Asia-Pacific

The New York State Common Retirement Fund made the two largest commitments last year to funds managed by TPG and Blue Owl.

The fund, which manages around $110bn on behalf of nurses and teachers, is heading towards its private markets allocation targets after a period of build-up and growth. In this podcast, Deputy CIO Damien Webb discusses the fund’s view of the secondaries market.

Over 75% of manager respondents say it is likely or highly likely they’ll look to the secondaries market across 2025 and 2026 compared with 45% in PJT’s 2023 survey.

Volume from single asset deals grew by more than 80% year-on-year, accounting for more than half of all GP-led deal volume in 2024, according to Campbell Lutyens’ full-year secondaries report.

Martin Yung, a principal, and Patrick Qian, a vice-president, left the firm in December, Secondaries Investor has learned.

LP-led deals made up 54% of the record $162bn of volume seen in 2024, with pricing improving across all asset classes, according to Jefferies’ Global Secondary Market Review.

CDIB Capital Group has closed its first continuation fund as APAC sponsors become more accepting of GP-led deal structures.

LP-led sales made up 52% of the record $152bn of secondaries volume seen last year, according to Lazard’s latest market report.

More Indian GPs will look to secondaries exits to generate DPI before raising their next fund, panelists at the Hong Kong Venture Capital and Private Equity Association’s Asia Private Equity Forum 2025 said.

Secondaries investors targeting the region have cited geopolitical tensions and asset quality among their biggest concerns for the area this year.