Katrina Liao

Katrina Liao is a Partner at Coller Capital, one of the world's leading dedicated secondary investment managers. She brings both the buyer and LP perspectives to discussions of continuation vehicles, noting that the embedded knowledge an existing LP has about the underlying company makes a CV roll decision structurally superior to most co-investment opportunities. Liao shares insight from the Coller Barometer survey findings on LP attitudes toward CVs and the market's continued maturation.

• Buyer perspective on continuation vehicle quality and GP alignment
• Coller Barometer findings on LP roll versus cash-out behavior in CVs
• How CV due diligence differs from traditional fund underwriting
• Gp-led versus LP-led market split and its evolution over two years
• Competition among secondary buyers affecting pricing versus economics
• Evergreen and perpetual capital fund strategies in secondary investing
• Gp economics rollover as the key signal of CV quality
• Cvs squared and the maturing of the GP-led secondary market

Liquid Courage Episodes

• Continuation Vehicles are Here for Good, but are LPs Ready to Roll?2026-04-19