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The pair are taking equal stakes in the mid-market-focused investment firm in a Houlihan Lokey-advised transaction.

The firm is sending a managing director with prior Goldman Sachs and HarbourVest Partners experience in the secondaries market to lead the outpost, PEI has learned.

LPs consider a vast number of metrics, including transparency, exposure and co-investment opportunities, before determining whether a fundraise was successful.

Structural changes including socioeconomic tailwinds and rising exit values are proving more consequential for private equity appetites than China’s slowdown.

Supply from managers looking to the secondaries market to hold onto assets for longer periods continues to grow.

The trade group has issued guidance to address concerns over conflicts and the speed of GP-led deals.

The firm still expects its flagship funds in market to grow compared with their predecessors, according to chief financial officer Jack Weingart.

Multiple managers have either closed or expect to close their latest private equity flagships below target – something unthinkable a few years ago.

Asia-Pacific’s contribution to fundraising last quarter fell below historical norms – with just $2.2bn raised, or 1.3% of the global total, according to PEI's downloadable Q1 data.

GPs will soon have to report on sponsor-initiated secondaries deals within 60 days from the end of each quarter, after the US regulator voted through the proposals Wednesday.