China private equity activity is recovering, although investors remain increasingly selective and focused on exit opportunities, industry executives said during DealStreetAsia’s Asia Private Equity Leadership Summit in Hong Kong. The China private equity recovery follows a prolonged market reset triggered by the US-China trade war, the pandemic and domestic policy changes. Gary Chan of Sun Hung Kai & Co said fundraising activity had improved during the past 12 to 18 months, a

Bain Capital has closed its sixth Asia-focused private equity fund at USD10.5bn, exceeding its original USD7bn target, highlighting continuing institutional appetite for large-scale Asia private equity strategies. Bain Capital Asia Fund VI received approximately USD9.1bn from external investors, with the balance committed by the firm’s partners, employees and related entities. The Bain Capital Asia Fund VI vehicle will invest across sectors including technology, industrials,

Malaysia’s Maybank Asset Management has launched a private credit feeder fund with LGT Capital Partners, giving sophisticated and high-net-worth investors in Malaysia access to a diversified global private credit strategy. The Malaysia private credit fund will invest into LGT Global Private Credit SA, SICAV-RAIF and be distributed through Maybank Private Banking and Maybank Wealth Management. Maybank Asset Management said it is the exclusive third-party entity offering the LG

Macau has issued its first fund investment licence under its new Investment Fund Law to HOPU Investments, allowing the Beijing-based alternative investment firm to establish an asset management unit in the city. The Macau fund licence approval comes nearly five months after the law took effect on Jan. 1, introducing a new framework for private funds and structures including collective investment companies and limited partnership funds. Before the legislation, asset management

PitchBook expects global private markets to expand more slowly over the next five years, forecasting assets to grow at a 5.7% compound annual rate from USD20.3tr in 2024 to USD26.7tr by 2030. The private markets growth outlook reflects higher interest rates and weaker distributions reshaping the industry. Secondaries are projected to more than double from USD700bn in 2025 to USD1.5tr in 2030, while funds of funds may shrink to USD600bn from about USD900bn. PitchBook said the

DealStreetAsia said 150 firms have been confirmed to attend its Asia Private Equity Leadership Summit in Hong Kong on May 20, underlining Hong Kong’s role in Asian private capital and family office dealmaking. The summit will bring together senior executives from limited partners, general partners, private credit and secondaries investors, family offices and other industry participants. Confirmed firms include KKR, Bain Capital, Ardian, HarbourVest, Partners Group, StepStone

Malaysia’s Armed Forces Fund Board, or LTAT, is preparing its first move into private credit as it seeks defensive investments with high-single-digit returns. LTAT managed more than MYR13bn (USD3.29bn) at the end of 2025. Chief investment officer Ahmad Farouk said the Malaysia private credit strategy remains at the governance and manager-selection stage, with the pension fund prioritising capital preservation. Farouk said institutional investors should support SMEs that strug

China ASEAN investment platform activity is accelerating as a USD1bn private equity initiative backed by sovereign investors reached a first close of USD520m. The Galaxy Orientis platform, supported by China Investment Corporation, Indonesia Investment Authority and the State Oil Fund of Azerbaijan, targets opportunities across the China–ASEAN corridor. The China ASEAN investment platform will focus on industrials, healthcare, consumer, business services and technology sector

Asia private equity fund activity reached a record as EQT closed its BPEA Private Equity Fund IX at USD15.6bn, marking the largest Asia-Pacific-focused fund raised to date. The oversubscribed Asia private equity fund, with USD14.9bn in fee-generating assets under management, will target control investments across technology, healthcare, industrial technology and services. The close comes despite fundraising for Asian funds hitting a 12-year low in 2025 after four consecutive

AI investments family offices are accelerating across Asia despite concerns over elevated valuations in US markets. Wealthy investors deployed USD24.3bn into private AI deals in 2025, nearly tripling the previous year, with another USD950m committed by early April. The surge in AI investments family offices reflects strong demand for exposure to leading firms such as OpenAI and Anthropic, although access challenges and valuation risks are pushing some investors toward Asian s

