At the roundtable, Doug described a market that has become more selective and grounded in fundamentals. Following a reset of valuations and with fewer GPs competing for deals, he sees space for a new phase led by managers with real operational capabilities and the potential for meaningful buyout opportunities. The consumption‑upgrade cycle that defined the previous decade often delivered uneven outcomes as valuations outpaced performance.

He also emphasized the importance of disciplined underwriting and a clear strategic identity. According to Doug, strong businesses only become strong investments at the right price and China‑focused GPs need genuine cross‑border capabilities, not quick pivots, to create value in the next cycle. Against this backdrop, he noted that today’s secondaries market offers unusually attractive pricing, making it a compelling entry point for investors with the ability to be selective.

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