Second thoughts? Not in Asia

Second Thoughts? Not in Asia. Partners Group’s latest secondaries flagship underscores just how resilient LP appetite remains, particularly across APAC, where investors showed up in size despite broader questions about valuations and liquidity in private markets. The firm’s eighth fund raised over $9 billion in total commitments - making it one of the firm’s largest in the strategy - and highlights how secondaries have moved from a tactical tool to a core allocation, offering liquidity solutions and shorter-duration exposure in an uncertain exit environment. Already 60% committed, the fund attracted strong interest among Asian investors who made up the largest proportion of new commitments. While some Western LPs continue to debate pacing and pricing, Asian investors are leaning in, backing scale managers and reinforcing the bid for diversified, GP-led and LP-led deals, suggesting that, for this cohort at least, any “second thoughts” about private markets are firmly on hold.