Q&A with Wandy Hoh: Innovation in private markets

Tell us about your unique career path and what drew you to specialise in infrastructure secondaries? 

I started as an investment banking associate, but my goal was always to invest in private markets. Life took an unexpected turn during the dot-com bust and the company I was working with was acquired by another financial institution. During this transition, I found myself working closely with the private equity team on a new secondaries business. That gave me the chance to pursue my passion for investing while learning how to be entrepreneurial and build something from the ground up. That theme, creating new businesses and products, has been a constant throughout my career.

For readers unfamiliar with secondaries, what does the market involve? 

It’s an asset class that operates below the radar. We provide liquidity for limited partners and general partners in private markets. Using capital raised from our investors, we acquire limited partnership stakes or partner with GPs to create liquidity solutions. It’s a fiduciary business, and our role is to help investors manage their portfolios more flexibly. 

The secondaries market has seen significant innovation in recent years. How do you encourage creativity and problem-solving within your team?

Creativity comes from collaboration. You can’t solve complex problems alone in a corner. We foster a culture of rigorous but healthy debate where challenging ideas to make them better is encouraged. Diversity is key: across levels and backgrounds. Junior team members bring fresh perspectives, and different experiences spark new ideas. If everyone thinks the same way, you won’t innovate.

As the industry continues to embrace digitalisation and AI models, how do you see technology shaping investment decisions and talent development in private markets?

We’re entering a new era where we can process and analyse vast amounts of data faster than ever. For secondaries, that’s a huge advantage because data review is resource-intensive. AI will take over the mundane processing, freeing our teams to focus on critical thinking and analysis which is the most valuable part of the job. But understanding the source and fundamentals of the data remains essential. Technology will enhance decision-making, but human judgment will always matter.

In what ways do you feel empowered to make decisions that reflect our purpose and principles?

Our guiding principles – opportunity, accountability, integrity – align perfectly with my own values. We manage capital that ultimately plays a role for pensioners and everyday people saving for retirement, so accountability is inherent in what we do. Integrity builds trust and reputation, and opportunity drives innovation. These principles empower us to pursue growth responsibly.

What advice would you offer to someone exploring a career in private markets, and how can they shape their own path? 

Don’t be afraid to take personal risks. It’s daunting to veer off your best-laid plans, but innovation and opportunity often come from disruption. This industry has changed dramatically over 25 years, and embracing change is key. If you take calculated risks and adapt, you’ll thrive.

Also, network as much as possible.  Conferences are invaluable for building your brand, learning, and forming partnerships that will matter later in your career.