Asia-Pacific

The first half of the year saw 38 continuation vehicles close, with several more launching or being eyed, according to data gathered by Secondaries Investor.

More international investors are looking to India as China becomes more localised, according to research from the Global Private Capital Association.

Japan Private Equity Opportunity 2024 turned down overseas investors as it was oversubscribed by domestic LPs, WM partner Shohei Suzuki and AIC CEO Reijiro Samura tell Secondaries Investor.

Full-year deal volume could reach as much as $230bn, according to the investment bank’s estimates.

The secondaries market has remained red-hot. While the area is not without its hurdles, uncertainty in the first half once again reinforced its worth.

Available secondaries capital grew to a record high of $302bn in the first half, with aggregate NAV of retail vehicles managed by secondaries investors surpassing $80bn as of March, according to a report from Jefferies.

Volume surpassed most full-year totals from the past decade in the wake of recent geopolitical tensions and macro uncertainty.

Venture capital firms are motivated to find ways to return capital to their LPs. Beyond continuation funds, these managers are running strip sales, preferred equity deals and tender offer processes to generate liquidity.

Secondaries buyers have been eyeing both RMB- or USD-denominated opportunities in China as managers contend with a dearth of exits, investment principal Karen Tse tells Secondaries Investor.

More venture firms are following the lead of buyout firms by creating continuation funds to provide liquidity to LPs in older funds. Here are the pluses and minuses for GPs and LPs considering CVs.