04
Mar
The big issue: Can continuation vehicles be a win-win-win?
Continuation vehicles (CVs) have proliferated in private equity, helping managers generate liquidity and propelling GP-led secondaries volume to record highs. This is a US-led phenomenon, but it’s driving a global debate. Investors are scrutinising GP motivations – focusing on asset selection, transaction timing, and economic incentives – as well as process integrity, specifically approaches to valuation, disclosure, and potential conflicts of interest. In the background, pools of capital targeting secondaries are growing in number and in volume.
- Are CVs a near-term liquidity fix or a long-term structural trend?
- Is it appropriate for a broken sale process to shift to a CV process?
- What potential red flags should LPs look out for when asked to exit or roll?
- Can CVs be used to generate co-investment and get access to top-tier GPs?
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SpeakersMaggie Lu Yueyang Associate Editor, M&A, APAC; Australia/New Zealand Bureau Chief Mergermarket
Martin Kaplan Investment Director Anacacia Capital
Brooke Zhou Partner, Co-Head Asian Private Equity LGT Capital Partners
Rachael Lockyer Head of Australia Private Equity MLC Private Equity
Roy Kim Partner TPG NewQuest
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Martin Kaplan is an Investment Director with Anacacia Capital. Martin is responsible for a range of activities including assessing investment opportunities as well as supporting and serving on boards of investee companies.
Martin is a Non-Executive Director of Anacacia portfolio companies including Big River Industries, a leading manufacturer and distributor of timber and building products in Australia; Florabelle, a wholesaler of homewares and furniture; and Direct Couriers, an asset-light B2B logistics provider. Martin is a former Non-Executive Director of K Care Healthcare Equipment, NW Group and an alternate NED of Muir Engineering. Martin brings over 30 years of international business experience.
Prior to joining Anacacia, Martin led the private business corporate advisory team within Deloitte, focusing on SME’s facing a transitional event involving succession, growth or divestment options. Previously, Martin worked with Investec in London providing transitional event funding for entrepreneurs and privately held corporations. Martin also led a private equity and corporate advisory company whilst in South Africa. Martin spent his early career as a Partner of Arthur Andersen heading up their business consulting practice that included working with mid-market SMEs.
Martin has a Bachelor of Commerce degree from the University of Cape Town and previously qualified as a Chartered Accountant (South Africa & Canada).
Brooke Zhou is Partner of LGT Capital Partners, she co-leads LGT CP’s private equity business in Asia. LGT Capital Partners is a leading institutional alternative asset and fund of funds manager, currently managing over USD 100 billion AuM on a global basis and over 600 private equity professionals worldwide. The firm is headquartered in Pfäffikon, Switzerland (near Zurich) and has offices in Hong Kong, Beijing, Tokyo, Sydney, New York, Raleigh, Dublin, London, Paris, Frankfurt, Vaduz and Dubai.
Prior to joining LGT Capital Partners in 2010, Ms. Zhou was with CDH Investments, a leading Chinese private equity manager, based in Beijing. Prior to CDH Investments, Ms. Zhou spent her career at Bain & Company in Shanghai, as well as Oracle Corporation in Redwood Shores, California.
Ms. Zhou earned an MBA from Harvard Business School and a Bachelor of Science from Massachusetts Institute of Technology. Ms. Zhou grew up in Shanghai and is fluent in Mandarin Chinese.
Rachael is Head of Australia Private Equity at MLC Asset Management, leading primary investments and co-investments in the Australian region and representing MLC on Limited Partner Advisory Boards and corporate boards. MLC is one of Australia’s largest superannuation funds with over $150bn under management, and its private equity program has been investing in private equity globally over 28 years. Prior to joining MLC in 2021, Rachael spent almost a decade as a GP investing in the mid-market at Ironbridge Capital and L Catterton including operating roles within portfolio companies to accelerate growth. Rachael was formerly an investment banker at Macquarie Bank in New York and Auckland, and at Credit Suisse in Sydney. She is a graduate of the Australian Institute of Company Directors (GAICD) and holds Commerce and Law degrees.
Roy Kim is a Partner of TPG NewQuest, based in Hong Kong. Roy joined TPG NewQuest in 2024 and is responsible for the sourcing, execution, and portfolio management of investments across Developed Asia markets. Prior to joining TPG NewQuest, Roy was a Managing Director in CPPIB’s Private Equity Asia group. In that role, Roy helped lead the firm’s private equity investments in APAC across primary fund commitments, co-investments, and secondary investments. He also served on CPPIB’s Asia PE Investment Committee. Prior to that, Roy held various investment roles, covering multiple alternative asset classes at BlackRock’s Alternative Solutions Group, and global PE Secondaries at HarbourVest Partners. Roy started his career in Healthcare M&A at Lazard. Roy received an MBA from The Wharton School, University of Pennsylvania, and a B.S. from Haas School of Business, University of California, Berkeley.