Secondary hedge funds discount holding

Secondary hedge fund transactions continue to be done at a discount. The levels are way above the lows of the crisis and have stabilized around 90 cents on the dollar.

In the past many of the "hot" funds were closed to new investors, so to get in, one had to pay a full price (NAV) or even higher (premium). Now the world has changed and most funds are open to new investors (unless they are liquidating). So why would someone pay par to get in via a secondary trade when one could come into the fund directly? The discount is here to stay.