(Bloomberg) -- Tiger Global Management turned down hundreds of bids for its private assets in recent months because it felt the offers were too low, according to people familiar with the matter.

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The firm had explored selling hundreds of millions of dollars in stakes in mid- and late-stage startups to provide cash distributions to investors in some of its older funds — at a time when other exit opportunities such as initial public offerings are scarce, the people said. Some assets it looked to unload were bought in recent years at significantly higher valuations.

Most of Tiger Global’s private investments are held by its venture funds, which are long-term vehicles, giving it the flexibility to sell now or later. Chase Coleman’s firm also has been buying shares on the secondary market.

A representative for New York-based Tiger Global declined to comment.

Read More: Tiger Seeks to Sell Private-Company Stakes Into Secondary Market

Participants in the secondary market were at an impasse for much of last year. But now the bid-ask spread — the gap between what price buyers will offer and sellers accept — is narrower than it has been all year, according to a June 15 report by Forge Global Holdings Inc. It found that, at the end of May, shares of startups were trading at a median discount of 61% compared with valuations at their latest funding rounds.

Read More: Startup Shares Trading at 61% Discount Lure Venture Capital

Earlier this year, Tiger Global reached an agreement on behalf of some of its partners to sell their personal unfunded stakes in other venture capital firms to Lexington Partners, people said. Those holdings aren’t part of Tiger Global’s funds.