SINGAPORE – Apr 11, 2025 – Southeast Asia’s (SEA) private equity (PE) market made a significant rebound in 2024 with deal value rising 60% to $16 billion compared to 2023, in line with most of the Asian-Pacific markets. However, investors must brace themselves for more uncertainty ahead.

SEA’s sharp rebound in deal value in 2024 was led by Singapore and Indonesia, with large investments in digital infrastructure assets helping support growth, according to the findings of Bain & Company’s Southeast Asia Private Equity report released today. While deal value increased, deal count declined slightly, reflecting continued friction in deal markets in the region.

Exits made a notable comeback with a 30% increase in exit value, primarily driven by deals in Singapore and Malaysia. However, aging portfolios and a soft IPO market continue to contribute to a lingering exit overhang. Fundraising remained challenging but pan-Asia-Pacific strategies have gained share in 2024, reflecting a strategic shift towards broader regional plays.

“Our survey shows that SEA investors are concerned about exit difficulties, fundraising challenges, and quality deal flow,” said Usman Akhtar, head of Bain & Company’s SEA PE practice. “The recently announced tariffs are adding another layer of complexity to dealmaking in Southeast Asia. To start, we are seeing our clients proactively assess the first and second order impact of tariffs on their portfolios in the region.”

In terms of sectors, the digital infrastructure space, particularly data centers and telecommunications towers, emerged as the top-performing segment, regaining its 2022 highs amid soaring demand for scalable, policy-supported platforms. Financial services, especially FinTech, also captured increased investor attention, growing faster in SEA than across broader Asia-Pacific—a testament to the region’s strong digital adoption trends. Energy and natural resources deal value surged in 2024, led by significant activity in the utilities and renewables segment. The report also noted that private education remains underdeveloped in emerging SEA, with structural tailwinds pointing towards accelerated growth.

“As geopolitical shifts and export uncertainties continue to shape the global investment climate, the SEA PE market is expected to focus on building exit-ready portfolios, doubling down on value creation, and maintaining agility. Competition is intense, underlining the growing need for differentiation and a clear investment sweet spot,” said Suvir Varma, advisory partner to Bain & Company Global Private Equity practice.

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For media enquiries and to download a copy of the report, please reach out to:

• Yan Xin Tay – yan-xin.tay@bain.com
• Ann Lee - ann.lee@bain.com