We are pleased that Christoph Landolt, Investment Manager at Multiplicity Partners, was recently featured in DealStreetAsia, sharing his perspective on the growing demand for liquidity in private markets.
In the interview, Christoph notes that valuations in most private market funds remain fairly ambitious, contributing to one of the asset class’s biggest current challenges: insufficient cash distributions to LPs. He highlights the gap between fair pricing and reported NAVs — pointing to US asset managers offering BDC liquidity at 30–40% discounts — and underscores how important it is for investors to secure the right price for liquidity. Christoph also explains how Multiplicity Partners differentiates itself at the intersection of secondaries and special situations, focusing on hard-to-sell or encumbered positions such as funds in liquidation or litigation that larger secondaries players tend to overlook. He references the firm’s track record, including LTO Fund IV closing at its $160 million hard cap and the first three funds each achieving a DPI of one within four years — a metric he emphasises matters more than IRR until distributions catch up. On geography, Christoph shares that emerging and frontier markets account for more than half of the firm’s current allocation, with active sourcing of LP positions in China, where exiting North American investors are creating a compelling opportunity set.
Read the full Interview on DealStreetAsia.