The fall in the number and total value of deals completed underscores the difficulty private-equity firms in the region are having finding attractive takeover targets despite raising record sums of cash in recent years.

"There is insufficient deal supply in the private markets as sponsor-to-sponsor deals, carve-outs and primary sales of privately owned business fail to meet the demand from private-equity investors,” Graham Elton, a partner with Bain & Company, said.