11
Sep
The liquidity conundrum: Tools and timing
Extended holding periods and delayed exits have become a feature of PE globally, which means investors must think carefully about the mode and timing of liquidity events. Exit channel availability varies by geography within Asia – India has been good for IPOs, strategic appetite for assets has held up well in Japan, Australia accounts for the bulk of continuation vehicles raised to date – but there will be a market for any quality asset if positioned correctly.
- Have valuation expectations adjusted enough to facilitate deal flow?
- What indicators do investors use to assess exit readiness?
- Is Asia still underpenetrated in terms of sponsor-to-sponsor exits?
- How is the secondaries market evolving to meet investor needs?
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SpeakersPamela Fung Managing Director, Private Equity Solutions Morgan Stanley Investment Management
Kevin Jun Managing Director Coller EQT
Ben Hart Senior Managing Director and Head of Asia Private Capital Advisory (PCA) Evercore
Rodney Muse Managing Partner Navis Capital Partners
Roy Kim Partner TPG NewQuest
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Pamela is a partner and investment committee member for the Morgan Stanley Private Equity Solutions Team and has 20 years of industry experience. Prior to joining the firm, Pamela was a management consultant with McKinsey & Company's corporate finance practice in Hong Kong, responsible for investment opportunity identification, deal advisory, merger management and strategy development. Previously, she was a management consultant with Monitor Group, specializing in marketing strategy for clients across Asia, and a member of the corporate finance team with Lehman Brothers in Hong Kong. Pamela has a Law degree (first class honors) from the University of Hong Kong and an M.B.A. with honors in finance and management from the Wharton School of the University of Pennsylvania.
Kevin is an Investment Managing Director based in Coller EQT's Hong Kong office.
Prior to joining Coller Capital in 2018, Kevin was an Associate in the Mergers and Acquisitions Group at Morgan Stanley in Hong Kong, where he focused on M&A executions across the Asia Pacific region.
Previously, he worked at UBS Investment Bank in the Strategic Analysis Group based in London. Kevin has a BA in Business Administration in Sungkyunkwan University in Korea and an MBA from London Business School.
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.
Mr. Muse is one of two Managing Partners of Navis and an Investment Committee member. At Navis, Mr. Muse leads investment teams in making, monitoring and exiting investments and sits on the boards and/or executive committees of several Navis portfolio companies. He has been active in many of Navis’ investments in consumer goods, food, business services, industrial goods and services.
Mr. Muse co-founded Navis in 1998 with Mr. Bloy and Mr. Foyston, with whom he worked while at The Boston Consulting Group (BCG). At BCG, he worked in Sydney and Kuala Lumpur, where he gained experience in a number of industries including consumer goods, retail, oil and gas, distribution, primary resources and more. He started his career with Chase Manhattan Bank in 1985 in New York and Hong Kong.
Mr. Muse has been a resident in Asia since 1993, having been raised and educated in the US. He holds a Bachelor of Arts Hons degree from St. Lawrence University and an MBA from Harvard Business School.
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.