There are many funds and firms that actively play in the secondary market, and it’s a weird market.
After the 1.0 implosion, in Storm II, a very high % of the fund turned over in the secondary market b/c many of the LPs were HNWI. These buyers made a killing.
In good times, though, the only thing for sale are old funds and funds going through tough times.
Net net, you have to be very smart and looking for special situations, and have dry powder when times are really tough, and realize, there’s actually already a lot of competition for ‘known’ VC firms looking to facilitate secondary sales.