PRIVATE equity and venture capital investments in the Asia-Pacific, excluding Japan, dropped 34.5 per cent to US$6 billion in the second quarter from US$9.2 billion in the year-earlier period.

The number of deals, meanwhile, slid 23.3 per cent to 46 from 60 in the same period a year earlier, based on data from S&P Global Market Intelligence.

The financial information services provider also recorded falls in both the aggregate transaction value and volume in the first half of 2023.

The transaction value was down 40.3 per cent on the year to US$14.4 billion from US$24.1 billion, while volumes slipped to 93 from 121 transactions.

Private equity deals comprised 6 per cent of all merger and acquisition (M&A) transactions in the second quarter, which totalled US$98.1 billion.

In the same period last year, M&A deals stood at US$180.5 billion, and private equity transactions made up 5 per cent of that amount.

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Bain Capital’s offer to buy the remaining 57.83 per cent stake in Chindata Group, a data centre solutions company, was the largest private equity-backed deal in Asia-Pacific in H1 2023. The deal was valued at US$2.3 billion, S&P said.

The next largest deal was MBK Partners and Unison Capital Korea’s US$1.8 billion bid for a 65.1 per cent stake in Osstem Implant, a South Korea-based dental implants company.