2024年亚太地区私募股权晴雨表（英文版）-毕马威

Overall Trends - The private equity market in the Asia-Pacific region is at a turning point, with a cooling investment level but potential for a new wave of activity, innovation, and value creation in the future [1][26][46] Investment Activity and Deal Opportunities - Investment and fundraising trends are positive, with a diverse deal market expected to rebound [2][31] - Private equity investment activity is stabilizing, with deal volumes leveling off after previous declines, indicating a foundation for future growth [4][47] - Fundraising has reached a five-year high, reflecting renewed investor confidence and increased assets under management, allowing firms to pursue a wider range of deals [5][54] Pricing and Valuations - The market is becoming more rational, with deal values normalizing at lower levels, indicating a shift towards a more disciplined investment approach [7][63] - The return of valuations to historical norms suggests a healthier environment for long-term investors focused on fundamentals and value creation [66] Value Creation Opportunities - Digital transformation and operational improvements are key drivers for value creation, particularly in mid-market companies across the region [8][80] - The acceptance of private equity in mature markets like Japan is fostering openness to operational changes post-deal, enhancing growth potential [80] Regional Market Overview - China remains the largest private equity market in the Asia-Pacific despite geopolitical tensions, while India and Southeast Asia are seen as attractive growth markets due to demographic advantages and policy reforms [12][27][38] - Japan and Australia offer stability and mature investment environments, with opportunities in sectors like industrials, healthcare, and technology [35][36] Exit Environment - Although the IPO market remains closed, alternative exit routes are improving, with trade sales becoming a primary exit strategy due to their speed and certainty [3][14] - The importance of secondary markets is increasing, providing investors with options to adjust portfolios and manage risks [16]