On 15 October 2026, CMB Monaco welcomed Louis Choy, Managing Director on the Carlyle AlpInvest Secondary Investment Team, for an exclusive discussion on private markets. The luncheon covered the current environment, how the secondary market is changing and the place secondaries can hold within a well-constructed portfolio. Four questions, four key takeaways.

CMB Monaco:

1. Why did CMB Monaco want to open a conversation on private market secondaries with its clients today?

Our clients expect us to anticipate, not simply react. Private markets have become a significant part of the global investment landscape, and the secondary market is one of its most dynamic segments, shaped by growing demand for liquidity and a wider range of opportunities. These are subjects our clients increasingly raise with us, and they deserve a clear, well-informed perspective. Bringing a specialist of Carlyle AlpInvest's calibre to Monaco reflects our commitment to giving clients direct access to institutional-level expertise. It also illustrates how we see our role: creating spaces for open, high-quality dialogue, so that each client can approach these markets with confidence and clarity.

2. If our guests leave this lunch with one idea about building a resilient portfolio, what should it be?

Resilience comes from thoughtful diversification and a long-term perspective. Private markets, including secondaries, can play a role within a broader allocation when they are carefully selected and aligned with each client's objectives. Our role is to help clients work through these opportunities with discernment and discretion.
 

Carlyle AlpInvest:

3. In one sentence, how would you describe the private markets environment today?

Private markets are an increasingly important part of portfolios, and today’s more uncertain environment is creating attractive opportunities for selective investors, particularly through mid-market secondaries and co-investments, to access high-quality companies at compelling entry points.

4. The secondary market has grown and changed considerably. What role can secondaries play in a well-constructed portfolio?

Secondaries let investors enter a diversified private equity portfolio with visibility on what is already in it, rather than committing blind. Done well, they also let you back some of the strongest private equity managers in the world and own the strongest companies in their funds.