14
May
Paths to liquidity: choosing the right solutions
With an uncertain exit environment and LPs pushing for returns, GPs are becoming more creative in finding liquidity solutions. Although trade sales remain the favourite route, IPOs, De-Spacs, secondary sales, continuation funds and NAV financing offer alternative paths to liquidity. 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 kind of recovery do we expect in the exit market in 2025?
- 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?
- What are the LP views on CVs/Secondaries?
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SpeakersKarun Prakash Partner SHARDUL AMARCHAND MANGALDAS & CO
Desmond Lee Partner TPG NEWQUEST
Nicolo Magni Managing Director, Head of Southeast Asia & South Asia UBS
Kelvin Teo Senior Vice President, Head of Asia, Global Issuer Services HONG KONG EXCHANGES & CLEARING LIMITED (HKEX)
Eric Tam Managing Director, Strategic Partners BLACKSTONE
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Karun Prakash is a Partner with the firm and specializes in mergers and acquisitions, private equity and general corporate matters. He has advised domestic and international clients in a wide range of domestic and cross border transactions in sectors such as infrastructure, renewable energy, manufacturing, information technology, insurance and media. Karun has experience in advising clients on both strategic and financial investments, and in both buy side and sell side mandates. He also regularly advises assists clients on general commercial contracts, corporate restructuring and corporate compliance.
Desmond is currently a Partner at TPG NewQuest, based in Singapore. Desmond joined NewQuest in 2015 and is responsible for sourcing, execution and portfolio management of the firm’s investments across Southeast Asia. Desmond has 20 years of private equity experience in the Asia region and prior he was Managing Director of Fosun, where he led the Southeast Asia investment team.
Desmond’s private equity experience also includes prior roles with Morgan Stanley and Arctic Capital in Hong Kong, and CIMB Private Equity and Navis Capital Partners in Malaysia. Desmond started his career as a chartered accountant with Arthur Andersen in Malaysia. Desmond is a Fellow Chartered Accountant with the Institute of Chartered Accountants in England and Wales, and holds an undergraduate degree in Accounting and Finance from the University of Sheffield, England.
Nicolo Magni is Head of Global Banking South East Asia & India for UBS. Prior to that Nicolo was Co-Head of the Strategic Equity Solutions Group ("SESG") for UBS in APAC as well as Head of Private Financing Markets ("PFM") for APAC. Nicolo is now based in Singapore from March 2020; he joined UBS in Hong Kong in 2011. Prior to that, Nicolo was at Morgan Stanley, Goldman Sachs and JPMorgan in London. Nicolo holds a Master degree from ESCP-EAP, Paris.
Mr Kelvin Teo joined HKEX as Senior Vice President, Head of Asia, Global Issuer Services in February 2025.
Prior to joining HKEX, Mr. Teo served as the Head of Equity Capital Markets for Asia Pacific at Barclays, leading the rebuild of the cash equities origination business across both public and private equity. Kelvin brings along more than 20 years of capital markets experience across investment banking and private banking. Prior to Barclays, he also held positions at Credit Suisse, JPMorgan, Macquarie, and Bank of Singapore, working across Hong Kong, Singapore, and Sydney (Australia).
Mr. Teo holds a Bachelor of Accountancy (Hons.) from Nanyang Technological University, Singapore.
Eric Tam is a Managing Director, having joined Strategic Partners in 2016. Mr. Tam leads the international activities of Strategic Partners’ Real Estate funds and is responsible for establishing and leading Strategic Partners in Asia across all strategies. Mr. Tam sits on Strategic Partners’ Real Estate Investment Committee and is an advisory board member of multiple funds. Mr. Tam is based in Singapore after previously spending seven years in Strategic Partners’ London office.
Prior to joining Strategic Partners, Mr. Tam was a Vice President at H/2 Capital Partners, where he focused on commercial real estate credit investments and capital markets activities. Before joining H/2, Mr. Tam worked at Morgan Stanley for the Real Estate Investment group, focused on acquisitions. Prior to that, Mr. Tam was a Manager at Accenture in their Financial Services practice, specializing in mortgage banking strategy.
Mr. Tam received a B.A. from the University of California at Berkeley and an MBA from Columbia Business School. Mr. Tam serves on the development board of Place2Be, a UK-based children’s and young people’s mental health charity.