23
Sep
Exits: Choosing the right route to liquidity
With the current market uncertainty and LPs pushing for returns, GPs are becoming more creative in finding liquidity solutions. Chinese GPs are no exception. With IPO opportunities limited and trade sales unpredictable, firms explore alternative strategies for exits including M&A, secondary sales and continuation vehicles. How LPs view these alternative solutions can depend on the circumstances as industry leaders give their take on choosing the right solution for the right situation.
- What channels for exits are GPs exploring?
- Are public markets a viable path to liquidity for PE shareholders?
- Are secondaries becoming a necessary tool for liquidity?
- Continuation vehicles, how do you generate DPI?
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SpeakersPerris Lee Head of Global Convertible Bonds, APAC Equity Capital Markets Mergermarket
Frankie Fang Founding Managing Partner Starquest Group
Alex Shum Partner TPG Newquest
Zhan Yang Principal Coller Capital
Maggie Ye Managing Director NIO Capital
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Perris Lee is the Asia ECM Editorial and Insights Director for ION Analytics. He looks after potential and live IPO, follow-on, and equity-linked bond deals, as well as producing the data-driven, forward-looking column “ECM Explorer APAC.”
Perris joined ION Analytics/Acuris in 2011 as the Taiwan correspondent for Dealreporter, covering both ECM and M&A matters. Soon after becoming a well-versed Taiwan-subject expert catering primarily to global hedge funds and proprietary desks, Perris expanded his mandate to include Asia convertible bonds in 2014 and further to Asia ECM in 2015. He was promoted to his current role in 2021.
Prior to joining ION Analytics, Perris spent nine years covering the Asian financial markets for Dow Jones Newswires and Bloomberg.
Frankie Fang is a founding managing partner of Starquest Capital, a private equity firm in China that focuses on Technology, Consumer and Healthcare. Mr. Fang lead the firm’s FoF investment as well as ESG implementation，through which Starquest Capital became the first RMB FoF in China that joined United Nations-supported Principles for Responsible Investment (UNPRI) in 2018 and the first Asian firm that won the UNPRI Awards 2019 “Emerging Markets Initiative of the Year.” In 2025, Mr. Fang was appointed as a Listing Committee member of the Stock Exchange of Hong Kong Limited (the Exchange) and became the first member from the FoF industry, pioneering a new path for the industry.
Prior to founding Starquest Capital in 2017, Mr. Fang served as head of LGT Capital Partners in China for 12 years. LGT is privately owned by the Princely Family of Liechtenstein with over USD 100 billion in assets under management. During his career, Mr. Fang has invested over $3 billion in the Chinese private equity market and led investments in a number of PE/VC funds by CITIC Capital, Hongshan, Legend Capital, Primavera Capital, Source Code Capital and Gaorong Ventures, etc. Mr. Fang also serves on advisory committees of over 20 funds in China.
Mr. Fang has been actively involved in public service. In education field, Mr. Fang is a career mentor for Master of Finance Program at Tsinghua University School of Economics and Management, an industry advisor at China Europe International Business School (CEIBS) Entrepreneur Camp, a founder and donor of Shanghai Jiao Tong University Zheng Yang Scholarship as well as INSEAD Frankie Fang Scholarship. In social service field, Mr. Fang is a FoF committee member at Asset Management Association of China, a judge in venture capital field for Forbes China 2020 "30 Under 30", a council member of Future Forum Youth Council, which established the Future Science Prize hailed as the Chinese Nobel Prize, and a donor of Teach in China, which is an educational non-profit project.
Mr. Fang received a BA in Finance and Accounting from Antai College of Economics and Management, Shanghai Jiao Tong University in 2000, a MBA from INSEAD Business School in 2006, and an EMBA from Tsinghua University People’s Bank of China School of Finance in 2018. Mr. Fang holds a Chinese CPA qualification. Mr. Fang’s native language is Mandarin Chinese and he is fluent in English, French and Cantonese and conversational proficient in Japanese.
Alex Shum is a Business Unit Partner of TPG NewQuest, based in Hong Kong. Alex joined TPG NewQuest in 2011 and is responsible for the sourcing, execution and portfolio management of investments across the Greater China and North Asia regions. Alex has more than 15 years of experience in finance across investments, capital raising, M&A and corporate advisory. Prior to joining TPG NewQuest, Alex was an Associate at Credit Suisse’s Investment Bank based in Hong Kong, where he worked in the corporate finance and equity capital markets departments. Alex received his undergraduate degree in Economics from Duke University. He is fluent in English, Mandarin and Cantonese.
Zhan is an Investment Principal and General Manager of Coller’s Beijing office. He is responsible for origination and execution, and is based in the firm’s Hong Kong and Beijing offices.
Prior to joining Coller Capital in 2016, Zhan was a Director at BlackRock Private Equity Partners. Previously, he worked at Swiss Re Private Equity Partners and Adveq Management in Zurich, Beijing and Hong Kong.
Zhan has a BEng in Environmental Engineering from Tianjin University, an MSc in Environmental Science from Nanyang Technological University and an MBA from INSEAD. Zhan is a CFA Charterholder.
Ms. Ye has 10-year experience in Chinese PE/VC industry. She joined NIO Capital in 2017 with her responsibilities split across investment and fundraising team. On investment side, she oversees the general exit strategy across the portfolio, acts as the deal leader of several portfolio companies in post-investment management, and selectively participates in live deals. On fundraising side, she serves as the key contact to communicate with global LPs, including sovereign wealth funds, MNCs, financial institutions, throughout the due diligence and post-investment process.
Prior to NIO Capital, Ms. Ye has worked for Hony Capital, a Chinese leading private equity firm. Ms. Ye holds a Bachelor’s degree from Fudan University with a major in International Finance and pursued her Master’s degree in Mathematical Finance at Boston University.