Asia-Pacific

Now in its ninth iteration, we reveal this year’s most impressive secondaries individuals under 36.

Eye-watering legal charges have been likened to ‘racketeering’; industry co-operation could solve the problem.

Aizawa AM’s third flagship, which held its final close this year, is already 85% deployed, chief executive Shinichiro Shiraki tells Secondaries Investor.

The inclusion of adjacent strategies such as GP stakes and portfolio financing in volume reports shows how what matters to secondaries market participants is evolving.

While this year has not seen a large-scale close, several funds with hefty targets remain in market.

Fundraising in the first half dipped year-on-year to $34.5bn, with Hamilton Lane’s $5.6bn close on Secondary Fund VI marking the largest raise in H1 2024.

Trade group calls for LPAC consent in some cases, and for new fund documents to cover usage and limits.

While it’s easy to point to liquidity constraints as an anomaly, the market believes secondaries’ record-breaking streak should continue.

LP-led deals accounted for $40bn of the $68bn of global secondaries volume seen in H1 2024 as bid-ask spreads narrowed.

Of the $27.6bn of GP-led activity seen in the first half, $17.2bn was deployed into single-asset or highly concentrated continuation funds, according to the adviser’s mid-year report.