Mergers and acquisitions (M&A) activity in Asia-Pacific rose to USD204bn in the last quarter of 2022, from USD179bn in the same quarter of 2021. However, transactions with private equity involvement fell to 2.7% of the total M&A value, compared with 12.6% the year before. The largest transaction with private equity involvement in 2022 was EQT AB’s USD7.5bn buyout of Baring Private Equity Asia. Coming in second was Hina Group and Industrial Bank Co’s Shanghai branch’s USD2.9bn bid to acquire software services company Vnet Group. Private equity and venture capital investments in the Asia-Pacific, excluding Japan, declined in 2022, continuing on a downward trajectory since the third quarter of 2021. Data from S&P Global Market Intelligence showed that activity peaked in 2021 with 347 deals valued at USD74.1bn.