Private equity exit developments in Southeast Asia marked the most-read stories last month.

KKR’s divestment of its stake in Singapore’s Goodpack, more than a decade after the PE major took the firm private from the Singapore Exchange, was the top story in November. KKR agreed to sell Singapore’s Goodpack back to the founding Lam family for about $1.4-1.5 billion.

Khazanah’s secondary portfolio sale, Vietnam’s Mekong Capital‘s exit from a restaurant chain, and the state of mid-market exits in Indonesia dominated headlines during the month. Kredivo’s fresh fundraising plan to give its early investors partial exits was another important story in November.

As part of our year-ender series, we looked at Southeast Asia’s venture capital scene in 2025 and the prospect of a renewed valuation gap, driven by a recovery in private equity deals and the thawing IPO market in the region.

From India, we featured Affirma Capital’s increased focus on the mid-market growth segment and GIC-backed Delhivery‘s talks to acquire a local logistics firm.

From Greater China, our interview with a top executive at AB Value Capital Partners highlighted that exits in China are showing signs of renewed optimism. We also carried this exclusive on Taiwan’s CDIB Capital Group and funds-of-funds Federated Hermes exit from Taiwan-based Poyun Group.

Southeast Asia

KKR sells Goodpack back to Lam family after over a decade

The buyback highlights a growing trend of private equity firms returning their Southeast Asian portfolio companies to the original owners.

Exclusive: Walujo to step down as Patuwo likely to take helm at GoTo, lifting Grab merger prospects

Major investors, including SoftBank, Provident Capital Partners, and Peak XV, have been pushing for a change at the top as talks over a potential Grab-GoTo combination resurface.

There’s more to SE Asia’s VC standstill than just unrealised returns

2025 marks another year where the market has not moved into a new cycle, with investor sentiment dampened by the series of scandals involving eFishery.

Developments at Falcon, Capsquare highlight state of mid-market PE exits in Indonesia

Despite the opening of exit opportunities, the pool of investors willing to take minority stakes in Indonesian firms remains limited.

Indonesia’s aesthetic clinic chains attract new wave of investors

Aesthetic clinics, once a niche luxury service, have become one of the most resilient consumer health segments in post-pandemic Indonesia.

Khazanah’s secondary portfolio sale draws European heavyweight

The sale is structured as a mosaic transaction, in which the portfolio is split among multiple buyers, with each selecting specific assets that fit their investment strategy.

Vietnam-based Mekong Capital exits restaurant chain Red Wok

The transaction marks the latest in a string of low-profile divestments for MEF III, which had also exited Ben Thanh Jewelry in 2020.

Indonesian tycoon mulls stake sale in Singapore’s Farrer Park Hospital

Private hospitals have been an investment hotspot in Southeast Asia in the past 24 months, with a cluster of headline deals.

Kredivo eyes fresh capital raise to provide liquidity to early backers

The process is expected to include both primary and secondary components and is being driven largely by investor exit needs.

Indonesia’s consumer growth story gets a Chinese twist

It is witnessing the influx of a new set of investors—Chinese founders armed with the operational playbooks that powered their nation’s consumer-tech boom.

SE Asia’s private equity recovery shadowed by renewed valuation gaps

Even as deal activity in SE Asia is expected to pick up, the thawing IPO market in the region might revive the valuation mismatch between buyers and sellers.