A private equity rebound remains elusive

ASIA-PACIFIC private equity (PE) markets plunged again in 2023 as investors fretted about slowing economic growth, high interest rates, and volatile public stock markets. Deal value fell to US$149 billion, extending the dealmaking slump that began in 2022. Exits fell sharply, and fundraising declined to its lowest level in 10 years.

Investors remained especially cautious of buying companies in Greater China, and a murky economic outlook affected the entire region.

In South-east Asia, deal value fell 39 per cent compared with the previous five-year average and exit value declined 58 per cent from 2022. In the first quarter of 2024, South-east Asia deal value fell to US$1.4 billion, down 46 per cent from the previous quarter