Secondary sales of stock in late-stage, privately held companies are becoming increasingly popular liquidity events for impatient investors, but the strategy does not always please limited partners of the funds making the purchases.

While modest private placements in obscure early stage private companies are a dime a dozen, Digital Sky Technologies has made the term "DST transaction" synonymous in some quarters with substantial sales of stock by late-stage companies to big institutional players.

Digital Sky Technologies, also known as DST, is a Russia-based venture capital investor that has invested more than $1 billion with an emphasis in internet companies. The company most recently acquired Russian social network Odnoklassniki, but it is also well known for buying interests in companies based in the U.S., like Groupon, Facebook, and Zynga.

Elevation Partners is another late-stage buyer. Earlier in the summer, Elevation added to a $90 million investment in Facebook by paying $120 million ... Full Story

Lloyds Development Capital has purchased a 25% stake in Mountain Warehouse from Arev, according to a report in The Daily Mail that says the deal values the entire company at £50 million ($77 million). Full Story

Elevation Partners' reliance on a few late-stage investments has given limited partners a great deal to think about, according to TechCrunch. Full Story

Fast food chain Burger King Holdings went public since its last round of private-equity investing, but AltAssets says the current plan for a $3.2 Full Story

Silverfleet Capital's sale of medical device sterilization company Sterigenics will attract private equity and strategic investors, according to Reuters. Full Story

A report from The New York Times says Clayton, Dubilier & Rice has acquired a stake in Univar, a chemical distributor, from CVC Capital Partners. Full Story

Institutional Venture Partners, an investor that has bought into the likes of Twitter, HomeAway and Zynga, said in a statement that it has raised a $750 million late-stage and growth equity fund. Full Story

Private equity funds are among potential buyers for portfolio companies of Candover Investments, which said in a statement that it is going to sell its assets and return cash to shareholders. Full Story

A report from The Manchester Evening News says four secondary transactions account for about 85% of £1.47 billion ($1.86 billion) in first-half buyouts in the U.K.'s Manchester region. Full Story

Talisman Capital Partners portfolio company Turning Technologies LLC said in a statement that it has been acquired by management and Brockway Moran & Partners. Full Story

Angel investors and other early stage stake holders are becoming increasingly willing to consider at least a partial early exit through sales of shares on the secondary market for stock in private companies, according to peHUB. Full Story