Updated

Updated · asiaasset.com · Jun 22

Private Managers Build Multi-Stage Funds as $1.89 Trillion T. Rowe Price Sees Secondaries Surge

Updated

Updated · asiaasset.com · Jun 22

Private Managers Build Multi-Stage Funds as $1.89 Trillion T. Rowe Price Sees Secondaries Surge

2 articles · Updated · asiaasset.com · Jun 22

Private managers are moving beyond early-stage venture funds into growth-stage and thematic products, with many consolidating into multi-stage platforms aimed at higher returns and lower risk.
T. Rowe Price's Emma Norchet said that shift accelerated after 2022, when slower IPO markets pushed institutions toward secondary deals and private companies raised money mainly to create liquidity for retaining talent.
Asia is developing unevenly but gaining traction: Hong Kong is seeing demand for China-focused tech thematic funds, while early-stage venture funds are drawing institutional interest in Thailand, Indonesia, Malaysia and Singapore.
AI remains a major draw for Asian investors, especially US large-language-model companies, underscoring how private capital is broadening from niche venture exposure into more diversified, globally targeted strategies.

Sources

As Asian funds chase the US AI boom, what are the hidden risks of this massive cross-border capital flow?

With private fund consolidation, are investors gaining diversification or just paying higher fees for less control over their capital?

With trillions locked in startups, is the secondary market a safe exit or a prelude to a major valuation correction?

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