This article originally appeared in Bangkok Post.

After a two-year slumber following a decade of record capital inflows, private equity (PE) in the Asia-Pacific region posted a surprisingly strong start in 2014. Investment value in the first quarter shot up to $22 billion, more than double the total over the same period last year. Exit value improved in several important markets, and a number of large investors appeared poised to increase their commitments to PE firms operating in the region.

As always, the headline numbers don’t tell the entire story. The early-year surge lacked breadth and was dominated by a number of megadeals, including Temasek Holdings’s $5.7 billion agreement to acquire one-quarter of Hong Kong retailer A.S. Watson Group in March. Deal value has also slacked off somewhat in recent months―the second quarter has so far been less impressive than the first.

Read the full article in Bangkok Post

Written by Suvir Varma, a Bain & Company partner who leads the firm’s Asia-Pacific Private Equity practice, and Johanne Dessard, a practice-area manager on the Private Equity practice.