Asia’s private markets landscape is showing increasingly divergent trends across asset classes and geographies amid geopolitical tensions and lingering macro volatility.
In a deeply insightful article, my colleague Nguyen Ngoc argues that venture capital activity remains in reset mode even as private equity fundraising gradually regains momentum with improving financing conditions and larger exits. Recent research points to a market where investors continue to differentiate between buyout opportunities and early-stage venture investments.
Meanwhile, Pimfha Chan reports that private equity dealmaking across Asia-Pacific slowed in the first half of 2026. Yet, capital deployment has not stalled. Deals ranging from upper-mid-market to large-cap transactions continue to close across key markets, albeit with longer timelines.
From China, Eudora Wang reports that the world’s second-largest economy has also retained its position as the second-largest unicorn hub globally with 381 unicorns. At the same time, India and Southeast Asia have slipped in the rankings amid market consolidation and regulatory shifts.
Moving onto other headlines of the week:
LP-GP news
India’s state-backed alternative asset manager National Investment and Infrastructure Fund Limited (NIIF) has secured an additional investment commitment of Rs 30,000 crore ($3.5 billion) from the Indian government, according to an announcement.
Despite deepening concerns over the US market, some limited partners are looking to increase allocations to Asia’s private credit sector, according to Sumit Bhandari, Head of Asia Private Credit at Allianz Global Investors. “Some [LPs] have already decided to come to Asia, and that is reflected in the size of our first close,” he said.
StepStone Private Wealth is guiding clients back to fundamentals, maintaining long-term allocation discipline, and diversifying across strategies and vintages in view of potential redemption pressures, partner Neil Menard said in an exclusive interview.
Hong Kong-based alternatives asset manager Templewater is betting on a multi-strategy approach to give both its investors and portfolio companies the necessary exposure amid an evolving operating environment and risk appetites.
Buyers are increasingly taking charge of Asia’s maturing secondaries private equity market. They have become more selective, and are even willing to walk away from assets offered at steep discounts.
Climate focus
Schneider Electric and Asia-focused infrastructure manager Seraya Partners have jointly launched a new energy infrastructure platform, Faraday Energy, which will invest across Asia Pacific and Gulf Cooperation Council countries, as well as other select international markets. Seraya will commit up to $500 million of equity capital into the platform.
Azalea Investment Management, a subsidiary of Seviora Holdings, has launched its first private equity evergreen fund, called Azalea All Access, with $350 million in initial commitments.
Green Climate Fund has approved a $50-million investment in Mekong Earth Regeneration Fund, the inaugural climate-focused fund by Vietnam-based private equity firm Mekong Capital.
Bangladesh Energy Transition Fund has introduced a climate finance platform to channel investment into green infrastructure projects with the potential to scale across the country, according to an announcement.
Timah Partners, a Singapore-based permanent holding company focused on acquiring and operating essential businesses, has launched a Specialised Waste Management Platform (SWP) to consolidate the fragmented specialised waste management industry.
Company updates
Affinity Equity Partners has exited Vietnam’s HDBank by selling its significant minority stake to the lender’s controlling shareholder, amid family buybacks emerging as a preferred exit route for private equity investors across Southeast Asia.
In what appears to be its first startup investment in Southeast Asia, Pfizer Ventures has joined the cap table of Singapore-based Engine Biosciences Pte. Ltd., according to regulatory filings.
Indonesian dental clinic operator Satu Dental has raised about $6 million from several existing shareholders, shortly after the recent exit by a founder-controlled vehicle.
Indian early-stage venture capital firm 3one4 Capital has closed a new $15-million fund with backing from the British International Investment to invest in what it describes as “underrepresented founders”.
Insurtech startup Igloo has acquired Singapore-headquartered Eazy Digital for an undisclosed amount. Under the transaction, Eazy Digital’s client base and Thailand team will become part of Igloo.
Singapore-headquartered surgical robotics firm Biobot Surgical has raised S$20 million (about $15.5 million) in its latest financing round anchored by Temasek-established firm ClavystBio, confirming DealStreetAsia’s report in April.
The International Finance Corporation has proposed an investment of up to $150 million (Rs 1,278.3 crore) in NTT Global Data Centers & Cloud Infrastructure India. The World Bank Group member is also weighing a commitment of up to 20 million euro (about $23 million) to a closed-end carbon fund that will make investments in emerging markets, including Asia.
SMBC Asia Rising Fund, the venture capital arm of Sumitomo Mitsui Banking Corp (SMBC), has invested about $12-15 million in its existing Indian fintech portfolio companies, namely Easy Home Finance, Vayana, and DPDzero. And less than three years after its launch, the fund is widening its investment focus in India.
Lenders have initiated insolvency proceedings against Trustroot Internet Pvt Ltd, the Singapore-based holding company of B2B e-commerce unicorn Udaan, for allegedly defaulting on $170 million of compulsorily convertible notes that matured on June 30.
Indonesian telecom operator Indosat Ooredoo Hutchison has completed the carve-out of its fibre infrastructure business into a new independent wholesale platform called PT Infra Fiber Teknologi (IFT), backed by Arsari Group.
Philippine digital bank GoTyme has secured $13.9 million in additional capital from its parent companies JG Summit Holdings and Tyme Investments, regulatory filings show.
Deep dives
In one of the biggest developments of the week, former Indonesian education minister and Gojek founder Nadiem Anwar Makarim has been sentenced to 10 years in prison in a graft case related to the procurement of Chromebook laptops. Besides, the court has imposed a 1-billion-rupiah fine, which must be paid within one month after the verdict becomes legally binding. It also ordered Makarim to pay 809 billion rupiah in replacement money.
Six Indonesian companies across healthcare, infrastructure, consumer goods, and entertainment are targeting to raise a combined 2.13 trillion rupiah (around $118.63 million) within days of each other in early July, including RANS Entertainment and Bach Multi Global, among others. This is in sharp contrast to the first half, when Indonesia recorded only one IPO.
Temasek-backed Nium is betting on stablecoins becoming a default rail for some cross-border business payments in Southeast Asia within the next three years. The push is being driven directly by client demand, said Anupam Pahuja, Chief Revenue Officer at Nium.
The scorecard
Indonesian capsule hotel operator Bobobox’ losses widened in 2025 despite improving gross profitability, as higher operating expenses and heavier discounting offset growth in its core accommodation business.
Singapore-based healthcare solutions provider Fullerton Health and its subsidiaries more than doubled their annual profit in 2025 as growth in its managed care business lifted revenue.
Trust IQ, the parent firm of Vietnamese credit scoring company Trusting Social, slipped into the red in 2025, as fair value loss on financial liabilities offset higher revenues in the year.
