The sell orders can be placed by any eligible investors in partnerships that have been approved by the general partner for secondary transfers. This feature is not available yet for partnerships that were established for U.S. tax-exempt or non-U.S. investors (so-called “parallel partnerships”).
We expect to first permit sell orders in a partnership six months from the date of an asset’s acquisition. Once this threshold is met, sellers in eligible partnerships will generally have the opportunity to place their interests for sale during quarterly windows established by Cadre. We expect these windows will take place for approximately 2 weeks in the middle of each quarter.
Sellers can place 100% of their interests for sale in any eligible partnership. Sellers also have the option to place a portion of their interest for sale. Partial sales require a $50,000 minimum and can then be increased in increments of $5,000. The remaining investment after a partial sale must be at least $10,000. Please contact email@example.com to learn more.
Sellers will have the ability to offer their positions at a specified discount to their “Marked Value,” which is a value determined by Cadre quarterly. See the definition of “Marked Values” below for more detail. As we continue to refine the Cadre Secondary Market, we expect to update (and could restrict) the range of prices that positions can be offered at.
In order to facilitate an efficient experience on the Cadre Secondary Market, we do not currently accept orders at prices that vary from the specified discount to the Marked Value.