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1、Asia-PacificPrivateEquityReport2024StayingthecourseamidupheavalRAlN&COMPANYAuthorsandacknowledgmentsThisreportwaspreparedby：Sebastien1.amy,aBain&CompanypartnerbasedinTokyoandcoleaderofthefrm,sAsia-PacificPrivateEquitypractice；1.achlanMcMurdo,apartnerbasedinMelbourneandamemberofBain,sAustraliaPrivate
2、Equitypractice；andElsaSit,practicevicepresidentwithBain,sAsia-PacificPrivateEquitypractice.TheauthorswishtothankKikiYang,coleaderofBain,sAsia-PacificPrivateEquitypractice,forheroverallguidance；WonpyoChoi,KukhyoeKoo,BenMacTiernan,AlexBoulton,andDavidZehnerfortheirperspectivesonimprovingportfolioexitv
3、alue；BrendaRaineyandJohanneDessardfortheirperspectivesonassetclassdiversification；UsmanAkhtar,AlexBoulton,AndreaCampagnoli,Meng-Yang1.ee,MaiNguyen,HaoZhou,WonpyoChoi,SungwonYoon,SriwatsanKrishnan,APrabhavKashyap,AdityaMuralidhar,JamesViles,BenMacTiernan,andJimVerbeetenfortheirinputonregionaldynamics
4、；JoyMcConnochieandOwainPalmerfortheircontributions；EchoHan,DhawalPandey,SanyamSharma,ShilpiBansal,andtheteamfromtheBainCapabilityNetwork(IraKaur,MunishBasrar,VikasSharma,DeepakBhawani,ShaliniDe,SiddhantBanerjee,SaloniSingh,andKabirSinghKochar)fortheiranalyticsupportandresearchassistance；andGailEdmon
5、dsonforhereditorialsupport.WearegratefultoPreqinandAsiaVentureCapitalJournal(AVCJ)forthevaluabledatatheyprovidedandfortheirresponsiveness.Thisworkisbasedonsecondarymarketresearch,analysisoffinancialinformationavailableorprovidedtoBain&Companyandarangeofinterviewswithindustryparticipants.Bain&Company
6、hasnotindependentlyverifiedanysuchinformationprovidedoravailabletoBainandmakesnorepresentationorwarranty,expressorimplied,thatsuchinformationisaccurateorcomplete.Projectedmarketandfinancialinformation,analysesandconclusionscontainedhereinarebasedontheinformationdescribedaboveandonBain&Companysjudgme
7、nt,andshouldnotbeconstruedasdefinitiveforecastsorguaranteesoffutureperformanceorresults.Theinformationandanalysishereindoesnotconstituteadviceofanykind,isnotintendedtobeusedforinvestmentpurposes,andneitherBain&Companynoranyofitssubsidiariesortheirrespectiveofficers,directors,shareholders,employeesor
8、agentsacceptanyresponsibilityorliabilitywithrespecttotheuseoforrelianceonanyinformationoranalysiscontainedinthisdocument.ThisworkiscopyrightBain&Companyandmaynotbepublished,transmitted,broadcast,copied,reproducedorreprintedinwholeorinpartwithouttheexplicitwrittenpermissionofBain&Company.Copyright202
9、4Bain&Company,Inc.Allrightsreserved.Asia-PacificPrivateEquityReport2024ContentsAsia-PacificPrivateEquity:Investorspulledback,anddealactivityplunged2Whathappenedin2023?5Dealsallbutstopped5Spotlightonenergyandnaturalresources9Competitionshrinks11Multiplesplunge13Exitsdropagain14Fund-raisingplummets16R
10、eturnsremainattractive21Improvingportfolioexitvalue24Findingagoodfit26Asmartapproachtoassetclassdiversification29Privatecreditandinfrastructure30Aimtooutperform33Marketdefinition36Asia-PacificPrivateEquityReport2024Asia-PacificPrivateEquity:Investorspulledback,anddealactivityplunged Thenumberofpriva
11、teequitydealsandexitsfellsharplyinmostmarketsamidongoinguncertainty. Asia-PacificPEfundsraisedjust$100billionin2023,thelowestlevelinadecade. Facedwithatoughmarket,GPsdevelopednewstrategiestofindbuyersandimproveexitvalue. Alternativeassetclassessuchasinfrastructureandprivatecreditofferagrowthopportun
12、ityforAsia-Pacific-focusedfunds.Forthesecondyearinarow,uncertaintyhoveredoverAsia-Pacificprivateequity(PE)markets.Manyinvestorsputdealmakingonholdin2023,worriedaboutslowingeconomicgrowthacrossmuchoftheregion,persistentlyhighinterestratesthatraisethecostofPEdebt,andvolatilepublicstockmarkets.Ongoingg
13、eopoliticaltensionsandglobalconflictsreinforcedinvestors*concerns.Unabletofathomwhatwasahead,fundsretrenchedtowaitoutthestorm.Theunsettlingmixofmacroeconomicconditionswasinvestors,keyconcern,accordingtoBain,s2024Asia-PacificPrivateEquitysurvey.Dealvaluefellto$147billion,extendingthedealmakingslumpth
14、atbeganin2022.Exitsplunged,andfundaisingdeclinedtoitslowestlevelin10years(seeFigure1).InvestorsremainedespeciallycautiousofbuyingcompaniesinGreaterChina,andamurkyeconomicoutlookaffectedtheentireregion.Globalgeneralpartners(GPs)reducedtheirinvestmentsinAsia-Pacificcountries,anddealsandexitsdeclined.J
15、apanwastheonlymarkettobuckthetrend,withariseindealactivity.InvestorsfoundcomfortinJapan,sdeeppooloftargetcompanieswithperformanceimprovementpotential,itsstableregulatoryenvironment,andpersistentlylowinterestrates.Technologywasagainthelargestindustrysectorintermsofdealsandexits.Theenergyandnaturalres
16、ourcessectorwastheonlyinvestmentareainwhichdealvalueandvolumegrewasignthatinvestorsareincreasinglybettingonassetsrelatedtotheenergytransition.GreaterChina,sexitsviainitialpublicofferings(IPOs)werebyfarthebiggestsourceofexitactivity,mostlyintechnology-relatedsectors(suchassemiconductors)thataretypicallythedomainofgovernment-affiliatedfunds.ExcludingIPOsinGreaterChina,exitvaluefellto$65bill
