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Twenty-five years in the secondary market is what Cari Lodge carries into Aqualis Partners, the private equity secondaries firm she founded in Darien, Connecticut in 2025.
On July 20, 2026, Aqualis named Hong Pan and Steve Talbot as partners.
Pan and Talbot had worked alongside Lodge in the secondaries space before Aqualis existed, a history the firm frames as a reunion of a longtime secondaries team.
The team's composition Private equity secondaries teams are built on relationship density. Deal sourcing depends on LP networks and GP contacts assembled over years.
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