Real Assets•

Real Assets Secondaries (MVP Stub)

This report outlines how the platform will model NAV, discounts, and underwriting for real assets secondaries using the labeled comps spine.

Published by GP Stakes, the private markets intelligence platform

Why a comps spine matters

Real assets secondaries underwriting ultimately depends on transparent market references: what similar assets traded for, when, and under what conditions. The platform's comps spine turns raw transaction feeds into clean, queryable labels (type, geography, size, price, unit economics) with an evidence trail.

Planned NAV/discount workflow (no full model yet)

  1. Label ingestion: deterministic labeling of transactions into canonical fields (this MVP).
  2. Comp selection: filter by asset type, geography, time window, and size bands.
  3. Unit economics: compute price per sqm/unit, and later: NOI, cap rate / yield when available.
  4. Valuation run: persist parameters and results in real_asset_valuation_runs for auditability.
  5. Secondaries model: apply discounts/premia vs. comp-implied marks; scenario analysis across liquidity, manager quality, and asset-specific risk factors.

The next iteration will add a first-pass discount model driven by the comps-derived marks and persistence of valuation runs.

Next steps

  • Extend labeling to more sources (cap rates, NOI, occupancy, units) and add stronger portfolio detection.
  • Add hedonic adjustments (location, quality, vintage) and outlier detection.
  • Introduce asset-level aggregation (portfolio / fund holdings) and link to GP stakes opportunities.