Private Equity and Venture Capital in ASEAN 2023: Preqin Territory Guide 1

Preqin Territory Guide:

Private Equity and Venture Capital

in ASEAN 2023

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Private Equity and Venture Capital in ASEAN 2023: Preqin Territory Guide 2

Contents
Acknowledgements 3 Key figures

Lead Writer 4 Private equity and venture capital in ASEAN on the road to recovery

Valerie Kor

Contributing Writer
Harsha Narayan Charts in this guide

Fig. 1: Investor responses to the question: 'Which emerging markets present

Data Analysts
best opportunities?'
Subhana Huq
Fig. 2: ASEAN-focused private equity assets under management, Dec 2013 –
Si Jia Li
Mar 2023
Lenka Rabatinova
Christina Taufan Fig. 3: ASEAN-focused venture capital assets under management,
Dec 2013 – Mar 2023
Executive Editor Fig. 4: Number of ASEAN-focused private equity and venture capital funds
Thomas Marrs and aggregate capital raised, 2013 – Oct 2023
Fig. 5: Five largest ASEAN-focused venture capital funds closed, 2020 – Oct
Copy Editors 2023
Libby Fennessy Fig. 6: Number and value of venture capital deals in ASEAN, 2017 – Oct 2023
Peter Taylor-Whiffen Fig. 7: Five largest venture capital deals in ASEAN, 2022 – Oct 2023
Fig. 8: Venture capital deal value by ASEAN country, 2010 – Oct 2023
In-House Designers
FIg. 9: Venture capital deals in ASEAN by stage, 2010 – Oct 2023
James Flanagan
Tim Short Fig. 10: Average size of venture capital deals in ASEAN by stage,
2010 – Oct 2023
Fig. 11: Venture capital deal value in ASEAN by industry, 2017 – Oct 2023
FIg. 12: Number and value of venture capital exits in ASEAN,
2017 – Oct 2023
FIg. 13: Five largest ASEAN-focused private equity funds, 2020 – Oct 2023
FIg. 14: Number and value of buyout deals in ASEAN, 2017 – Oct 2023
Fig. 15: Five largest private equity-backed buyout deals in ASEAN,
2022 – Oct 2023
Fig. 16: Private equity-backed buyout deal value by ASEAN country, 2010 – Oct
2023
Fig. 17: Private equity deal value ($bn) in ASEAN by industry,
2017 – Oct 2023
FIg. 18: Number and value of buyout exits in ASEAN, 2017 – Oct 2023
Private Equity and Venture Capital in ASEAN 2023: Preqin Territory Guide 3

Key figures
Venture capital

$7.4bn $541mn
ASEAN-focused venture capital dry Size of the largest ASEAN-focused venture
powder as of March 2023, growing 25% in capital fund closed so far in 2023, also the
just three months fifth largest in 10 years

86% $6.7bn
Proportion of ASEAN venture capital deals so Aggregate venture capital deal value so far in
far in 2023 in Indonesia and Singapore 2023, falling 52% year on year

40%
Proportion of venture capital deal value
from the IT sector

Private equity

$23.8bn $2.1bn
ASEAN-focused private equity AUM as Aggregate private equity-backed buyout deal
of March 2023, slightly lagging venture value so far in 2023, 70% lower than 2022’s
capital AUM ($27.3bn) full-year value

$1.9bn
Aggregate exit value, which has fallen by
almost 30% year on year
Private Equity and Venture Capital in ASEAN 2023: Preqin Territory Guide 4

Private equity and

venture capital in
ASEAN on the road
to recovery
It's been a challenging The Association of Southeast Asian Nations (ASEAN) is a region known for young
and tech-savvy demographics, and a growing middle class. Despite being affected
year for ASEAN’s private by the deteriorating global macroeconomic outlook in 2022, the GDP figures of
equity and venture ASEAN’s key markets have expanded at rates between 3.4% and 5.8%, compared
with a slower 2.1% in North America and 1% in Europe.1
capital industries, but According to Preqin’s June 2023 investor survey, 31% of respondents viewed
momentum is picking up Southeast Asia as the emerging market presenting the best venture capital (VC)
opportunities.2 This was down from 46% and 48% in 2021 and 2022, respectively
and there's more room for (Fig. 1). In comparison, 41% of investors believed India presents the best
growth opportunities, while 35% rated China.

