Asia’s Secondary Deals Make Progress After Funds Sell to Themselves

Xuanyi Liu, partner in Morrison Foerster’s Private Funds Group, was quoted in DealStreetAsia noting that GP-led secondaries in Asia continue to play an important strategic role beyond end-of-fund liquidity, even as capital markets in China and India reopen. He also expects demand for GP-led solutions to grow as more Asian funds reach later stages of their life cycles, bringing a broader mix of assets to market and encouraging more innovative GP-led structures.

This shift reflects a broader maturation of Asia’s GP-led secondary market. Once viewed as a niche solution, GP-led transactions are now playing a central role in portfolio management across the region. In both China and India, recent continuation vehicles have delivered early distributions and been followed by rapid liquidity events, including initial public offerings and partial exits, offering a preview of what GP-led secondaries may look like in 2026.

China has emerged as an early proving ground for this trend, with several GP-led deals quickly validated by listings or trade sales that confirmed pricing and timing. India has followed a similar trajectory, as established domestic managers have completed their first continuation funds and achieved near-term liquidity, helping to build a credible post-transaction performance track record.

Looking ahead, recent developments in Asia’s secondaries point to deeper participation and greater structural sophistication, mirroring an earlier evolution seen in the United States and Europe.

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