24
Jun
CV：一時的な解決策か、それとも新たな資産クラスか？
継続ビークル（CV）はPE市場で急速に普及し、運用会社に流動性をもたらすとともに、GP主導のセカンダリー案件額を過去最高水準に押し上げ、より多くの資金提供者をこの分野に誘致している。日本のGPはまだCVの概念を広く取り入れていないものの、海外ポートフォリオを保有する日本のLPはすでにCVのエクスポージャーを有している。現在多くの審査はLP側で行われており、GPがどのようにアセットを選定し、取引のタイミングを判断し、経済的インセンティブを構築しているのかについて質問が投げかけられている。
- CVは短期的な流動性確保の手段なのか、それとも長期的な構造的トレンドか
- LPはイグジットやロールオーバーを求められた際、どのような潜在的リスクに注意すべきか
- なぜ日本のGPは、拡大するCV需要を十分に活用していないのか
- ポートフォリオの最適化とリスクマネジメントの点で、セカンダリー投資はどう活用されるべきか？
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SpeakersJustin Niessner Associate Editor, AVCJ Mergermarket
Ben Hart Senior Managing Director and Head of Asia Private Capital Advisory (PCA) Evercore
Rodney Muse Managing Partner Navis Capital Partners
Steve Byrom Founding Partner Potentum Partners
Roy Kim Partner TPG NewQuest
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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.