APAC secondaries deal tracker

It depends on demand for the specific name. Category leaders with a credible path to an IPO or strategic exit — like Xiaohongshu or Canva — can clear above their last round. Companies with a paused or uncertain listing path, like PhonePe in early 2026, are more likely to see secondary interest below their last private valuation.

A tender offer is company-organized: employees and early investors sell a set amount of stock to approved buyers at one price. A stake sale is typically a larger, negotiated transaction — often a fund or strategic investor buying a significant minority or majority position. A GP-led secondary moves a fund manager’s existing portfolio stakes into a new vehicle, giving the fund’s original investors (LPs) an exit without selling the underlying companies.

No. Secondary marks reflect the price buyers and sellers agree on, or the price being discussed, in a specific transaction — not a valuation the company itself has set or endorsed. They are a useful signal of investor demand, not audited figures.