In a secondary sale the buyer may pay all at once or through a deferred payment plan over months to a few years. Money paid later is worth less than money paid now, so the headline price can overstate what the seller gets.
What the video says
In secondaries, a price can look better than it is. The reason is the deferred payment. Say a pension plan sells a fund stake valued at a hundred million. The buyer offers ninety. A ten percent discount. But half comes now, and half next year. Forty-five, and forty-five. Money later is worth less than money now. Say a seller can earn ten percent a year elsewhere. That later forty-five is worth about forty-one today. So ninety is really about eighty-six. And until that money arrives, the seller is counting on the buyer. So why do investors care? Two bids can show the same price and pay very different amounts. Every price has a date on it.
In the glossary: Deferred payment
A simple example with round numbers, not advice. Terms vary by fund.
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