The average LBO deal size in Asia has exploded from around $1 million in the early 1990s. Asia now has mega funds, and deals over $100 million. So which private-equity investors will do best? The authors of this article identify big global branded funds; the investment banks; focused funds; and value-added general partnerships. And they emphasize that the next few years will be good for investing, but not for exiting deals. In 2002, the authors expect the Asian LBO market to become much more regional and less concentrated on Korea, with several acquisitions of Chinese manufacturers closing soon and restructurings in Japan, Hong Kong, Singapore, Taiwan and Australia generating a range of private equity transactions.