ASIA-PACIFIC private equity investors turned cautious in 2022 amid a difficult and uncertain economy. Deal value for the region fell 44 percent in 2022, ending two years of record investments. In Southeast Asia, PE deal value declined more than 50 percent for the full year, and it tumbled further in the first half of 2023, down 68 percent compared with the same period the previous year.

These results have left Asia-Pacific PE managers less optimistic about future returns than they were a year ago, according to Bain's 2023 Asia-Pacific Private Equity survey. Asia-Pacific exits and fund-raising also fell sharply in 2022, with exit value down 33 percent year on year. In Southeast Asia, exits fell by 46 percent.

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