PitchBook：2025年亚太地区私人资本年中展望报告（英文版）（17页）.pdf

1、12025 APAC Private Capital Outlook:Midyear UpdateChecking in on our 2025 APAC private 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.Published on June 27,2025Publishing

2、Designed by Adriana HansenDataHarrison Waldock Data AInstitutional Research GroupAnalysisPitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchKyle Stanford,CAIA Director of Research,VCp.4The M&A spree in Japan

3、 will continue.p.6Despite a challenging macroeconomic picture in China,nondomestic investor participation in regional deals has likely bottomed.p.9The highest-valued VC-backed companies in Southeast Asia will search forliquidity.p.12India will see increased VC deal activity,further closing the gap b

4、etween it and China.p.14Fundraising headwinds will widen the gap between established and emerging managers in Australias private markets.p.16South Koreas early-stage VC market is unlikely to rebound in H2 2025 without clearer exit signals and stronger founder incentives.2025 outlooksKyle Stanford,CA

5、IA Director of Research,Venture Capital Kaidi Gao Senior Research Analyst,Venture Capital Melanie Tng Research Analyst,APAC Private Capital 22025 APAC Private Capital Outlook:Midyear UpdateIntroductionAt the end of every year,we share our views on how the year ahead will unfold for Asia-Pacific(APAC

6、)private capital.We offered four outlooks for 2025,and it is time to assess those trends to see how they are progressing,as well as explore two new outlooks for the remainder of the year.Globally,the private markets have been slower in 2025 than the market initially hoped.Liquidity remains low,leadi