We saw a large dip earlier in the year as investors were desperate to get out. Now however the discounts are much smaller. Does that mean improved confidence in the hedge fund asset space? Explanations have to do with fund managers lifting (or promising to lift) gates, hedge fund improved performance this year (we'll discuss that shortly), and just the fact that those who desperately needed liquidity may already have it (so less need to sell at a large discount). This result however is basesd on significantly lower volumes:
"volume was muted – both in terms of number of transactions taking place as well as in the absolute amount of closed transactions. The two categories showed the lowest totals for the year while volume was the lowest monthly total in the last 8 months."