1 https://www.imf.org/external/datamapper/NGDP_RPCH@WEO/
2 https://www.preqin.com/insights/research/investor-outlooks/preqin-investor-outlook-
alternative-assets-h2-2023

Fig. 1: Investor responses to the question: 'Which emerging markets present best opportunities?'

70%
Proportion of investors

60%
50%
40%
30%
20%
10%
0%
China Southeast India Central & South Middle East Central Africa
Asia Eastern America America
Europe

Jun-21 Jun-22 Jun-23

Source: Preqin Investor Surveys, June 2021 – 2023

Private Equity and Venture Capital in ASEAN 2023: Preqin Territory Guide 5

Despite its economic growth, ASEAN’s private equity and VC industries were
not unaffected by global macroeconomic headwinds. Region-focused private
equity assets under management (AUM) fell from $23.5bn as of December 2020
to $22.2bn as of December 2022 (Fig. 2). This decrease followed a 21% drop
in dry powder, which could have been because of capital deployment. AUM
has since recovered, standing at $23.8bn as of March 2023, a 7% increase in
just three months.

Fig. 2: ASEAN-focused private equity assets under management, Dec 2013 – Mar 2023

25
Assets under management

20

15
($bn)

10

0
Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Mar-23
Unrealized value ($bn) Dry powder ($bn)

Source: Preqin Pro

Meanwhile, ASEAN-focused VC AUM grew steadily year-on-year at an average

growth rate of 31% from December 2019 to December 2022. VC AUM almost
doubled in just over two years to stand at a record $27.3bn in March 2023 (Fig. 3).
VC dry powder achieved a record $7.4bn, up by 25% in just three months.

Fig. 3: ASEAN-focused venture capital assets under management, Dec 2013 – Mar 2023

30
Assets under management

25

20
($bn)

15

10

0
Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Mar-23
Unrealized value ($bn) Dry powder ($bn)

Source: Preqin Pro

Private Equity and Venture Capital in ASEAN 2023: Preqin Territory Guide 6

" Southeast Asia has a combined GDP of $4tn, a population of 650 million, over 70
million small and medium-sized businesses, and the potential to grow its economy by
$200bn. Its countries have similar strengths that can lead to investment opportunities.
For instance, Indonesia and Thailand excel in automotive manufacturing. To build a
regional electric vehicle ecosystem, Indonesia can supply the electric battery, while
Thailand manufactures automotive parts. Together, both countries can foster a cohesive
approach to attract investments. By harmonizing regulatory frameworks and policies,
promoting investment opportunities collectively, and sharing vital market intelligence,
ASEAN countries can find new opportunities across the region through collaboration. We
are going to see more investment opportunities in other sectors, too, such as climate

"
(including energy transition and climate-related projects), healthcare, and supply chain.

Willson Cuaca, Co-Founder and Managing Partner, East Ventures

Private equity and VC fundraising

ASEAN-focused private equity and VC fundraising, which held up well in 2022
despite worsening macroeconomic conditions and a global tech winter, fell
significantly in 2023. Dealmaking, fundraising, and exits were affected globally,
including in Southeast Asia. As of October 2023, ASEAN-focused private equity
and VC fund managers raised $2.7bn across 21 funds. Deal value is just half the
full-year figure of 2022, when $5.4bn was raised across 32 funds (Fig. 4). The drop
in capital raised is still less drastic than broader Asia-focused fundraising, where
$45.8bn has been raised so far in 2023, only a third of 2022’s full-year figure,
according to Preqin data.

