Aqualis Partners has broadened its leadership and operational capabilities with a series of strategic hires, reinforcing its ambitions in the private equity secondaries market.
The Darien, Connecticut-based investment firm announced new appointments across senior leadership, investor relations, and its analyst program as it continues to expand its platform.
Experienced Industry Leaders Join as Partners
The firm has appointed Hong Pan and Steve Talbot as Partners, bringing with them more than a decade of experience working together in the private equity secondaries sector.
Before joining Aqualis Partners, both executives spent over 12 years at CF Private Equity, where they played key roles in establishing and growing the firm’s dedicated secondaries investment business.
Their arrival is expected to strengthen Aqualis’ expertise in sourcing, evaluating, and executing complex secondary market transactions while supporting the firm’s long-term investment strategy.
Hong Pan Brings Extensive Secondary Investment Expertise
Hong Pan joins the firm after serving as a Managing Director at CF Private Equity, where he helped launch the company’s secondaries investment program as one of its founding members.
Throughout his tenure, he participated in investments across four dedicated secondary funds, focusing on both limited partner (LP) liquidity solutions and general partner (GP)-led transactions.
Beyond secondaries, Pan contributed to investment decisions across buyouts, growth equity, venture capital, real assets, and sustainability-focused strategies.
Earlier in his career, he worked in investment banking at Oppenheimer & Co., advising corporate clients on mergers, acquisitions, and capital-raising initiatives.
He graduated with distinction from the University of North Carolina at Chapel Hill, earning a Bachelor of Science in Business Administration.
Steve Talbot Adds Broad Transaction and Capital Markets Experience
Steve Talbot also arrives from CF Private Equity, where he most recently held the position of Managing Director after helping establish the firm’s secondaries investment platform.
Over more than 12 years, Talbot worked on LP liquidity solutions and GP-led secondary transactions while contributing to investments made through the firm’s four dedicated secondary funds.
His experience also extends across buyout, venture capital, growth equity, and real assets investment strategies.
Before entering private equity, Talbot built his career in investment banking at BB&T Capital Markets, where he advised companies on mergers, acquisitions, and capital markets financing.
He earned a Bachelor of Science in Business and Enterprise Management from Wake Forest University.
Investor Relations Function Strengthened
Aqualis Partners has also appointed Dylan Arpey as Director of Investor Relations, placing him in charge of investor engagement, fundraising initiatives, and broader business development activities.
Arpey joins after serving as Director of Investor Relations for the Growth Buyout team at SV Health Investors, where he led marketing and capital formation efforts for the firm’s healthcare investment strategy.
His previous experience includes leading investor relations and fundraising activities at Orangewood Partners during its third institutional fundraising campaign.
Earlier in his career, he co-founded Geyser Advisors, a boutique placement agency that advised emerging and diverse alternative investment managers on firm formation and fundraising strategies.
Firm Launches First Analyst Class
Alongside its senior appointments, Aqualis introduced its inaugural analyst cohort, highlighting the firm’s commitment to developing future investment professionals.
The new class includes Cameron Cavanna as Investment Analyst, who previously completed a private equity summer analyst role at StepStone Group and graduated from Cornell University with a Bachelor of Arts in Government.
Colin Costigan joins as Investor Relations Analyst, supporting fundraising and investor engagement efforts. He holds degrees in Energy Engineering from Purdue University and Economics from Butler University.
Michael Ofodile joins as Investment Analyst after gaining experience as a Software Engineer Intern at Oracle and serving as a Data Science Research Assistant with Yale University’s Department of Economics.
He earned degrees in Computer Science and Applied Mathematics from Yale University.
Zach Lipsher also joins the investment team after working as a Private Equity Summer Analyst at StepStone Group. He graduated from Yale University with a Bachelor of Arts in Economics.
Building a Technology-Driven Secondaries Investment Platform
Founded in 2025, Aqualis Partners focuses primarily on acquiring smaller LP interests in private equity funds across the United States and Western Europe while also pursuing GP-led transactions, direct investments, preferred equity opportunities, seasoned primary investments, and selected opportunities in additional global markets.
The firm combines decades of secondaries market experience with technology-driven investment processes, incorporating data analytics and artificial intelligence to develop liquidity solutions designed to address the evolving demands of private market investors.
Outlook
The latest wave of hiring signals Aqualis Partners’ intention to accelerate its growth while expanding its investment capabilities, investor engagement efforts, and operational capacity.
By adding experienced industry veterans alongside emerging investment talent, the firm is positioning itself to compete more aggressively in the rapidly evolving private equity secondaries market.
