Aqualis Partners Raids CVC, SV Health for Secondaries Leadership Team

DARIEN, Conn. – May 05, 2026 – Aqualis Partners, a private equity secondaries firm launched just last year by industry veteran Cari Lodge, has made a significant statement of intent, appointing two senior executives from established financial powerhouses. The move signals an aggressive strategy to build an institutional-grade platform poised to compete in the booming secondaries market.

The Darien-based firm announced it has hired Dan Santopietro, formerly the Head of Fund Finance at CVC Secondary Partners, as its new Chief Financial Officer. Joining him is Dylan Arpey, who will lead investor relations and capital formation after serving as Director of Investor Relations at SV Health Investors. These appointments are more than just new hires; they represent a strategic talent acquisition from major industry players, validating the vision of the nascent firm and underscoring the intense competition for experienced leadership in the private markets.

"Dan and Dylan represent exactly the kind of senior talent we set out to attract when we launched Aqualis," said Cari Lodge, the firm's Founder and Managing Partner, in a statement. "Together, they strengthen the foundation we are building to serve investors and pursue opportunities across the secondaries market."

Building a Bench of Veterans

The caliber of the new executives underscores Aqualis's ambition. Dan Santopietro is a heavyweight in fund finance, bringing over two decades of experience. At his most recent post with CVC Secondary Partners (formerly Glendower Capital), he led a global team responsible for the finance and operations of a staggering $20 billion in secondary private equity assets. His resume also includes senior roles overseeing fund administration for Strategic Partners at The Blackstone Group and for leveraged buyout funds at Credit Suisse, following an early career at KPMG. This deep institutional background is precisely what a new firm needs to build robust, scalable financial infrastructure from the ground up.

"Dan has led fund finance and operations for more than $20 billion in secondary assets, and his experience building institutional-grade finance functions across multiple fund platforms will be critical as we continue scaling the firm," Lodge noted.

Similarly, Dylan Arpey brings a sophisticated understanding of capital formation and investor relations. His experience is notable for its breadth, spanning roles at both specialized and generalist firms. At SV Health Investors, he led marketing and fundraising for its healthcare-focused Growth Buyout team. Previously, as Vice President of Investor Relations at Orangewood Partners, he was instrumental in the firm’s third institutional fundraise. His entrepreneurial roots are also evident from his time as co-founder of Geyser Advisors, a placement agency that advised emerging alternative investment managers—experience that provides a unique perspective for a new firm like Aqualis.

A Tech-Forward Strategy for an Underserved Niche

While the high-profile hires are turning heads, the firm's underlying strategy aims to set it apart in a crowded field. Aqualis is targeting what its founder sees as a lucrative and underserved segment of the market: small LP interests. As massive secondaries funds have grown larger, raising tens of billions of dollars, their minimum transaction sizes have ballooned, leaving a void in the market for deals ranging from as little as $100,000 up to $100 million. Lodge has publicly stated her belief that this smaller end of the market holds an "abundance of transactions" with less competition.

Complementing this niche focus is a commitment to leveraging technology. The firm's mission emphasizes the use of "innovation, data analytics, and artificial intelligence" to deliver creative liquidity solutions. This tech-forward approach is a direct response to one of the secondaries market's biggest challenges: managing and analyzing vast amounts of unstructured data from disparate sources. By applying AI and advanced analytics, Aqualis aims to streamline due diligence, improve valuation accuracy, and enhance deal sourcing, giving it a potential edge over more traditional competitors.

The firm's name itself, derived from the Latin word for "water," is meant to evoke liquidity and adaptability. Aqualis aims to provide investors with nimble and reliable ways to unlock value and rebalance portfolios in the often-illiquid world of private equity.

The Founder's Blueprint for a New Powerhouse

The driving force behind this ambitious venture is Cari Lodge, a 25-year veteran of the secondaries market. Her extensive track record and industry-wide respect are central to Aqualis's ability to attract both capital and top-tier talent. Before founding Aqualis in 2025, Lodge spent 12 years at CF Private Equity (a Commonfund subsidiary), where she served as Head of Secondaries and was instrumental in building its dedicated platform, completing approximately 250 deals during her tenure.

Her career in secondaries began at its very inception within a major institution, joining the founding team of Strategic Partners at DLJ (later Credit Suisse) in 2000. Having personally closed over 425 transactions in her career, Lodge's deep expertise forms the bedrock of the firm's investment philosophy. Her industry standing is further solidified by numerous accolades, including being named one of the "top ten women of influence in private markets" by PEI and a "Woman to Watch" by WSJ Pro Private Equity.

Lodge's vision is built on the conviction that the secondaries market, despite its recent explosive growth, remains "under-resourced and under-capitalized" and is poised to double or triple in size. By combining her time-tested, bottom-up analytical approach with modern technology and a nimble structure, she is betting that Aqualis can carve out a significant space for itself.

Navigating a Market in Hyper-Growth

Aqualis Partners is launching into a secondaries market experiencing unprecedented momentum. Transaction volumes soared to an estimated $162 billion in 2024, driven by persistent demand from Limited Partners for liquidity and the explosive growth of GP-led transactions, which allow fund managers to hold onto prized assets longer. This environment creates a fertile ground for new entrants with a clear strategy.

The departure of executives like Santopietro comes as their former firms are also in periods of intense activity. CVC Secondary Partners recently completed its full integration after being acquired by CVC, raised over $8 billion for its latest flagship fund, and is expanding into new areas like credit and infrastructure secondaries. Arpey's former firm, SV Health Investors, continues to thrive as a specialist in the complex healthcare sector. The moves suggest that for some senior professionals, the allure of building something new with a founder of Lodge's stature, combined with a differentiated market strategy, presents a compelling alternative to continuing within a larger, more established institution. By securing leaders with impeccable institutional pedigrees, Aqualis is rapidly laying the groundwork to become a formidable new player in the evolving landscape of private market liquidity.