#USA #Darien #Aqualis Partners #Hong Pan #Steve Talbot

Aqualis Partners Welcomes New Partners

In a significant move for the private equity secondaries landscape, Aqualis Partners, founded in 2025, has announced the promotion of Hong Pan and Steve Talbot to partners. This strategic addition aims to strengthen the firm’s capabilities and adapt to the evolving demands of the secondary market.

Aqualis Partners was established by Cari Lodge, a seasoned professional with 25 years of experience in the secondary market. The firm has quickly gained traction since its inception, focusing on developing innovative liquidity solutions for private equity investments. With Hong Pan and Steve Talbot joining the ranks, Aqualis is poised to leverage their extensive experience and expertise to capitalize on emerging opportunities.

A Long-Standing Collaboration

Both Pan and Talbot come to Aqualis from CF Private Equity, where they worked closely with Lodge for over a decade. Their collaborative history is expected to enhance Aqualis's investment strategies and operational efficiencies. Lodge expressed confidence in Pan and Talbot's abilities stating, "Hong and Steve are two of the most talented secondaries investors I know...their addition gives Aqualis the depth to capture that opportunity at scale."

Expertise in Secondary Investments

Hong Pan is recognized for his deep expertise in managing both LP-led and GP-led transactions, having served as a Managing Director at CF Private Equity. Over his 12 years at the firm, he was instrumental in the evaluation and execution of various secondary investments, focusing on liquidity solutions that align with the needs of limited partners. His previous experience in investment banking with Oppenheimer & Co. honed his skills in mergers, acquisitions, and capital raising.

Steve Talbot, who also transitioned from CF Private Equity as a Managing Director, has significant experience evaluating and leading secondary transactions over a similar timeframe. Like Pan, Talbot played a vital role in the development of the firm’s secondary funds. His career in investment banking began at BBT Capital Markets, providing him a solid foundation in financial services.

New Faces in the Firm

The growth of Aqualis is not limited to the partnership, as the firm has also appointed Dylan Arpey as the Director of Investor Relations. Arpey comes equipped with a wealth of experience from SV Health Investors and Orangewood Partners. His background in marketing and capital formation will support Aqualis’s efforts in attracting new investors.

Additionally, Aqualis is pleased to introduce its inaugural class of analysts, each selected for their unique expertise and backgrounds, contributing to the firm's dynamic environment. Cameron Cavanna, Colin Costigan, Michael Ofodile, and Zach Lipsher make up this promising group, bringing experience from firms such as StepStone Group and Oracle.

A Bright Future Ahead

As Aqualis Partners embarks on this new chapter with a bolstered team, its focus remains on acquiring small LP interests primarily in the U.S. and Western Europe while pursuing GP-led opportunities and innovative investment strategies. The firm’s approach combines years of industry knowledge with a modern entrepreneurial mindset that emphasizes innovation and data analytics.

In summary, the strategic additions of Hong Pan and Steve Talbot as partners mark a pivotal moment in Aqualis Partners' journey, positioning the firm for continued success in a competitive landscape. Their collaboration with the existing team and the introduction of new talent set a promising path for addressing market demands, providing vital liquidity solutions, and unlocking value for investors.

For more information about Aqualis Partners and its offerings, visit Aqualis Partners.