2024年亚太区私募股权市场报告_市场营销策划_2024年市场报告-3月第4周_【2024研报】重点.docx

Asia-PacificPrivateEquityReport2024StayingthecourseamidupheavalRAlN&COMPANY©AuthorsandacknowledgmentsThisreportwaspreparedby：Sebastien1.amy,aBain&CompanypartnerbasedinTokyoandcoleaderofthefrm,sAsia-PacificPrivateEquitypractice；1.achlanMcMurdo,apartnerbasedinMelbourneandamemberofBain,sAustraliaPrivateEquitypractice；andElsaSit,practicevicepresidentwithBain,sAsia-PacificPrivateEquitypractice.TheauthorswishtothankKikiYang,coleaderofBain,sAsia-PacificPrivateEquitypractice,forheroverallguidance；WonpyoChoi,KukhyoeKoo,BenMacTiernan,AlexBoulton,andDavidZehnerfortheirperspectivesonimprovingportfolioexitvalue；BrendaRaineyandJohanneDessardfortheirperspectivesonassetclassdiversification；UsmanAkhtar,AlexBoulton,AndreaCampagnoli,Meng-Yang1.ee,MaiNguyen,HaoZhou,WonpyoChoi,SungwonYoon,SriwatsanKrishnan,APrabhavKashyap,AdityaMuralidhar,JamesViles,BenMacTiernan,andJimVerbeetenfortheirinputonregionaldynamics；JoyMcConnochieandOwainPalmerfortheircontributions；EchoHan,DhawalPandey,SanyamSharma,ShilpiBansal,andtheteamfromtheBainCapabilityNetwork(IraKaur,MunishBasrar,VikasSharma,DeepakBhawani,ShaliniDe,SiddhantBanerjee,SaloniSingh,andKabirSinghKochar)fortheiranalyticsupportandresearchassistance；andGailEdmondsonforhereditorialsupport.WearegratefultoPreqinandAsiaVentureCapitalJournal(AVCJ)forthevaluabledatatheyprovidedandfortheirresponsiveness.Thisworkisbasedonsecondarymarketresearch,analysisoffinancialinformationavailableorprovidedtoBain&Companyandarangeofinterviewswithindustryparticipants.Bain&CompanyhasnotindependentlyverifiedanysuchinformationprovidedoravailabletoBainandmakesnorepresentationorwarranty,expressorimplied,thatsuchinformationisaccurateorcomplete.Projectedmarketandfinancialinformation,analysesandconclusionscontainedhereinarebasedontheinformationdescribedaboveandonBain&Company'sjudgment,andshouldnotbeconstruedasdefinitiveforecastsorguaranteesoffutureperformanceorresults.Theinformationandanalysishereindoesnotconstituteadviceofanykind,isnotintendedtobeusedforinvestmentpurposes,andneitherBain&Companynoranyofitssubsidiariesortheirrespectiveofficers,directors,shareholders,employeesoragentsacceptanyresponsibilityorliabilitywithrespecttotheuseoforrelianceonanyinformationoranalysiscontainedinthisdocument.ThisworkiscopyrightBain&Companyandmaynotbepublished,transmitted,broadcast,copied,reproducedorreprintedinwholeorinpartwithouttheexplicitwrittenpermissionofBain&Company.Copyright©2024Bain&Company,Inc.Allrightsreserved.Asia-PacificPrivateEquityReport2024ContentsAsia-PacificPrivateEquity:Investorspulledback,anddealactivityplunged2Whathappenedin2023?5Dealsallbutstopped5Spotlightonenergyandnaturalresources9Competitionshrinks11Multiplesplunge13Exitsdropagain14Fund-raisingplummets16Returnsremainattractive21Improvingportfolioexitvalue24Findingagoodfit26Asmartapproachtoassetclassdiversification29Privatecreditandinfrastructure30Aimtooutperform33Marketdefinition36Asia-PacificPrivateEquityReport2024Asia-PacificPrivateEquity:Investorspulledback,anddealactivityplunged Thenumberofprivateequitydealsandexitsfellsharplyinmostmarketsamidongoinguncertainty. Asia-PacificPEfundsraisedjust$100billionin2023,thelowestlevelinadecade. Facedwithatoughmarket,GPsdevelopednewstrategiestofindbuyersandimproveexitvalue. AlternativeassetclassessuchasinfrastructureandprivatecreditofferagrowthopportunityforAsia-Pacific-focusedfunds.Forthesecondyearinarow,uncertaintyhoveredoverAsia-Pacificprivateequity(PE)markets.Manyinvestorsputdealmakingonholdin2023,worriedaboutslowingeconomicgrowthacrossmuchoftheregion,persistentlyhighinterestratesthatraisethecostofPEdebt,andvolatilepublicstockmarkets.Ongoinggeopoliticaltensionsandglobalconflictsreinforcedinvestors*concerns.Unabletofathomwhatwasahead,fundsretrenchedtowaitoutthestorm.Theunsettlingmixofmacroeconomicconditionswasinvestors,keyconcern,accordingtoBain,s2024Asia-PacificPrivateEquitysurvey.Dealvaluefellto$147billion,extendingthedealmakingslumpthatbeganin2022.Exitsplunged,andfundaisingdeclinedtoitslowestlevelin10years(seeFigure1).InvestorsremainedespeciallycautiousofbuyingcompaniesinGreaterChina,andamurkyeconomicoutlookaffectedtheentireregion.Globalgeneralpartners(GPs)reducedtheirinvestmentsinAsia-Pacificcountries,anddealsandexitsdeclined.Japanwastheonlymarkettobuckthetrend,withariseindealactivity.InvestorsfoundcomfortinJapan,sdeeppooloftargetcompanieswithperformanceimprovementpotential,itsstableregulatoryenvironment,andpersistentlylowinterestrates.Technologywasagainthelargestindustrysectorintermsofdealsandexits.Theenergyandnaturalresourcessectorwastheonlyinvestmentareainwhichdealvalueandvolumegrewasignthatinvestorsareincreasinglybettingonassetsrelatedtotheenergytransition.GreaterChina,sexitsviainitialpublicofferings(IPOs)werebyfarthebiggestsourceofexitactivity,mostlyintechnology-relatedsectors(suchassemiconductors)thataretypicallythedomainofgovernment-affiliatedfunds.ExcludingIPOsinGreaterChina,exitvaluefellto$65bill