Asia-Pacific

More than one in four GPs used the secondaries market to extend hold periods, while a further 18% were enticed by unfunded commitments, according to the investment bank.

China funds are trading at a 50% discount to NAV even after a decline in private markets valuations, according to managing director Kent Chen.

The amount of capital raised for the strategy last year eclipsed the previous $101bn record set in 2020, data from Secondaries Investor shows.

Strengthening pricing drove activity, helped by stabilising interest rates and an overall improvement in economic outlook.

The firm’s predecessor fund has been fully deployed to LP and GP-led real estate secondaries transactions across the Asia-Pacific region.

Buyers need to understand the fundamentals of Chinese secondaries before evaluating discounts, according to Coller Capital’s Zhan Yang.

LP-led deals drove the bulk of volume last year and accounted for 55% of total trading, according to data from the investment bank shared exclusively with Secondaries Investor.

The firm this week opened an office in Singapore, its sixth in the Asia-Pacific region and 27th globally.

The investment bank’s secondaries business has joined forces with Capstone under a new unit of the Japanese bank.

Bastian Wolff, founding partner at Aquilius Investment Partners, expects more European and North American investors to pivot back to their home markets.