1、2025JAPANPrivate Capital Breakdown22025 JAPAN PRIVATE CAPITAL BREAKDOWNContentsPitchBook Data,Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchAnsel Tan Director,APAC Private Capital Institutional Research GroupAnalysisA

2、nsel Tan Director,APAC Private Capital Melanie Tng Research Analyst,APAC Private Capital DataHarrison Waldock Data APublishingReport designed by Chloe Ladwig and Drew SandersPublished on December 2,2025Click here for PitchBooks report methodologies.Japan market overview 3Dealmaking 4Exits 15Fundrais

3、ing 1932025 JAPAN PRIVATE CAPITAL BREAKDOWNJapan market overviewPrivate capital deal value($B)by asset class$0$5$10$15$20$25$30$35$40$452016201720182019202020212022202320242025VCPESource:PitchBook Geography:Japan As of September 30,2025Private capital deal count by asset class02004006008001,0001,200

4、1,4001,6001,8002016201720182019202020212022202320242025VCPESource:PitchBook Geography:Japan As of September 30,2025Japans macroeconomic environment has been relatively stable in 2025.The Bank of Japan(BOJ)has maintained its cautious approach to policy normalization,holding its policy rate at 0.5%in

5、September while gradually scaling back its purchases of government bonds and exchange-traded funds.Inflation has stayed slightly above the BOJs 2%target but is showing signs of easing as external demand weakens and domestic consumption slows.Economic growth is expected to come in around 1%for 2025,r

6、eflecting softer exports,cooling business investment,and steady but modest wage gains.The yen has remained weak,and this has continued to shape investor behavior.For domestic companies,it has boosted export earnings and corporate profits,helping sustain deal pipelines for both private equity(PE)and