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PitchBook:2026年亚太私募资本市场展望报告:年中更新(英文版)(21页).pdf

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1、2026 APAC PRIVATE CAPITAL OUTLOOK:MIDYEAR UPDATE1Institutional Research GroupAnsel Tan Director,APAC Private Capital Melanie Tng Research Analyst,APAC Private Capital Adi George Associate Data APublished on June 26,20262026 APAC Private Capital Outlook:Midyear UpdateChecking in on our 2026 APAC priv

2、ate capital predictionsPitchBook is a Morningstar company providing the most comprehensive,most accurate,and hard-to-find data for professionals doing business in the private markets.2026 outlooks3 A monetary easing cycle across APAC will drive private markets deal momentum.6 APAC exits will recover

3、 in 2026 amid easing trade tensions.11 Chinas private markets will turn inward amid global realignment.14 SoutheastAsiasventuremarketwillfinditsbottomin2026.17 The nascent GP-led secondaries market in Asia will see growth in 2026.20 References2026 APAC PRIVATE CAPITAL OUTLOOK:MIDYEAR UPDATE2Introduc

4、tionAsia-Pacific(APAC)privatemarketsentered2026expectingamoresupportivebackdrop.Inflationhadmoderatedacrossmuchoftheregion,centralbankswerebeginningtoeasepolicy,andimprovingfinancingconditionswereexpectedtosupportdealmaking,fundraising,and exits after several years of subdued activity.Six months int

5、o the year,the broad direction of that outlook remains intact,although recovery has been shaped less by a synchronized easing cycle and more by improving liquidity conditionsandmarket-specificdrivers.The most notable development has been the gradual repair of APACs liquidity cycle.Exit activity has

6、strengthened across both PE and VC,distribution activity has recovered from recent lows,and fundraising has reopened for larger and more established managers.Alternative liquidity solutions such as GP-led secondaries havealsocontinuedtogaintractionassponsorsseekgreaterflexibilityinmanagingaging port

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1. **亚太私募市场韧性复苏**:2026上半年亚太PE交易额达720亿美元(724笔),VC退出价值同比增长115%(IPO占90%),但退出中位时长延长至6.3年。 2. **流动性改善驱动**:PE分配收益率回升至18.5%(接近长期均值18.8%),大型基金募资超2025全年,资本循环约束缓解。 3. **区域分化加剧**:日本受益于治理改革,中国转向本土化(90%募资为人民币),东南亚创投触底(交易额69亿美元,后期占76%)。 4. **GP-led二手基金增长**:亚太延续基金交易量上升,中国HSG 30亿美元字节跳动、印度ChrysCapital 7亿卢比NSE案例为标杆。 5. **结构性主导**:宽松货币周期弱于预期,交易动能更多来自市场特定因素(如日本企业重组、东南亚数字基建投资)。
**APAC市场复苏?** **中国资本转向?** **东南亚触底了吗?**
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