Aquilius Investment Partners, the Singapore-based secondaries firm that started life in 2021 with a real estate mandate, is expanding into private equity secondary transactions across Asia-Pacific. The firm cited a $58 billion funding gap in Asian PE secondaries and deteriorating LP liquidity as the rationale for the pivot. Founder details and first-close targets were not disclosed.
The move follows a pattern visible since mid-2023: real estate secondaries funds struggling to deploy capital as pricing spreads widen beyond 25 cents on NAV, while PE secondaries in Korea, Japan, and India trade closer to 82-88 cents with faster close cycles. Aquilius reportedly tested the PE market with two pilot transactions in Q4 2024—one continuation vehicle in India, one LP portfolio sale in Japan—before formalizing the expansion. The firm did not name counterparties or ticket sizes.
This matters because Asia PE secondaries remain structurally undercapitalized relative to deal volume. Preqin data through December 2024 shows $22.3 billion in Asian PE secondary volume against $11.1 billion in dedicated dry powder, leaving half the market to generalist buyers or delayed exits. Aquilius is not the only shop pivoting: at least three Asia-focused real estate secondaries managers filed strategy amendments with regional regulators between September and November 2024, per filings reviewed by Markets Edge. The common thread is duration mismatch—real estate assets now cycling at 9.2 years average hold versus 6.1 years in PE, creating opportunity cost for funds with fixed terms.
Allocators should note that Aquilius has not disclosed whether the PE strategy will sit in a separate vehicle or blend into existing capital. The firm's $340 million debut fund, raised in 2021-2022, was concentrated in distressed office and retail assets across Southeast Asia. Performance data is not public, but two LPs familiar with the fund confirmed to Markets Edge that realizations remain below 40% of committed capital as of January 2025. If Aquilius is commingling strategies, that introduces cross-collateralization risk for new PE mandates. If it is raising a standalone vehicle, it will compete directly with established players like Intermediate Capital Group and Lexington Partners, both of which have active Asia PE secondaries funds in market.
Watch for first-close announcements in Q2 2025, likely targeting $400-600 million based on comparable Asia-focused secondaries vehicles launched in the past 18 months. Also track whether Aquilius hires a dedicated PE secondaries team or attempts to retrain existing real estate analysts—the skill sets diverge sharply on diligence and pricing models. Finally, monitor continuation vehicle activity in India and Japan, where Aquilius has existing relationships and where regulatory tailwinds for PE exits are accelerating.
The firm's timing aligns with a broader inflection: Asia PE funds vintage 2017-2019 are now hitting extension windows, and GPs are choosing secondaries over markdowns. Aquilius is betting it can source deals before that $58 billion gap narrows.
The takeaway
Aquilius pivots from struggling Asia real estate secondaries into PE, targeting $58bn deal flow gap as 2017-2019 vintage funds hit extensions.
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