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Yuan to dollar restructuring
Buhuo is the latest Chinese GP using secondaries to raise capital from what is perceived to be a more stable LP base than those at home.
Growth investing
Grabbing market share and expanding into new regions, the deal type's accelerated evolution has put it on course for further growth.
TPG had appointed the former head of secondaries at CPP Investments, Michael Woolhouse, in July to lead its expansion in North America and Europe.
Make hay
The number of sponsor-led secondaries coming to market this year is expected to be bolstered by fundraising delays, rising demand in China for US dollar commitments and a backlog of transactions.
Asia's first 'decacorn', Grab, was among assets moved into a continuation vehicle as part of the process run by Vertex Holdings.
The investment bank is planning to make senior hires in the US over the coming months.
The appointment comes as market participants expect the volume of GP-led transactions to rise to match LP-led deals as early as this year.
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LGT Capital has now backed two of the largest GP-led deals in Asia this year, having participated in IDG Capital's yuan-to-dollar restructuring in September.

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