Our usual process involves setting a price before the demand side assessment. When discussing valuation we look at a number of sources including the last round of funding, information available, and pricing history from other recent secondary transactions.

Typically, investors in secondaries expect a discount on the most recent round due to the lack of voting and information rights, but this differs from deal to deal.

If interest for the secondary offering is lower than anticipated, and feedback suggests the valuation is too high, we can renegotiate a discount in order to drive further investment and completion of the sale.