As we approach the end of the year, it is time to look back at the events and developments that shaped the private capital landscape in some of the core markets we track in Asia.
In SE Asia, venture capital funding into Indonesian startups fell to a multi-year low in 2025. Startups raised $297 million across 61 deals in the first 11 months of 2025, down from $438 million in 2024. Indonesia’s share of SE Asia’s total deal value has dropped sharply—from nearly 39% in 9M 2020 to about 5.6% in 9M 2025.
Investors characterise the slowdown as a period of recalibration marked by heightened selectivity, especially following the spectacular collapse of eFishery at the start of the year. However, the incident may not have led to a total implosion in Indonesia’s agritech sector in 2025, as the category remains strategic. Funding has not vanished—it has hardened as investors now demand real economics, verified operations, and governance suited for scale. Indonesia’s agritech sector is now heading into 2026 with a mix of optimism and caution.
Moving to Vietnam, where venture capital and private equity activity remained subdued throughout 2025. On the bright side, a series of sweeping policy overhauls this year has laid out the critical foundation for the next investment upcycle, market watchers believe. Key measures include a planned startup trading board, stronger support for private enterprise, and the formal launch of state-backed national and provincial venture capital funds to catalyse private capital.
In India, domestic capital continued to act as a big boost for Indian private equity (PE) and venture capital (VC) firms preparing to raise new funds amid the global uncertainty. A substantial share of all capital raised by fund managers this year has come from domestic LPs, including institutions, pensions, insurers, family offices, and resident HNIs. The proposed pension sector revamp may also signal increased capital flow into the alternative asset class.
However, institutional participation still lags what a country of India’s scale could support. “The basic policies are already in place. Banks, insurers, and pension funds are allowed to invest, and some government-backed entities have committed significant capital. Yet most large institutions are still early in their journey or investing well below their limits,” Rajat Tandon, President of IVCA, the industry body representing India’s private equity (PE) and venture capital (VC) sector, told us in an interview.
This week’s edition of Beyond the Buyout looked at standout trends in Asia’s private equity in 2025, from fundraising to exits and the making of a strong secondaries ecosystem.
A sharp rise in liquidity needs across private markets pushed LP- and GP-led secondaries transactions to the forefront in 2025. While deal flow remains high, buyers are targeting only top-quality assets, reshaping pricing dynamics and accelerating a shift toward more focused portfolios.
Lastly, this month’s GreenStreet examined top trends in climate investing in 2025 and how the largest global institutional investors see opportunities in the region’s energy transition.
Let’s move to the other headlines from the week.
Kickstart the new year with the Indonesia PE-VC Summit in Jakarta on Jan 29, 2026. Check out the 30+ speaker lineup and the agenda for the day.
LP-GP quarter
KKR is doubling down on Asia as it heads into 2026, citing underweight investor positioning, ongoing corporate reforms, and long-term consumption growth across the region. KKR sees Japan and South Korea as standout opportunities for corporate carve-outs and take-privates. It also sees value in China, due to depressed asset valuations and attractive dividend and buyback yields.
Healthcare-focused Quadria Capital has sold a partial stake in NephroPlus following the dialysis chain’s IPO and listing in India. Quadria expects to retain around 30% of the company after selling just under 5% of its total holding.
Early-stage Indian venture capital firm Endiya Partners has garnered additional capital commitments worth $12.6 million from German state-owned development bank DEG.
India’s Speciale Invest, a deep-science and technology-focused VC firm, has launched a $156 million growth-stage fund to back deep-tech companies. In August, Speciale Invest closed its third fund at Rs 600 crore, surpassing its initial target of Rs 500 crore.
Elham Credit Partners, Hillhouse Investment Management’s private credit arm, has teamed up with Daiwa Securities–backed Digital Climate Group to source private credit deals across Asia, with a primary focus on Japan’s mid-market.
KKR is investing $220 million in Dubai-based analytics firm Premialab, underscoring the private equity giant’s push into the Middle East.
Swedfund, Sweden’s development finance institution, has invested $20 million in Vietnam’s EVF General Finance JSC, a financial services provider for MSMEs.
Data-led insights
Startup funding in Southeast Asia rebounded in November even without a single $100 million-plus megadeal. The month saw a modest improvement in average cheque sizes, underscoring that November’s higher monthly total was driven more by slightly larger rounds than by an increase in deal volume. The biggest disclosed deal in the month was signed by Singapore’s Amperesand, followed by Thai digital insurer Roojai.
A surge in big-ticket transactions in Q3 lifted startup funding by 18.6% sequentially in Greater China. With deal volume also rising 15.4% quarter-on-quarter, Q3 has emerged as the best quarter so far for fundraising in the region, according to the Greater China Deal Review: Q3 2025. Semiconductor led among sectors, with 110 deals that raised close to $2.5 billion.
Deal news
Indonesia-based dental clinic chain Satu Dental has raised fresh funds by issuing preference shares to a mix of new and existing investors. Venture investor Sai Global Singapore has exited the firm via a secondary transaction.
Danantara Indonesia has made its first measured step into Saudi Arabia’s hotel sector by completing the acquisition of hospitality and real estate assets in Makkah.
VinFast is doubling down on Indonesia with a plan to commit more than $1 billion in additional investment to expand its manufacturing footprint.
Malaysia’s licensed digital asset fund manager Halogen Capital has raised $3.2 million in a funding round led by Kenanga Investment Bank and 500 Global.
IFC is considering a $50 million investment in GFCL EV Products to support its manufacturing facility in Gujarat.
Singapore-based maritime electrification startup Pyxis has raised $10 million in the first close of its S$18 million growth funding round.
Singapore-based trade finance platform Olea Global has raised $30 million in a Series A round anchored by Spain’s BBVA.
Hong Kong-based RedotPay, a global stablecoin-based payment fintech startup, has raised $107 million in a Series B funding round led by Goodwater Capital. Pantera Capital, Blockchain Capital, Circle Ventures and HongShan also invested. The round brings RedotPay’s total capital raised in 2025 to $194 million.
AnyMind Group has agreed to acquire Japanese beauty and personal care distributor Sun Smile for an undisclosed amount. The deal marks AnyMind‘s 13th acquisition overall and seventh in Japan.
Indonesian network provider Moratelindo has announced a merger with Sinar Mas Group’s broadband unit MyRepublic Indonesia.
Viewpoint
In a guest post for DealStreetAsia, Jamaludin Bujang, Managing Partner at Gobi Partners, wrote that Malaysia is seeking to move up the semiconductor value chain—from a global backend manufacturing hub into higher-value segments such as IC design and advanced manufacturing for AI and 5G.
Kabir Narang, the founding partner of two global investment firms, authored a post on the IPO boom in India. The current liquidity cycle is driven not by loose capital or momentum, but by unit economics, profitability and disclosure-readiness, he said.
Finally, we thank you for your continued support and wish you a great start to the new year. We will be back with our next Editor’s Take newsletter in January. See you in 2026!
