Asia Pacific Private Equity 2026 Almanac with Southeast Asia Insights

Mid-market buyouts formed the core of activity and accounted for 64% of buyout deal volume, supported by platform build-outs, bolt-on acquisitions, and an increased reliance on secondary buyouts as a practical route to liquidity.

Across the region, investment decisions reflected stronger emphasis on execution certainty, valuation discipline, and operational value creation rather than broad macro tailwinds.

The exit environment in Southeast Asia remained muted in 2025. Exit volume declined to 20, down from 28 in 2024, while total disclosed exit value held steady at US$4.5B.

Private equity sponsors continued to favour trade sales and secondary buyouts, which together accounted for approximately 74% of exits, reflecting a preference for execution certainty and pricing clarity in a constrained public-market environment.

At the same time, dry powder remained elevated at US$21.1B, despite fundraising declining to US$3.3B, reinforcing continued investor capacity to deploy capital as conditions improve.

Private equity activity concentrated around TMT, healthcare, and consumer, which together accounted for the majority of buyout deal volume and value.

Within TMT, investment shifted towards the digital infrastructure required to support AI-enabled and data-intensive workloads, including data centres and fibre platforms. Deloitte estimates Southeast Asia’s AI market could reach approximately US$65B by 2035.

In healthcare, activity centred on scaled provider platforms, pharmacy and outpatient access models, and healthcare services adjacencies, where operational uplift and consolidation remain achievable.

In consumer, investment remained selective and focused on service-led, repeat-use platforms, including education and consumer healthcare adjacencies.

Singapore remained the clear centre of private equity activity in Southeast Asia in 2025, accounting for approximately half of total buyout deal count and around 75% of buyout deal value.

Its role as the region’s primary hub for capital aggregation, deal structuring and ownership transitions continued to be reinforced by a higher concentration of larger and platform-level transactions.

Singapore also continues to serve as a preferred regional holding jurisdiction due to the relative certainty it offers in transaction taxes and the absence of withholding tax on outbound dividends. Together, these features provide investors with early visibility over exit outcomes and support structuring decisions upfront.

Across Southeast Asia more broadly, activity remained measured but resilient, reflecting sector-specific opportunities and selective consolidation plays.