2026年亚太私募股权报告

Despite a fragmented recovery, improving exitsand liquidity boosted investor optimism. Authors and acknowledgments This report was prepared by: Sebastien Lamy,a Bain & Company partner based in Tokyo and coleader of the firm’s Asia-Pacific Ben MacTiernan,a partner based in Melbourne and a member of Bain’s Australia and New Zealand Elsa Sit,practice vice president with Bain’s Asia-Pacific Private Equity practice. The authors wish to thank Kiki Yang, coleader of Bain’s Asia-Pacific Private Equity practice, for her overallguidance; Sungwon Yoon, Wonpyo Choi, Yeounghoon Yang, Yongsuk Cho, Hao Zhou, Stanley Chen, UsmanAkhtar, Tom Kidd, Jim Verbeeten, Timo Kairi, Sriwatsan Krishnan, Prabhav Kashyap Addepalli and AdityaMuralidhar for their input on regional dynamics; Benjamin Farmer, Gene Rapoport, Richard Lichtenstein,Geoffroy Descamps, Kukhyoe Koo, James Viles and Kushal Raja for their guidance on the AI chapter;Mike McKay and Brenda Rainey for their input; Winnie Xie and Owain Palmer for their contributions;Echo Han, Dhawal Pandey, the team from the Bain Capability Network (Ira Kaur, Vikas Sharma, Deepak We are grateful to Preqin, MSCI, S&P Global Market Intelligence, and Asia Venture Capital Journal (AVCJ)for the valuable data they provided and for their responsiveness. This work is based on secondary market research, analysis of financial information available or provided to Bain & Company and a range ofinterviews with industry participants. Bain & Company has not independently verified any such information provided or available to Bainand makes no representation or warranty, express or implied, that such information is accurate or complete. Projected market and financialinformation, analyses and conclusions contained herein are based on the information described above and on Bain & Company’s judgment, Contents Asia-Pacific Private Equity: A year of start-stop dealmakingWhat happened in 2025?Deals: Volatile swingsExits pick upFund-raising challenges persist Asia-Pacific Private Equity: A year of At a Glance Deal value declined moderately in all markets except Japan; exits rebounded strongly inGreater China from a low base, and fund-raising dropped to a 12-year low Net distribution turned positive after three years of net outflows General partners are more optimistic about future returns, but substantial exit overhangsremain, including underperforming assets held for several years `Leading funds are starting to run rigorous diligence on the impact of AI on targets and helpportfolio companies harness AI to reach full potential The market rebound that many anticipated in 2025 failed to gain broad traction. Instead, persistentuncertainty led to an uneven recovery. Deal value declined, and fund-raising continued its downwardtrajectory(see Figure 1), but several positive signs emerged. Exit value rebounded for a second Deal performance diverged by market. Japan again stood out, generating growth in both deal value andcount. Corporate governance reforms, ample carve-out and privatization opportunities, and supportivefinancing conditions helped enable dealmaking. Greater China recorded double-digit growth in deal count Buyouts maintained a roughly 50% share of total value, but average buyout transaction size declined,driven by a lack of blockbuster deals. Australia–New Zealand, Japan, and South Korea remain traditional Deal multiples—the ratio of enterprise value to EBITDA—increased to 13.4 times. Elevated valuations, partiallyfueled by public market rallies, remain the second-highest concern for general partners (GPs). To justify Sector activity was more diversified in 2025. Technology, media, and telecommunications remained thelargest sector, but its share fell to a 10-year low. At the same time, retail emerged as a focus for large Asia-Pacific Private Equity Report 2026 GPs have made exit and portfolio management key areas of focus, and the results are starting to show.Exit value grew in 2025 for the second year in a row, helping ease portfolio overhang pressure. As initialpublic offering markets revived in several countries, IPOs again became the primary source of exits, Portfolio holding periods grew longer: The number of portfolio companies held for more than five yearsrose 18% vs. 2024. Funds’ increasing share of mid-tenure assets (2020–2022 vintages) is pushing GPs to The fund-raising environment remained challenging. Total capital raised in the region fell sharply to a12-year low of $58 billion (excluding RMB-denominated vehicles). Asia-Pacific’s share of global fund-raisingslipped further to 5%. However, several major Asia-Pacific-focused funds are on the road with strong limitedpartner (LP) commitment, pointing to a potential rebound in 2026 based on commitments received to date. Net distributions turned positive after three years of net outflows, offering partial relief to LP liquiditypressures. The shift underscores GPs’ focus on exit execution. Cost improvement and top-line grow