Secondary investments refer to investments made in existing private equity assets. These transactions can involve the sale of private equity fund interests or portfolios of direct investments in privately held companies through the purchase of these investments from existing institutional investors .  By its nature, the private equity asset class is illiquid, intended to be a long-term investment for buy and hold investors. Secondary investments provide institutional investors with the ability to improve vintage diversification, particularly for investors that are new to the asset class. Secondaries also typically experience a different cash flow profile, diminishing the j-curve effect of investing in new private equity funds.   Often investments in secondaries are made through third party fund vehicle, structured similar to a fund of funds although many large institutional investors have purchased private equity fund interests through secondary transactions.  Sellers of private equity fund investments sell not only the investments in the fund but also their remaining unfunded commitments to the funds.
One drawback to Brennan’s study is that, unlike Kouri’s, there was evidence of attempted deception. Several people had to be excluded from the non-users’ group because they were either definitely on steroids (they failed the urine test), or probably on steroids (in the researchers’ words, they had “implausibly high muscularity and low body fat despite denial of AAS use”). However, even if a couple of users slipped in, they probably didn’t skew the data too much. The sample size for nonusers was big enough (131 people) that a few bad apples wouldn’t spoil the whole bunch, and the researchers were excluding suspiciously jacked people anyways, so if a few users did slip in, they apparently weren’t swole enough to raise any red flags.
Defendants do not have to testify at criminal trials, but they have a right to testify if they choose to—so I had to prepare for the possibility. Raised an Irish Catholic in the Bronx, I was not foolish enough to believe I could win an argument over Muslim theology with a doctor of Islamic jurisprudence. But I did think that if what we were saying as a government was true—that he was perverting Islam—then there must be two or three places where I could nail him by saying, “You told your followers X, but the doctrine clearly says Y.” So my colleagues and I pored over the Blind Sheikh’s many writings. And what we found was alarming: whenever he quoted the Koran or other sources of Islamic scripture, he quoted them accurately.