Continuation vehicles (CVs), once primarily viewed as end-of-fund-life liquidity solutions, are now increasingly being used as tools to raise capital for trophy assets that do not face exit constraints, shared three senior executives of TPG NewQuest, one of Asia’s leading secondary private equity platforms.
Desmond Lee, Business Unit Partner, TPG NewQuest, who focuses on Southeast Asia and Australia, pointed out that a recurring theme emerges during his engagements with GPs: many say that after selling their trophy asset, the next buyer would often earn an additional 3–5x return.
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