Which of the following is NOT a factor considered when valuing a private equity investment in a secondary transaction?

Valuing a private equity investment in a secondary transaction focuses on factors that directly affect the investment's financial and market dynamics. Financial performance is crucial, as it provides insights into the underlying asset's profitability and growth potential. Market trends are also essential, as they influence the broader environment in which the investment operates, affecting demand and valuation. Lastly, the terms and conditions of the investment help understand the specific attributes and restrictions that might impact the return profile and liquidity of the investment.

The office location of the general partner (GP), while relevant in some contexts, is generally not a primary factor in the valuation process for secondary transactions. This is primarily because the financial health of the underlying portfolio, market conditions, and investment specifics are more directly tied to the investment's value than the geographical location of the GP’s offices.