2025年亚太私募股权报告

Most markets showed signs of bouncing back,but fund-raising remained in freefall. Authors and acknowledgments This report was prepared by: Sebastien Lamy,a Bain & Company partner based in Tokyo and coleader of the firm’s Asia-PacificPrivate Equity practice; Prabhav Kashyap Addepalli,a partner based in New Delhi and a member of Bain’s India PrivateEquity practice; and 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; Andrew Tymms, Anthony Wicht, and Vikram Chandrashekhar for their perspectives on portfoliogrowth imperative; Jisoo Ahn for his perspective on corporate carve-outs; Suvir Varma for his perspectiveon secondary exits; Sungwon Yoon, Wonpyo Choi, Yeounghoon Yang, Hao Zhou, Usman Akhtar, JimVerbeeten, James Viles, Ben MacTiernan, and Sriwatsan Krishnan for their input on regional dynamics;Mike McKay and Brenda Rainey for their input; Winnie Xie and Owain Palmer for their contributions;Echo Han, Dhawal Pandey, Sanyam Sharma, Shilpi Bansal, Sanjukta Sen, Vedant Thapliyal, Nippun We are grateful to Preqin and Asia Venture Capital Journal (AVCJ) for the valuable data they provided and 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 hesitant recovery2What happened in 2024?5Deals: A cautious comeback5Greater sector diversity8Competition favors the strong8Multiples rebound10Exits: Diverse trends11Fund-raising: A 10-year low15Returns remain challenging17The value creation imperative21Path to value creation21Balancing growth and strategy22 PE-backed carve-outs are plentiful, Carve-out appeal24 Asia-Pacific Private Equity Report 2025 Asia-Pacific Private Equity: A hesitant recovery At a Glance Asia-Pacific deal value increased 11% in 2024, and exit value rose in every country except China, India was the region’s star performer in 2024—the only country with double-digit growth in both Global private equity funds are expanding their portfolio management teams in the Asia-Pacific Carve-outs are on the rise, but it’s harder to deliver strong returns; leading GPs rely on solidvalue creation plans to turn carve-outs into strong performers For private equity investors in the Asia-Pacific region, 2024 brought glimmers of recovery. Investment rosemoderately in most countries, reversing two years of precipitous declines, while an 11% rebound in dealvalue for the region gave fund managers a jolt of optimism(see Figure 1). Challenges remain, including Dealmaking activity in Asia-Pacific countries diverged sharply in 2024, reflecting changing dynamics in theregion’s economies. India was the region’s best performer in 2024—the only country with double-digit growthin both deal value and count. As recently as 2020, China represented more than half of all Asia-Pacific Uncertain market conditions continued to fuel a surge in buyouts as GPs sought greater control overportfolio companies to manage risk and ensure value creation. Fund managers balanced their investmentsacross different business sectors to diversify their exposure, seeking deals with strong business Intense competition for fewer attractive deals continued to squeeze weaker funds out of the market, andthe number of active investors in the region declined significantly. The top 20 funds’ contribution to total Asia-Pacific Private Equity Report 2025 The number and value of exits in the Asia-Pacific market were flat, but a sharp drop in Greater China’s exitvalue masked gains in other countries. Most fund managers across the region said the exit environmentimproved in 2024. Secondary sales became the largest exit type, as well as an attractive channel for GPsto accelerate distributions and for LPs to improve liquidity. India became the region’s biggest exit market, The pressure on fund managers to make exits and increase distributions to LPs rose significantly in 2024.Among buyouts in the 2017–19 vintage valued at $100 million or more, only 26% had exited by the fifth yearof ownership, compared with 43% for those in the 2011–13 vintage. By year-end 2024, the 2011–19 vintage Achieving top returns has become increasingly challenging. The gap between top-performing funds andbottom-quartile funds is widening for the same vintage fund. The top-quartile funds from vintage 2017have delivered an internal rate of return (IRR) of more than 25%, while the bottom-quartile funds are