Dark clouds loom for Asia-Pac private equity even as deal value hits new high

WHILE Asia-Pacific private equity deal value and exit value in 2018 reached record levels since 2013, the outstanding performance masked worrying signs that point to turbulent times ahead for the market, according to a report by Bain & Company.

Deal value in the Asia-Pacific was US$165 billion in 2018, rising from US$159 billion a year ago. China and India dominated deal-making, taking up about 75 per cent of total value. “The increasing market bifurcation and gathering macroeconomic headwinds that we’ve hinted at in the past are starting to materialize, potentially slowing the revenue growth and multiple expansions that have historically propelled Asia-Pacific PE returns. This means that vulnerable and less differentiated funds could disproportionately bear the brunt of a downturn.”

But exit value dropped 48 per cent from the five-year average to US$5 billion, as did exit count, dipping 52 per cent to 16.

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