Southeast Asia-based limited partners (LPs), led by family offices, are increasingly allocating funds to private assets, according to a recent Preqin report. Family offices now account for a third of the region’s investors, up from a fifth in 2020, driven by Singapore’s favourable policies, including the variable capital company structure. By the end of 2023, Singapore hosted 1,400 family offices, with 300 established that year alone. Nearly 50% of Asia-Pacific family offices are now based in Hong Kong and Singapore. Corporate buyers follow as the second largest investor group. Sovereign wealth funds like Singapore’s Temasek and Malaysia’s Khazanah have also played key roles in this trend, with both entities significantly increasing their allocations to private markets in recent years.