22
Sep
Unlocking liquidity: Alternative paths to realizing DPI
As LPs shift their focus from paper valuations to real DPI, GPs are becoming more creative in securing liquidity. While public markets are gradually warming up, firms are increasingly capitalizing on the growing secondary market to address liquidity needs, utilizing continuation vehicles, and navigating the complex rise of control-oriented buyouts. Industry leaders will discuss how to choose the right strategy to translate market recovery into actual cash distributions.
- With some foreign LPs seeking early exits, how are secondary funds unlocking immediate liquidity?
- What are the core bottlenecks keeping China’s secondary market less active than it western counterparts?
- Are public markets a viable path to liquidity for PE shareholders?
- Amid IPO uncertainty, how can GPs leverage continuation vehicles and navigate the risks of China’s growing buyout market to generate real DPI?
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SpeakersTim Burroughs Managing Editor, Global Private Funds, and Managing Editor, AVCJ Mergermarket
Ben Hart Senior Managing Director and Head of Asia Private Capital Advisory (PCA) Evercore
Tianshen Rong Executive Director LGT Capital Partners
Frankie Fang Founding Managing Partner Starquest Group
Yang Wang Managing Director Thrive Alternatives
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Tim Burroughs is managing editor of Asian Venture Capital Journal, having joined the publication in May 2011. He is responsible for all editorial content put out under the AVCJ brand, including Asian Venture Capital Journal, AVCJtv, AVCJ Awards and AVCJ.com. Tim previously spent five years at China Economic Review, serving as editor-in-chief and then editorial director. Located in Greater China since 2003, during which time he has lived in Beijing, Qingdao and Hong Kong, Tim has been a China-based contributor for publications including The Sunday Times, Sunday Telegraph, BBC and China Daily. Prior to moving to China, he trained and worked as a journalist in the UK. He was honored at the Society of Publishers in Asia awards in 2007, 2008 and 2010, and at the State Street Institutional Press Awards - Asia in 2012.
Ben Hart is a senior managing director and head of Evercore’s Asia Private Capital Advisory division. He is based in Singapore.
Mr. Hart has more than 20 years of experience in private markets fundraising, institutional investor relations, capital formation and business development across the Asia-Pacific region. He previously served as partner and head of investor relations (Asia) at Adams Street Partners, where he led the firm’s business development and client-service efforts across institutional and private wealth channels.
Frankie Fang is a Founding Managing Partner of Starquest Capital, a China-focused private equity firm specializing in technology, consumer and healthcare sectors. Mr. Fang leads the firm’s FoF investment practices and oversees its ESG strategy and implementation. Under his leadership, Starquest Capital became the first RMB FoF in China to join the United Nations-supported Principles for Responsible Investment (UNPRI) in 2018 and the first institution in Asia to win the 2019 UNPRI Award for Emerging Markets Initiative of the Year. In 2025, Mr. Fang was appointed as a member of the Listing Committee of The Stock Exchange of Hong Kong Limited, making him the first global FoF industry representative to serve on the committee and setting a new precedent for the industry.
Prior to founding Starquest Capital in 2017, Mr. Fang served for 12 years as the Head of LGT Capital Partners China. LGT Group is privately owned by the Princely Family of Liechtenstein and manages over USD 100 billion in assets globally. Over the course of his career, Mr. Fang has deployed more than USD 3 billion in the Chinese private equity market and led fund investments in a wide range of top-tier PE/VC vehicles, including CITIC Capital, Sequoia Capital China, Legend Capital, Primavera Capital, Source Code Capital and Gaorong Ventures. He currently sits on the advisory committees of over 20 domestic investment funds in China.
Within public education, Mr. Fang serves as Guest Lecturer and Adjunct Associate Professor at the University of Hong Kong (HKU). He also acts as Industry Advisor for the CEIBS Entrepreneurship Camp and Career Mentor for the Master of Finance Programme at Tsinghua University School of Economics and Management. Beyond academic roles, he serves as a Committee Member of the Shanghai Jiao Tong University (SJTU) Foundation, and is the founder and donor of both the SJTU Zhengyang Scholarship and the INSEAD Frankie Fang Scholarship.
Within social services,Mr. Fang serves as a member of the FoF Committee of the Asset Management Association of China, a judge for the venture capital track of Forbes China 30 Under 30 (2020), and a member of the Youth Council of the Future Forum — the organizer of the Future Science Prize, widely recognized as China’s equivalent of the Nobel Prize. He is also a donor of the non-profit education initiative Teach For China.
Mr. Fang earned his Bachelor of Finance and Accounting from Shanghai Jiao Tong University Antai College of Economics and Management in 2000, an MBA from INSEAD in 2006, and an EMBA from the PBC School of Finance, Tsinghua University in 2019. He holds a Chinese Certified Public Accountant (CPA) qualification.
His native language is Mandarin. He is fluent in English, French and Cantonese, and conversational in Japanese.
Yang brings over 20 years of experience in private markets, spanning investment management, capital formation, fund operations and strategic transactions. She is a trusted advisor and seasoned finance professional with deep expertise in Asian private markets. She works closely with leading GPs on fund formation, capital raising, and strategic initiatives, including GP-led liquidity solutions and secondary transactions, helping managers navigate institutional growth and evolving investor needs.
Before joining Thrive, Yang served as Chief of Staff at MSA Capital, focusing on portfolio monitoring, fund operations, and organizational development. Prior to that, she was Chief Operating Officer and Investor Relations Director at GenBridge Capital, overseeing fund operations and leading the firm's investor relations and fundraising initiatives. She began her career at PricewaterhouseCoopers, where she spent over a decade advising asset managers and private investment firms.
Yang holds a bachelor's degree in Finance and a master's degree in Economics from Renmin University.