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Deal of the Year – Secondary

East Ventures

The GP-led secondary transaction completed by East Ventures in January 2025 is one of few involving a Southeast Asian VC firm – and it is claimed to be first in the region to use a preferred equity structure. Coller Capital is the lead investor. Distributions to paid-in on East’s 2015-vintage fifth fund, which had a corpus of USD 28m, were 0.9x pre-transaction. Now they are 2x. Avoiding the traditional continuation vehicle model, the process was fast and efficient. Existing LPs received immediate liquidity, while retaining exposure to future upside from a portfolio that includes Xendit, IDN, Ruangguru, Waresix, and ShopBack.

GL Capital

GL Capital closed a single-asset continuation vehicle of approximately USD 230m in September 2025 for China-based SciClone Pharmaceuticals. Abu Dhabi Investment Authority (ADIA) is the anchor investor, while GL is said to have made a significant GP commitment. The CV will extend the specialist healthcare investor’s involvement with SciClone beyond eight years. It participated in a take-private of the company, which was then listed in the US, in 2017 alongside three other investors. Following a re-listing of SciClone in Hong Kong in 2021, GL completed a solo take-private transaction last year via its fourth fund, which closed in early 2024.

IDG Capital

IDG Capital closed a GP-led secondary transaction in June 2025 comprising 13 high-growth assets drawn from several of the China-focused firm’s US dollar-denominated and renminbi-denominated funds currently in liquidation phase. At USD 500m, it is the largest continuation vehicle raised in Asia in 2025 to date. Nevertheless, anchor investors GIC and LGT Capital Partners took all the equity on offer – there was no syndication. While identities of the assets involved were not disclosed, it is understood they include ByteDance. The technology giant was worth USD 300bn as of March 2025 based on reported pricing in its own share buyback programme.

Multiples Alternate Asset Management

Multiples Alternate Asset Management raised USD 430m for India’s largest-ever multi-asset continuation vehicle (CV) in May 2025, with anchor investors Hamilton Lane, HarbourVest Partners, LGT Capital Partners, and TPG NewQuest covering the entire deal. The portfolio comprises three assets: non-banking finance companies Vastu Housing Finance and APAC Financial Services, and Quantiphi, a digital engineering business that straddles India and the US. The CV delivered distributions to paid-in (DPI) of 0.5x for Multiples’ 2015-vintage second fund, taking overall DPI past 2x. A 50% stake in Vastu represents the bulk of the value. It is regarded as a likely near-term listing candidate.

Navis Capital Partners

Navis Capital Partners completed a USD 230m GP-led secondary transaction in May 2025 whereby 50% stakes in three Southeast Asia-based education assets held in its eighth fund transferred into a new vehicle. TPG NewQuest anchored the vehicle, known as Navis Next Generation Fund. The transaction, which priced at a low single digit discount to net asset value, delivered a 2.9x return for Fund VIII. The assets – Global Citizenship, CIA First International School, and Ambassador Education Group – have been consolidated into an affordable K-12 education platform. The goal is to expand capacity from 34,000 to 75,000 students over five years.