That is fueling a rise in secondary deals that enable limited partners to get cash back without having to wait for IPOs or company sales.
A case in point is the recent sale of a 12% stake in Group 11's second fund for $20 million to Industry Ventures and StepStone Group. This is Group 11's third sale of a secondary stake in one of its funds since last year. The deals returned a total of $96 million to the venture firm's LPs.
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