Singapore
The industry is in a consolidation phase rather than a growth phase, says Urs Wietlisbach.
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While Sarona established its SG office only in 2021, it has been investing in Asia for a while now.
PE funds are sitting on significant dry powder that must be deployed before their investment periods expire.
Preference for resilient assets with predictable cash flows adds to attractiveness of global portfolios.
Rest of Asia
As many as 21 Japan-based first-time managers made the final close in 2024.
India
ChrysCapital, Anicut Capital, and Sauce.VC floated continuation funds last year.
LPs are no longer passive in co-investments but seek better visibility into the exit potential.
LPs are now exercising caution due to underwhelming DPIs
An increasingly active secondaries market would also help drive DPIs.
“Returns in the region have failed to match that of US-focused funds,” says Michael Liu, MD.
