LP-led deals were finding the fairway at a 13.3% discount on average, though senior credit and infra funds were barely in the rough at just 6 to 8%. On the GP-led side, the putter was hot, with 52% of transactions landing at or above par (up from 41% last season). The upshot? GPs who make sharp club selection and focus on assets with a clean swing path to DPI are making the secondary market a high quality arena for investors. In fact, 5% of GP-leds even overshot the green and priced above par. Overall, GP-led discounts were just 3.7%; a tidy short game that’s tightened the bid-ask spread, helped by $31 billion in fresh GP-led dry powder waiting in the bag for those running dedicated GP-led vehicles. It’s been quite the Championship-level performance for secondaries so far this year. Keep putting those birdies!