What's New In Investments, Funds: Aquilius Beats Secondaries Fund Target

Editorial Staff

4 November 2025

say they are an important risk diversifier in the private markets area.

"We are actively capitalising on a generational buying opportunity for secondaries in Asia,” Bastian Wolff, founding partner at Aquilius, said. “This milestone fundraise is a testament to our strong track record and highlights the continued and growing appetite for Asian real estate secondaries investments among LPs, as market volatility and the need for liquidity drives deal volume to record highs.”

Aquilius was founded by Bastian Wolff (former managing director and head of Asia-Pacific Real Estate for Partners Group) and Christian Keiber (former MD for The Blackstone Group).

Based on private market investments with vintage years (when a fund was initiated) from 2004 to 2023, Coller Capital, recently citing data from research firm Preqin, said that secondaries' returns came highest of any private market type, at almost 16 per cent for median net internal rate of return, and at a standard deviation of net IRR at 15 per cent, with only private debt at a lower standard deviation, at around 10 per cent. The firm also said that secondaries have a relatively low risk of capital loss, at 1 per cent, versus venture capital at the highest, at 24 per cent.