Evercore Partners has appointed Adams Street Partners veteran James Lee as managing director and head of Asia-Pacific secondaries, following the exit of Shane Gong in January 2025. Gong, who led Evercore’s APAC private capital advisory team, departed after a three-year tenure. Lee brings 15 years of experience in secondary buyout transactions, with a focus on distressed debt and fund restructuring across Southeast Asia and Oceania. His appointment signals Evercore’s strategic push to strengthen its APAC secondaries footprint amid rising investor demand for distressed asset opportunities.

The move comes as Asia-Pacific secondaries deal activity surged 22% in Q1 2025, driven by liquidity constraints among private equity firms. Evercore aims to capitalize on this trend by leveraging Adams Street’s network of institutional investors and its track record in executing $4.1B+ in secondary deals since 2020. The appointment also aligns with broader industry consolidation, as firms race to secure talent ahead of anticipated regulatory shifts in cross-border private equity deals.

Lee’s background includes structuring complex secondaries transactions for funds like Bain Capital and Carlyle, positioning him to address growing investor appetite for illiquid assets. Analysts note this reinforces Evercore’s competitive edge in a market where secondaries advisory revenue grew 18% YoY in 2024. The firm’s APAC team now manages $12.7B in secondaries-related commitments, per recent disclosures.

Why this matters: Leadership transitions in secondaries often precede aggressive fundraising cycles. Evercore’s decision to promote Adams Street’s Lee—who previously advised on the region’s largest secondaries fund—suggests confidence in the APAC market’s resilience despite macroeconomic headwinds. Investors should monitor how this reshuffle impacts deal flow, particularly in distressed infrastructure and tech sectors facing exit pressures.