South-east Asia’s IPO rebound offers beleaguered private equity market a sliver of hope

[SINGAPORE] Private equity (PE) players have seen the lack of exit opportunities in the first half of 2025 contribute to a decline in private dealmaking. A revival in initial public offerings (IPOs) across South-east Asia – seen as a key avenue for exiting a PE investment – may spark some optimism, but would it be enough to lift the sector?

In the PE market, participants are looking back wistfully to the so-called “roaring” 2021, when investors quickly rebounded from the pandemic-driven lull. Encouraged by low interest rates, fundraising set a record amid a frenetic pace in dealmaking.

In the US – the world’s biggest PE market – the number of deals jumped 87 per cent in 2021 from 2020, to top 9,500. Total deal values rose to around US$1.3 trillion.