Spin-Outs

Two new secondaries-focused firms have already launched in 2025.

SQ Capital, founded by Mustafa Siddiqui, will focus on mid-market secondaries opportunities.

The Singapore buyout shop, which spun out of Standard Chartered in one of Asia's largest secondaries deals, will initially target GP-led deals in Korea.

The partnership will see secondaries market veterans and former Coller Capital investment professionals Sebastien Burdel and Luca Salvato join in London and New York, respectively.

A team is spinning out of emerging markets specialist Capital Group with a portfolio containing unicorns including Didi and Gojek.

The new entity – Bee Alternatives – plans to raise approximately $280m across two feeder funds, one managed by the firm and another by Ant Capital.

The secondaries firm has gained exposure to a portfolio of around 20 high-growth businesses in the fintech and insurtech sectors.

The secondaries giant has replaced Bregal Investments as the sole LP in the European buyout fund, allowing the GP to complete a spin-out.

Rio de Janeiro-based Signal Capital spun out last year and is aiming at Brazil's growing GP-led opportunities.

The Carlyle Group subsidiary acquired a portfolio of healthcare assets that will be managed by newly formed GP Assured Healthcare Partners.