market
Market where securities can be bought and sold following their initial offering, e.g. the New York Stock Exchange or NASDAQ. There is no formal secondary market for private equity or private real estate; however, some firms have raised capital to become market makers, purchasing private equity partnership interests from the original limited partners in the secondary market.

Seed-stage Venture
Fund investment strategy involving investments in companies at the concept or idea stage who need financing to research market and concept feasibility -- pre-operational financing of a new business.

Special Situations
Opportunities that don’t fit within an established category, usually targeting distressed companies.

Stabilized Property
A substantially leased property.

Subordinated Debt
Debt with inferior liquidation privileges to senior debt in case of a bankruptcy; sub debt will carry higher interest rates than senior debt, to which it is subordinated, to compensate for the added risk, and will typically have attached warrants or equity conversion features.

Syndication
Sharing of an investment among several private equity or real estate firms where the group is called the Syndicate.

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