Secondary Trading Desk
Status indicators are operational only and not an offer. All participation is subject to the qualified Offering Circular.
A live simulation of how an AMP secondary window works — bids, offers, and prints, all referenced to NAV.
Watch a depth ladder breathe, rest your own order into the book, and see it fill when it crosses the spread. Every number on this page is invented for teaching. This is not a market you can trade today.
Liquidity is a disclosed mechanism — not a promise.
The desk above is theatre. The principles underneath it are real, and they are written into the wrapper before subscription ever opens.
Selling the position, not the asset
A secondary is the transfer of an existing investor’s interest to another investor. The underlying assets do not move — ownership of a slice of the fund does. It is how patient capital finds an exit before the fund itself matures.
Two families: an LP-led secondary, where one holder sells their stake to another; and a GP-led / continuation vehicle, where the manager rolls an asset into a new structure so existing holders can choose to cash out or stay.
Referenced to NAV, shaped by structure
Secondary interests rarely change hands at exactly stated value. They clear at a percentage of Net Asset Value — sometimes a discount, sometimes a premium — set by what a buyer will pay and a seller will accept on the day.
That percentage reflects the instrument’s structure: its seniority in the capital stack, its remaining term, and how much risk has already been retired. A senior, shorter-dated interest behaves very differently from a junior, long-dated one.
A window that opens — then closes
This is the part the simulation deliberately overstates for teaching. A real secondary window is not continuous. It opens at defined intervals — a scheduled period during which matching can occur — and then closes again.
There is no always-on exchange, no live quote you can hit at 2am. Access to any window is subject to the qualified Offering Circular and the governance written into the wrapper.
Why an early exit is priced the way it is
Private structures often follow a J-curve: early on, fees and deployment can hold reported value flat or below cost before the curve turns up as the strategy matures. An interest sold early in that curve is being valued before the upside has had time to express.
Understanding the J-curve is why a secondary is framed as optional, disclosed liquidity — a way out if you need it — rather than a reason to expect a particular gain.
Full disclaimer
Illustrative simulation. Not a live market, not an offer to buy or sell, no real securities or funds. The order book, tape, fills, prices and balances on this page are generated for educational purposes only and reset when you leave. No bid, offer, or print shown represents a real transaction, a real instrument, or a real counterparty.
Prices are expressed as illustrative % of NAV and are not yields, returns, valuations, or guarantees of any kind. Nothing here implies that a tradable secondary market exists today. Secondary windows open at defined intervals subject to the qualified Offering Circular. A disclosed mechanism, never a guarantee. Past performance does not predict future results.
From $1,000 · Reg A+ Tier 2 qualified · Available at SEC qualification.