Bain, Blackstone, EQT dominate Asia PE fundraising narrative

• Large-cap pan-regional funds account for one-third of all capital raised
• Leading GPs have Asia funds that outperform their US, Europe funds
• MBK Partners fundraise loses traction amid Homeplus controversy

Asia large-cap buyouts constrained by tariff-linked uncertainty

• Macro volatility led to investment drop-off in 2Q25, slow recovery
• Decline largely attributable to paucity of USD 500m-plus buyouts
• Japan take-privates, carve-outs, activist investors still key themes

Hong Kong rebound energises PE-backed IPOs in Asia

• China new economy offerings turn Hong Kong into IPO hotbed
• India maintains momentum, helped by Lenskart, Groww, Meesho
• Singapore’s policy push highlights importance of IPOs for VC exits

Asia GP-led secondaries gain traction as global sponsors get involved

• More continuation vehicles have closed in 2025 than in either of prior two years
• KKR, CVC become first global GPs to launch continuation vehicles for Asian assets
• Narrowing bid-ask spread drives China deal flow for those comfortable with risk

GPs get creative about liquidity as Asia PE exits still stutter

• India, Japan are bright spots in patchy Asia exit environment
• AirPower Technologies, Nord Anglia deliver returns at scale
• Cross-fund transfers suggest more sophisticated liquidity push

Developed Asia, India pivot moves from PE investment to fundraising

• China fundraising hits 20-year low, despite smattering of positives
• Australia, India, Japan are the major movers at country GP level
• Certain fundraises offer snapshot of shifting LP preferences in Asia