Private markets, explained by a practitioner.
Secondaries, GP-leds, LP portfolios, family offices and Asia private equity, written up as I learn and work.
Written by Kelvin Fu, MD at Thrive Alternatives
Start here
4 reads, in order- 01 What alternatives are, and why investors want themThe Allure of Alternatives: The Rising Demand for Unconventional Investmentskelvinfu.com · Feb 2024
- 02 How secondaries create liquiditySecondary Market Dynamics, Liquidity Solutions for Private Capital Investorskelvinfu.com · Apr 2024
- 03 Where Asian private markets are nowThree shifts in Asian private marketsLinkedIn · Oct 2026 post link
- 04 How a director looks at a GP-led dealThinking like a director in GP-led dealsLinkedIn · Sep 2026 post link
Learn by topic
8 tracks · levels 101–301 →Secondaries & GP-led liquidity
LP-led sales, continuation vehicles, tender offers and how liquidity gets made when exits are scarce.
LP portfolio construction
Allocating to alternatives: commitments, pacing, manager selection, GP stakes.
Family offices
How single-family offices invest in private markets, and how they protect themselves.
Asia private equity
Markets, managers and capital pools across Asia, from Singapore to Japan.
Fundraising cycles & market notes
Where capital is flowing, and what the data says each quarter.
Valuation & value creation
How deals are priced and how owners create value after the deal.
Governance: thinking like a director
Conflicts, LPAC consents, fairness and fiduciary duty in private markets.
Thematic investing: resilience & demographics
Defense and dual-use, sovereign resilience, ageing societies.
Latest notes
LinkedIn · SubstackContinuation vehicle
A new fund, managed by the same GP, that buys one or more assets from an existing fund; existing LPs can take cash or roll their interest into the new vehicle.
One clear idea on private markets, in your inbox.
Published on Kelvin’s Substack. Latest essay: The Ultimate Sandbox: How Video Games are Building (and Breaking) the Future of AI and Defense (6 Sep 2026).
Written by Kelvin Fu, MD at Thrive Alternatives · LinkedIn · About