September Luncheon - Secondaries : Hydrating an Illiquid Market

When:  Sep 20, 2023 from 12:00 PM to 01:00 PM (CT)
Associated with  CFA Society Austin

Secondaries- Hydrating an Illiquid Market 


The secondaries market has grown into an exciting area with over $100 billion of volume per annum. It is becoming harder to ignore it, but sophisticated investors are asking the right questions, such as:

    1. Does secondaries belong in a private markets portfolio?
    2. Can secondary buyers really purchase assets at a discount to intrinsic value?
    3. Does the benefits of secondaries outweigh the costs (multiple layers of fees)?
    4. Can I execute secondary transactions in-house?

Speakers: Eric Chang from Melange Capital Partners

Most recently, Mr. Chang was a Director at Teacher Retirement System of Texas (“TRS”), where he invested predominately in private capital for Energy, Natural Resources and Infrastructure (“ENRI”).  In this role, he oversaw the investment of $4+ billion of capital. 

At TRS, Eric served on the internal ENRI Investment Committee and 52 external limited partner advisory committees (“LPACs”) with 19 sponsors where he developed unique relationships with sponsors and gained a distinct unparalleled insight into portfolios, valuation methodologies and governances.  Eric has led the legal negotiations of 17 fund commitments and 59 principal investments during his time at TRS.   

Eric has served as board observer for Black Mountain Sand and GridTek.  Prior to joining TRS, Eric worked at a private equity backed energy company.  Eric began his career in Houston in the Oil & Gas group at Credit Suisse and later worked at Kayne Anderson investing in midstream assets.

Eric received his BBA in Finance and BA in Economics with honors from the University of Texas at Austin.

Members of CFA Society of Austin are invited at no charge. You must input your CFA ID to register as a member. Guests and non-members may attend for a guest fee of $40 per person due at registration.  Members of other CFA Societies within Texas may attend as members.  Please indicate the city you are a member of on the registration page. 

If your plans change after registering and you will no longer attend, please contact the chapter administrator Karina at [email protected] . No shows will be charged a fee if they do not contact Karina at least 24 hours before the event to cancel.

Click on MORE INFORMATION to register!


AT&T Hotel and Conference Center
1900 University Avenue
Austin, TX 78705
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CFA Society of Austin

[email protected]