Martin Yung

Martin Yung is a private equity secondaries investor with over 15 years of experience, having led more than US$2 billion of secondary transactions across Asia-Pacific and beyond. He holds a Bachelor of Science in Mathematics from the University of Warwick. Early in his career he held roles at Lloyds Banking Group, Paul Capital and Pomona Capital across London and Hong Kong, where he sourced and executed secondary investments and helped monitor primary fund-of-funds programs in the Asia-Pacific region.

Yung joined HarbourVest Partners in Hong Kong around 2014 and spent roughly a decade there, rising to Principal and co-leading the firm's Asia-Pacific secondaries business. His work focused on analyzing, structuring and monitoring secondary private equity opportunities, including both traditional LP portfolio purchases and more complex GP-led transactions. He departed HarbourVest in December 2024 alongside colleague Patrick Qian (a vice-president), a move that industry press reported as HarbourVest losing its dedicated secondaries presence in Hong Kong.

In November 2025, Aquilius Investment Partners — a Singapore-founded secondaries specialist established in 2021 by former Blackstone/Partners Group executives Bastian Wolff and Christian Keiber — announced Yung's hire as Managing Director and Head of Private Equity Secondaries, together with Patrick Qian as Principal, and the opening of its new Hong Kong office. Yung leads Aquilius's expansion from its established real estate secondaries roots into dedicated Asia-Pacific private equity secondaries. At the time of his hire, Aquilius managed about US$1.1 billion, having closed its second fund above target, and was scaling a ~30-person investment team.

• Asia-Pacific private equity secondaries — buying existing LP fund stakes and backing GP-led continuation vehicles/restructurings, rather than making primary venture or angel investments.
• Middle-market gap play: targets deals that global secondaries giants overlook — a stated sweet spot of roughly US$25m–US$150m per transaction, sourced predominantly on a proprietary basis.
• Balanced construction: aims for an approximate 50/50 split between GP-led and LP-led deals, and between developed and emerging Asian markets.
• Scale ambition: in his own words, "Over the medium term, we'd be looking to deploy well in excess of USD 500m a year."
• On the opportunity: "Aquilius' strong regional focus and market-leading reputation in the secondaries space in Asia Pacific present an exciting opportunity to capitalize on the region's growing secondaries market."
• Liquidity angle: particular focus on providing liquidity pathways for investors with China exposure, a theme driving Asia-Pacific secondaries demand.