He has worked in secondaries since the market traded barely $10B a year; in 2025 it cleared $220B, and he has been part of that rise from the start.

Katie and Tom talk about how CPP decides where it has a real right to win, why alignment is the first thing he tests in a continuation vehicle, how a single secondary can become a years-long relationship with a manager, and where the market heads next.

His take on the "CV squared": the rationale for the deal matters as much as the price.

About Our Guest:

Tom Kapsimalis is Managing Director and Head of Secondaries at CPP Investments, based in Toronto. He leads the team responsible for the firm's private equity secondaries program — across LP-led and GP-led transactions, single- and multi-asset continuation vehicles, and structured secondaries — and oversees portfolio sales for CPP Investments' private equity department.

He began his career in 2008 in investment banking in New York, working in syndicated leveraged finance through the financial crisis, before moving to the buy side and into the secondaries market in its early days. He has been part of the secondaries business at CPP Investments through its growth from a nascent strategy into one of the largest segments of private markets, where the firm now deploys an estimated $3–5B a year.

About The Re-Up:

The Re-Up is a podcast about the business of raising and allocating capital in private markets — and how that work can be done better. In private markets, a re-up is the decision to recommit to a manager's next fund: the ultimate signal of trust. Each episode is a candid conversation with the LPs, GPs, and advisors who have built exceptional track records — the conversations that usually happen over dinner after the conference, not the ones on stage. Hosted by Katie Fasken, founder of August Advisors, a Toronto-based placement firm connecting exceptional private investment managers with institutional capital.

He has been investing for more than 30 years — and many of the investors who first backed him are still with him today.

Katie and Jack talk about why he refused to chase a bigger fund, the belief that size is the enemy of returns, the age-12 loss that shaped his approach, and how Incline seeks to create value once it owns a business.

His take on continuation vehicles: he looks to put his own money into single-asset deals where the GP rolls 100% of their carry.

About Our Guest:

Jack Glover is the Founder and Managing Partner of Incline Equity Partners, a Pittsburgh-based private equity firm focused on the middle and lower-middle market across services, value-added distribution, and specialized light manufacturing. Over a 30-plus-year career, he has built Incline into a widely recognized middle-market buyout firm.

Before founding Incline, Jack spent 15 years at PNC Equity Partners. He began his career at Westinghouse Credit Corp. and went on to the investment banking division of Wheat First Securities. Today Incline manages a flagship fund of just under $2B alongside its Elevate and Ascent funds, which keep the firm active at the smaller end of the market.

Jack holds a B.S. with honors from Duquesne University, where he is a Distinguished Alumnus, and an MBA from the Booth School of Business at the University of Chicago. A proud native of Pittsburgh, he founded the Incline Foundation, which supports education in under-invested communities.

About The Re-Up:

The Re-Up is a podcast about the business of raising and allocating capital in private markets — and how that work can be done better. In private markets, a re-up is the decision to recommit to a manager's next fund: the ultimate signal of trust. Each episode is a candid conversation with the LPs, GPs, and advisors who have built exceptional track records — the conversations that usually happen over dinner after the conference, not the ones on stage. Hosted by Katie Fasken, founder of August Advisors, a Toronto-based placement firm connecting exceptional private investment managers with institutional capital.