Vendor motives vary widely, from regulatory pressure and liquidity constraints to top management changes, often going hand-in-hand with larger mergers, and general strategic reorganizations. Enhancing returns from the capital invested also features as a prominent concern among investors.

Dependent on each vendor's unique situation and set of circumstances, the primary objectives sought from a secondary direct transaction include

• Withdrawal of cash to redeploy elsewhere
• Reduction or complete stop to further capital contributions and expenses
• Lock-in/de-risking of returns
• Ability to complete a wholesale (rather than gradual) disposal of a portfolio
• Confidentiality and speed of execution
• Preservation of existing portfolio company and co-investor relationships
• Portfolio management, focusing resources onto key investing themes