亚太地区私人资本展望：年中更新（英）2025

2025 APAC Private CapitalOutlook: Midyear Update PitchBook Data, Inc. Nizar TarhuniExecutive Vice President ofResearch and Market Intelligence Paul CondraGlobal Head of PrivateMarkets Research Checking in on our 2025 APAC privatecapital predictions Kyle Stanford, CAIADirector of Research, VC PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Institutional Research Group Kyle Stanford, CAIADirector of Research, VentureCapitalkyle.stanford@pitchbook.com 2025 outlooks Kaidi GaoSenior Research Analyst, VentureCapitalkaidi.gao@pitchbook.com p. 4The M&A spree in Japan will continue. p. 6Despite a challenging macroeconomic picture in China, nondomesticinvestor participation in regional deals has likely bottomed. Melanie TngResearch Analyst, APAC PrivateCapitalmelanie.tng@pitchbook.com p. 9The highest-valued VC-backed companies in Southeast Asia will searchfor liquidity. DataHarrison WaldockData Analyst p. 12India will see increased VC deal activity, further closing the gap between itand China. p. 14Fundraising headwinds will widen the gap between established andemerging managers in Australia’s private markets. pbinstitutionalresearch@pitchbook.com p. 16South Korea’s early-stage VC market is unlikely to rebound in H2 2025without clearer exit signals and stronger founder incentives. PublishingDesigned byAdriana Hansen Published on June 27, 2025 Introduction At the end of every year, we share our views on how the year ahead will unfold forAsia-Pacific (APAC) private capital. We offered four outlooks for 2025, and it is timeto assess those trends to see how they are progressing, as well as explore two newoutlooks for the remainder of the year. Globally, the private markets have been slower in 2025 than the market initiallyhoped. Liquidity remains low, leading to slower dealmaking and fundraising at thestart of the year. Geopolitical tensions continue to create uncertainty in marketsaround the world, so it would be unsurprising to see the markets remain in a holdingpattern for the rest of the year. Tariffs have been a major storyline for APAC markets, mainly due to the uncertaintycreated by their initial implementation. The United States has taken a tough stanceagainst China, aiming to limit the US economy’s exposure to goods exported fromChina and to reshore manufacturing jobs. For private markets, this has broughtabout opportunities as global supply chains were reorganized. The near-term impacts include a weakened exit environment and slower dealactivity. However, we expect the longer-term effects to drive capital markettrends over the next year. Capital is likely to further consolidate in markets withstrong regional significance, motivating additional fundraising efforts. Credit andsecondary strategies will also expand, enhancing liquidity and financing options fordeveloping private capital markets throughout the region. APAC has relied on largeglobal institutions for late-stage capital in the venture markets and for expansionaryinvestments in PE. As global investors navigate challenges in their core strategies,local capital will also become essential in sustaining regional markets. For now, Japan’s private markets have developed into one of largest-growingopportunities for investors. Credit and private equity strategies abound more sothan in any other APAC market, while the venture ecosystem continues to developwith talent and capital. On the other hand, China’s market has struggled. With economic uncertainty andinvestor wariness due to tariffs and other political pressures from the United States,the PE and VC markets have continued to contract. So, too, have the markets inSoutheast Asia, where liquidity continues to be a challenge, and a high-profile fraudscandal has weakened investor sentiment. The outlook for APAC private capital over the next six months is not dissimilarto that of the US and Europe. The ability to activate liquidity in some form willhelp drive the market forward, while a continued stagnant market will pressurecompanies whose investors and LPs’ patience has worn thin. In the first half of 2025, we published a diverse array of research covering regionsthroughout APAC as we expand our research offerings for the Asian markets.These include: 2025 Southeast Asia Private CapitalBreakdown2025 Australia & New Zealand Private CapitalBreakdownQ2 2025 Analyst Note: Opportunities in APAC IPO MarketsQ1 2025 Analyst Note: Impact of China’s High-Tech FundQ2 2025 Analyst Note: Tariffs and the Rewiring of APAC Private Capital MarketsQ4 2024 India Market SnapshotQ1 2025 Japan Market SnapshotQ1 2025 South Korea Market Snapshot Our other outlook reports from December 2024 coverUS PE,US VC,EMEA privatecapital,healthcare & life sciences,consumer technology,industrial technology, andenterprise technology. Outlook: The M&A spree in Japan will continue. Kyle Stanford, CAIADirec