PitchBook-亚太地区私人资本展望_年中更新（英）-2025_17页_848kb

APAC Private Capital Midyear Update Summary

Global Context

The APAC private markets experienced slower growth in 2025 due to low liquidity, geopolitical tensions, and tariffs between the US and China. Capital is consolidating in regional markets, with Credit and secondary strategies expanding to enhance liquidity.

Japan

Japan's M&A activity remains robust, with over 750 deals completed by mid-2025, exceeding previous years except 2023 and 2024. This is driven by favorable monetary policies and foreign investment, but slowed slightly due to a stronger yen and regulatory changes, which could impact foreign participation in 2025.

Greater China

Despite macroeconomic challenges, nondomestic investor participation in VC deals has likely bottomed for this year, with deal value share rising to 17.2% from 16.7% in 2024. However, overall deal activity is down, with PE deal involvement dropping significantly, and the region facing funding strains for earlier-stage startups.

Southeast Asia

Exits are increasing, with several large IPOs and acquisitions driving deal values. High-valued startups are delaying exits to seek growth, but market conditions may improve liquidity. The median age at exit decreased, indicating more efficient exits, but the overall exit value for 2025 is projected below 2021 peak.

India

VC deal activity continues to rise, further narrowing the gap with China. India's startups are performing well despite global headwinds, but IPOs have been limited. If exits increase in 2025, it could attract more international investment.

Australia

Fundraising slowed significantly, favoring established managers and limiting opportunities for emerging funds. Dry powder is concentrated among larger players, reducing diversity and access for smaller deals. A broader recovery will depend on improved exits and institutional capital flow into early-stage ventures.

South Korea

Early-stage VC deployment is muted without clear exit mechanisms, despite government support. Largely reliant on conglomerates and cautious LPs, the market underperforms later-stage deals. Recovery hinges on catalysts like policy reforms or high-profile exits.

Overall Outlook

For the remainder of 2025, APAC's private markets face continued pressures from low liquidity and geopolitical risks, but opportunities exist in niche regions and strategies, with local capital becoming crucial for sustaining regional growth.