Definition
SPV Secondary Market
A marketplace where LPs can sell their SPV positions before the underlying investment exits.
An SPV secondary market is a venue where existing limited partners can sell their interest in an SPV to other accredited investors before the underlying portfolio company exits. Secondaries provide liquidity in an otherwise long-dated, illiquid asset class — important for LPs facing personal liquidity needs or rebalancing requirements. Secondaries typically require sponsor consent under the operating agreement, KYC of the buyer, and a price either negotiated directly or set by an auction process within the platform.