After two years of valuation resets and slower exits, private equity in Southeast Asia is rebuilding its liquidity engine. Indonesia’s public markets are a critical part of that story, while sponsor-to-sponsor secondaries and structured capital are increasingly doing the heavy lifting between entry and exit. This panel will unpack what ‘good’ liquidity looks like in 2026 and beyond and how LPs are underwriting exit optionality, what the exchange needs from PE-backed issuers, and how private credit/special situations capital is changing deal structures and holding-period strategy.