PitchBook分析师报告：东南亚早期阶段资本紧缺

Southeast Asia’s Early-StageCapital Crunch PitchBook Data, Inc. Nizar TarhuniExecutive Vice President ofResearch and Market Intelligence Paul CondraGlobal Head of PrivateMarkets Research Why early-stage capital in Southeast Asia remainsfragile, and what is needed to ensure its long-term resilience Kyle Stanford, CAIADirector of Research,US Venture Institutional Research Group Analysis PitchBook is a Morningstar company providing the most comprehensive, mostaccurate, and hard-to-find data for professionals doing business in the private markets. Melanie TngResearch Analyst,APAC Private Capitalmelanie.tng@pitchbook.com DataOscar AllawayData Analyst Key takeaways •Southeast Asia’s early-stage venture market has entered a period of contraction,with both startup deal activity and VC fundraising activity declining sharplysince 2022. Fund formation has fallen to multiyear lows, particularly amongsmaller, first-time managers, reflecting deeper fragilities in the region’s capital-formation layer. pbinstitutionalresearch@pitchbook.com PublishingDesigned byChloe Ladwig •The ecosystem remains overly reliant on nondomestic LPs and sovereignwealth funds, with limited participation from local institutional investors suchas pensions, insurers, and corporates. Domestic capital recycling remainsweak, and the absence of consistent high-profile exits has further dampenedfundraising momentum. Published on August 6, 2025 Contents •Comparisons to India and Australia highlight the region’s structural gaps. Indiabenefits from catalytic government capital and reinvestment from successfulfounders, while Australia’s pension system provides stable long-term funding forVCs. Southeast Asia lacks similar mechanisms, leaving it more exposed to globalrisk cycles. •Despite these pressures, the downturn is driving healthier market behavior.Valuations have reset, investors are more selective, and GPs are increasinglyfocused on fundamentals like unit economics and sustainable growth. Emergingsector themes, such as B2B software, industrial technology, and healthcare,continue to attract disciplined capital. A leaner, more disciplined cycle ahead8 •Without deeper local-LP engagement and credible exit pathways, SoutheastAsia’s capital stack will remain fragile. In the near term, early-stage funding willlikely stay smaller and more cautious, but the correction offers a pathway torebuild around more resilient, fundamentals-driven growth. Introduction Southeast Asia’s early-stage venture market is entering a more challenging phase.Fundraising by local VC firms has slowed sharply since 2022, reflecting a global decreasein risk appetite and exposing structural weaknesses in the region’s capital stack. Thevisible retreat of institutional anchors such as Temasek is part of a wider recalibration:Nondomestic LPs have pulled back, domestic institutional investor participation remainslimited, and first-time managers face an uphill climb in securing commitments. This note examines Southeast Asia’s early-stage funding landscape through the lens offund-level capital formation. We assess the durability of the local GP ecosystem, identifywhere capital bottlenecks are most acute, and evaluate whether Southeast Asia canbuild a more resilient and self-sustaining funding base. From 2015 to 2022, Southeast Asia’s early-stage ecosystem experiencedunprecedented growth. Fueled by an influx of sovereign-backed and global capital,VC fundraising surged as LPs searched for exposure to the region’s digital growth.At their peak, early-stage deals accounted for 66.9% of the total VC deal count (in2019) and 49.2% of overall VC deal value (in 2022). This capital surge enabled therise of regional champions in fintech, logistics, and digital services—many of thembacked by GPs flush with fresh fund commitments. Since 2022, however, the momentum has reversed sharply. VC firms in SoutheastAsia are now struggling to raise new capital from LPs, and that constraint iscascading down the startup ecosystem. Early-stage deal value dropped from $7.3billion in 2022 to $2.8 billion in 2024, while deal count fell from 880 to 423 deals.Fundraising activity also deteriorated sharply: The number of new VC funds raisedin the region fell to multiyear lows, with microfunds (sub-$50 million vehicles)collapsing from 22 raised in 2023 to just 12 in 2024, the weakest on record. Themarket slowdown has also affected founders. With capital reserves thinning, themedian time between seed to Series A rounds and Series A to Series B rounds hasextended significantly since 2022, reflecting tougher follow-on environments andslower investor deployment. Multiple factors have contributed to this capital-formation slowdown. At the globallevel, macroeconomic tightening, such as rising interest rates, higher inflation,and liquidity rotation out of risk assets, has made LPs more cautious. Geopoliticaluncertainty has further weighed on sentiment, with the Israel-Hamas war, theRussia-Ukraine war, an