2026年东南亚私人资本细分（英）2026

Contents Market overview4 Institutional Research Group Dealmaking5 Ansel TanDirector, APAC Private Capitalansel.tan@pitchbook.com A word from BNP Paribas12 Melanie TngResearch Analyst,APAC Private Capitalmelanie.tng@pitchbook.com Exits19 Fundraising23 pbinstitutionalresearch@pitchbook.com Published on March 11, 2026 The accompanying Excel file contains additional chartsand all underlying data for this report. Download the XLSsummary here. Clickherefor PitchBook’s report methodologies. BNP Paribas’ Securities Servicesbusiness supports your privatecapital investments. With our global reach, full suite ofsolutions, and staff expertise, we’reyour end-to-end asset servicing partneracross all strategies and asset classes.We invest in people, risk managementand technology, to power your growth. DISCOVEROUR SOLUTIONS Awards: World’s Best Bank for SecuritiesServices2024 – Euromoney Best Bank for Cross-Border Custody2025 –Asian Investor FOR THOSE WHOMOVETHE WORLD Market overview Southeast Asia’s macroeconomic outlook improved modestlyentering 2025. The Asian Development Bank (ADB) revisedthe region’s growth forecasts for 2025 and 2026 upward to4.5% and 4.4%, respectively, from earlier projections of 4.3%for both years. The upgrade reflects stronger-than-expectedQ3 2025 performance in Indonesia, Malaysia, Singapore,and Vietnam, as well as steady expansion in Thailand. Incontrast, the Philippines saw softer growth expectations,weighed down by weak infrastructure spending amidinvestigations into publicly funded projects and the impact ofnatural hazards.1 PE has proven comparatively resilient. While deal activitymoderated from 2024 levels in 2025, capital deploymentremains broadly in line with historical norms. PE growth/expansion capital continues to dominate, particularly in B2Band infrastructure-linked sectors, where earnings visibilityand structural demand offer insulation from short-termvolatility. Large-scale transactions in Singapore andVietnam underscore sustained sponsor conviction in scaled,defensible platforms. However, liquidity remains the region’s defining constraint.Exit activity across both VC and PE remains subdued,with IPO markets shallow and M&A depth limited. Even aseconomic growth strengthens, capital recycling continues tolag deployment. This divergence reinforces a central themefor Southeast Asia’s private markets: Macro stability aloneis insufficient to drive ecosystem maturity without deeperexit pathways. Despite firmer macro forecasts, private capital marketshave not experienced a commensurate rebound. VCactivity continued to contract in 2025, reflecting structuralcapital stack constraints rather than macro deterioration.Fundraising remains pressured, nondomestic LPparticipation has moderated, and governance scrutinyremains elevated following prior high-profile setbacks.The disconnect between macro resilience and ventureretrenchment highlights the ecosystem’s ongoingmaturation phase. Dealmaking VC deal activity Venture capital potential outcomes relative to larger, more unified marketssuch as the US, India, or China. VC deal activity continued its downward trend Investor caution has also been shaped by governanceconcerns. High-profile setbacks such as the eFisheryscandal, though not recent, have had a lasting psychologicalimpact. Trust, once impaired, takes time to rebuild. As aresult, diligence standards have tightened, and the barfor institutional participation has risen, particularly forgrowth-stage financings. Early 2025 uncertainty surroundingrenewed US tariff risks further dampened sentiment,reinforcing investor selectivity toward export-sensitive andcross-border-dependent business models. VC deal activity in Southeast Asia extended its multiyearcontraction in 2025, underscoring a continued recalibrationrather than a short-term pause. Total deal value fell 33.9%YoY to $6.3 billion across 805 transactions, while deal countdeclined 24.9%. Activity has now retreated significantly fromits 2021 peak, reflecting both global venture headwinds andregion-specific structural constraints. While global monetary tightening and reduced risk appetiteremain important drivers, Southeast Asia’s slowdown alsoreflects deeper ecosystem challenges. The region lacks aconsistent track record of distributions to LPs, largely dueto a weak exit environment and persistent difficulty scalingstartups across fragmented domestic markets. SoutheastAsia’s diversity across languages, regulatory regimes,income levels, and consumer maturity limit the ease withwhich companies can expand regionally, compressing Cross-border capital participation provides additionalevidence of this retrenchment. Deal activity involvingnondomestic investors has moderated, consistent withbroader pullbacks from global LPs and crossover funds.With Southeast Asia still reliant on nondomestic capital toanchor larger rounds, reduced international participation hasamplified the funding slowdown. increasing difficulty sec