When Covid-19 shut down businesses across the Asia-Pacific region in early 2020, stunned private equity investors retreated from the market, but not for long. By the second quarter, many were back closing deals—especially in China, India and Japan—pushing deal value to a record $185 billion by year-end. Returns were steady, but recession and market turmoil depressed exits and fund-raising. Exit value fell 24% year-on-year to $70 billion, and fund-raising declined 32% to $90 billion.
Amid market turmoil, investors generated record deal value.