Asia-Pacific

PE deal volume was noticeably soft in the ASPAC region throughout 2025 as PE investors in a number of jurisdictions held back from making deals given the significant degree of geopolitical and trade uncertainty in the market. The focus of PE investors in the region largely pivoted away from export driven opportunities and towards domestic-oriented sectors like healthcare, financial services, education, and digital infrastructure.

While deal volume dropped across all key sectors in the ASPAC region year-over-year, deal value rose in several sectors. Healthcare in particular saw a notable increase in PE investment — from $13 billion across 106 deals in 2024 to $18.2 billion across 90 deals in 2025 — the strongest level of investment the sector has seen in over ten years.

Despite declines compared to 2024, TMT continued to attract the largest share of both PE investment and deal volume in the ASPAC region during 2025, with $34.3 billion invested across 374 deals. Industrial manufacturing came in second with $25.4 billion invested across 241 deals, followed very closely by the energy and natural resources sector — which saw $24.3 billion invested across 140 deals.

PE exit activity remained soft in the ASPAC region during 2025; while exit value remained steady for the third straight year at $111 billion, the number of exits fell to a five-year low of 310. The soft exit activity was driven by a continued mismatch between money flowing into the private markets — including private equity, private credit, real estate, and infrastructure — and the money flowing out. While this trend mirrored exit challenges seen globally, the lack of mature secondary markets in the ASPAC region created an additional challenge for PE firms in the region. Given increasing pressure from LPs to return capital, 2026 will likely see an increasing number of exits, although there could be some concerns over exit multiples related to forced exits.