Joe Tsai family office investment through Blue Pool Capital has led a Series A funding round in the Asian University Basketball League, as investors bet on the rapid growth of basketball across Asia. The family office-backed investor was joined by Avenue Capital Group, Nan Fung Group, HSG, Bolt Ventures and former Chinese Basketball Association chief Yao Ming, marking his first investment in an emerging sports league. The AUBL said its inaugural tournament in Hangzhou attract

Family offices March dealmaking slowed as ultra-wealthy investors pulled back on direct transactions during a month marked by market volatility linked to the Iran conflict, according to Fintrx data. Family offices made 39 direct investments in companies during March, down 25% from February after adjusting for the difference in month length. Even so, deal sizes increased, with a quarter of those transactions qualifying as mega-rounds of more than USD100m. Bezos Expeditions co-

Family offices Asia recycling fund backing helped Circulate Capital secure a USD220m first close for Circulate Capital Asia II, giving the Singapore-based investment manager more than 70% of its USD300m target for a vehicle focused on scaling circular supply chains and recycling businesses across South and Southeast Asia. Backers include Builders Vision, Stella, Clotho Family Office, Wire Group and Fondation Prince Albert II de Monaco. The first close exceeds Circulate Capita

Blue Pool Capital private equity fund activity has entered a new phase as the Hong Kong-based multi-family office and investment firm co-founded by Alibaba billionaire Joe Tsai raised USD1bn for its first private equity fund, Riverside Fund, marking an expansion beyond multi-strategy investing. The firm was founded by Tsai and former Alibaba executives and is led by CEO Oliver Weisberg, a former Goldman Sachs banker and former Citadel partner in Hong Kong. Weisberg previously

Full Vision EnerVenue investment has led a USD300m Series B+ preferred stock financing round in US energy storage firm EnerVenue Holding, backing the battery maker it originally incubated as it expands manufacturing and commercial operations. The investment brings California-based EnerVenue’s total funding to USD445m. The company develops aqueous metal cell batteries for long-duration grid storage, a technology adapted from aerospace applications. Proceeds will support resear

Circulate Capital Asia fund has raised USD220m for the first close of its second Asia vehicle, defying a broader pullback in ESG investing. Singapore-based Circulate Capital said the first close of Asia Fund II brings total assets under management to USD480m. Backers include Builders Vision, the family office founded by a grandson of Walmart founder Sam Walton, alongside existing corporate investors such as Coca-Cola and new institutional backers, including the Emerging Marke

China VC fundraising is on track for a record first quarter as Beijing channels more state-backed money into technology sectors such as AI, robotics and quantum computing. Newly committed capital to venture funds reached RMB86bn(USD12.5bn) in January and February alone, already above the previous quarterly high of RMB68.9bn set in Q3 2021, according to data from the Asset Management Association of China cited by Reuters. Nearly all of the biggest backers of new yuan-denominat

Vietnam venture capital funding could gain support from newly created state-backed funds, which industry executives said may help unlock more private capital for startups by giving foreign investors greater confidence in the market. Hanoi has set up a VND600bn(USD22.8m) fund, while Ho Chi Minh City launched a VND500bn vehicle, though executives said the sums remain modest relative to demand and far below the size of some regional funding rounds. ThinkZone Ventures said govern

China fund manager merger activity is set to deepen as Huaan Fund Management and smaller peer HFT Investment Management prepare to combine under rules that bar one company from controlling stakes in two mutual fund managers, according to a local media report. Both firms are controlled by Guotai Haitong Securities, and the final merger plan is expected later this month or in early April. The proposed China fund manager merger comes as regulators push wider consolidation across

Philippines private capital funding growth accelerated in 2025 as total capital raised rose 34% year on year to USD1.5bn, according to a Foxmont Capital Partners report. Debt financing jumped 144% to USD490m, while equity funding rose 10% to USD1.01bn. Although total deal volume fell, average deal size increased 64% to just over USD20m, indicating a shift towards larger transactions. Fintech remained the most active sector by deal count, while healthtech posted the biggest ri