For the second year in a row, uncertainty hovered over Asia-Pacific private equity (PE) markets. Many investors put dealmaking on hold in 2023, worried about slowing economic growth across much of the region, persistently high interest rates that raise the cost of PE debt, and volatile public stock markets. Ongoing geopolitical tensions and global conflicts reinforced investors’ concerns. Unable to fathom what was ahead, funds retrenched to wait out the storm. The unsettling mix of macroeconomic conditions was investors’ key concern, according to Bain’s 2024 Asia-Pacific Private Equity survey.
