News & Analysis

Atlantic-Pacific loses Asia secondaries partner

The four-strong Asia team, led by partner Vincent Ng, will continue to execute secondaries deals in the wake of Charles Wan's departure, the firm said.

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A partner responsible for secondaries at Atlantic-Pacific Capital‘s Hong Kong office has departed the firm.

Charles Wan resigned at the end of 2021 and takes up a new role in March, according to a source familiar with the matter. His next steps are not clear and he did not wish to comment.

Wan was with the placement agent and secondaries adviser for nearly nine years and worked on both sides of the business, according to his LinkedIn profile. Before that he spent five years on the secondaries buy-side with Pomona Capital.

The four-strong Asia team, led by partner Vincent Ng, will continue to execute secondaries deals, a spokesman told Secondaries Investor. It works within a global Capital Solutions team, which focuses on secondaries and directs, and is led from New York.

In 2019, Secondaries Investor reported that Atlantic-Pacific had hired Steven Westerback as head of its secondaries advisory practice. Westerback moved from Cebile Capital, where he helped open the advisory firm’s New York office.

Atlantic-Pacific Capital entered the secondaries advisory business in 2011, Secondaries Investor reported. The strategy was initially run by its LP advisory group, which provided valuation services, fund cashflow projections and secondaries advisory as part of an integrated service.

In separate news, Greenhill’s most senior advisory professional in Asia has been promoted to managing director. Lloyd Bradbury became head of Asia-Pacific Capital Advisory in January, according to his LinkedIn profile.

Asia accounted for 9 percent of secondaries transaction volumes by seller in 2020, according to research by Evercore, roughly in line with recent years.

“If you talk to anybody in the industry in terms of their projections, they’ve got that number headed up towards probably 15 percent or even 20 percent of global volume in the medium term,” said Doug Coulter, head of private equity for Asia-Pacific at LGT Capital Partners, in PEI‘s September roundtable. “There’s quite a lot of dry powder on the sidelines for Asian secondaries.”