03
Mar
Paths to liquidity: Evaluating GP-led secondaries
With economic uncertainty and an anaemic M&A market persisting, there are fewer traditional exit routes. GP-led continuation vehicles have provided an efficient liquidity solution for GPs to extend the runway for some of their highest quality assets while providing much needed DPI. How LPs view these alternative solutions can depend on the circumstances, and as comfort and familiarity with these structures grows, alignment of interest remains paramount. Industry leaders give their take on choosing the right solution for the right situation.
- Why is momentum for continuation vehicles staying high?
- How can LPs take advantage of liquidity options through these vehicles?
- How will pricing for these products continue to evolve?
- Are continuation vehicles here to stay or a product of the tough exit environment?
- How are alignment of interests being managed between all parties?
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SpeakersTim Burroughs Managing Editor, Global Private Funds, and Managing Editor, AVCJ Mergermarket
Edward Lloyd Head of Australia Foresight
Wandy Hoh Head of Secondaries Macquarie Asset Management
Evan Hattersley Managing Director, Secure Assets Pacific Equity Partners
Frewen Lam Managing Partner Roc Partners
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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.
Ed has over 25 years’ experience in infrastructure investment across Australia, Europe and North America.
Ed leads Foresight’s Australian business which includes oversight of key investments including Kinetic, Flinders Ports and Solstice Energy.
Prior to joining Foresight, Ed was a Principal and Founder of KPMG Direct Investments, where he advised superannuation and pension fund clients globally on direct investment in infrastructure assets.
Prior to this Ed was a senior investment professional at Colonial First State Global Asset Management (now Igneo Infrastructure Partners) and Hastings Funds Management.
Wandy is the Head of Secondaries at Macquarie Asset Management (“MAM”). MAM’s dedicated secondaries investment vehicles provide capital and liquidity to limited partners and general partners in the private funds market.
Wandy has over 25 years’ experience encompassing secondaries, infrastructure, private equity, venture capital and entrepreneurship. She joined MAM in 2020.
Prior to joining MAM Wandy was a Managing Director at Glenfarne Group, an infrastructure investment company, where she was a member of the Investment Committee and the Senior Steering Committee. Wandy was a founding member of the Strategic Partners Funds at DLJ and Credit Suisse (subsequently BlackStone). She also invested in funds and co-investments at Pomona Capital and was the Founder and CEO of MeeGenius, a digital media platform acquired by Houghton Mifflin Harcourt.
Wandy holds an MBA from Columbia Business School with a concentration in Finance (Beta Gamma Sigma honors) and a BA in Business Economics (Cum Laude) from UCLA.
Evan joined Pacific Equity Partners in 2007. Prior to joining PEP, Evan was a Consultant with Bain & Company in the UK, United States, Singapore and Australia. He received a Bachelor of Commerce & Bachelor of Laws (Honours) from the University of Queensland where he was a Valedictorian.
Frewen is a Managing Partner at Roc Partners, where he leads its Multi-Strategy Private Equity business investing across primary funds, secondaries and co-investments. As of 31 December 2025, Roc Partners manages over A$9.5bn in assets under management across private equity, private credit and real assets. Roc Partners received recognition as a top performer in secondaries, ranking #1 globally in the 2024 HEC-Dow Jones Performance Rankings.