Fig. 4: Number of ASEAN-focused private equity and venture capital funds and aggregate capital raised, 2013 – Oct
2023

60 12

Aggregate capital raised

50 10
No. of funds

40 8

30 6 ($bn)

20 4

10 2

0 0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Oct-23

Total no. of funds closed Aggregate capital raised ($bn)

Source: Preqin Pro. Data as of October 2023

Private Equity and Venture Capital in ASEAN 2023: Preqin Territory Guide 7

Notable closes in 2023 to date included Vertex Holdings’ $541mn Vertex Ventures
SEA & India Fund V, the largest so far this year and the fifth largest in the last
decade (Fig. 5).3 Closed in April 2023, it comprised a mix of local and foreign
investors, such as Temasek Holdings and Japanese Investment Corporation.
The fund invests in early-stage opportunities across Southeast Asia and India,
particularly in the technology sector. It most recently invested $13mn in the series
B round of India-based beauty product manufacturer Pilgrim in September.4
As a sign of ASEAN’s maturing start-up ecosystem, unicorns are setting up funds
and raising capital to support younger start-ups. Argor Capital Management, the
investor arm of Indonesia’s ride-hailing platform Go-Jek, raised the $240mn Go-
Ventures II fund in June 2023, which invests in diversified industries mainly in
Indonesia and India.5 Most of its investments are Indonesia-focused in the food,
media, and financial sectors.

3 https://pro.preqin.com/funds/137501
4 https://pro.preqin.com/asset/565694
5 https://pro.preqin.com/funds/140748

" Marred by high interest rates and inflation, most Southeast Asia markets are impacted
by the slowdown in exports, especially to the US and Europe. However, the region still
experiences tailwinds from the population bonus of a generally younger workforce and
rapidly expanding middle class, as well as a surge in inflow of international capital due to
the China+One strategy by many MNCs.
There is also dry powder in the region for investments, where investors like our
fund, Vertex Ventures Southeast Asia & India, just raised $541mn to provide vital financial
support for the next generation of start-up founders.
"
Liu Genping, Venture Partner, Vertex Ventures SEA and India

Fig. 5: Five largest ASEAN-focused venture capital funds closed, 2020 – Oct 2023

Fund Firm Fund size ($mn) Fund type Final close date

ZWC Ventures USD Fund II ZWC Ventures 774 Early stage Jun-21

Jungle Ventures IV Jungle Ventures 600 Early stage May-22

Multi-Stage Fund East Ventures 550 Early stage May-22

Vertex Ventures Southeast Asia

Vertex Ventures SEA & India Fund V 541 Early stage Apr-23
& India

Alpha JWC Ventures III Alpha JWC Ventures 459 Early stage Nov-21

Source: Preqin Pro. Data as of October 2023

Private Equity and Venture Capital in ASEAN 2023: Preqin Territory Guide 8

Venture capital deals

Venture deal activity peaked in 2021, when the adoption of digital services
accelerated and opportunities for tech innovation was flourishing. Helped by low
interest rates and high levels of liquidity, 1,210 deals amounting to $24.0bn were
concluded (Fig. 6). In contrast, deal volume has more than halved in the first nine
months of 2023 to just 578, with aggregate deal value ($6.7bn) representing less
than a quarter of 2021’s figure. Indonesia and Singapore continue to dominate in
2023, accounting for $2.3bn (35%) and $3.5bn (51%) of deals, respectively (Fig. 8).
Notably, deal values in Vietnam and Thailand have grown over the past decade,
with full-year figures in 2022 achieving 3–6x 2018’s numbers.

Fig. 6: Number and value of venture capital deals* in ASEAN, 2017 – Oct 2023

1,400 30

Aggregate deal value ($bn)

1,200 25
1,000
No. of deals

20
800
15
600
10
400
200 5

0 0
2017 2018 2019 2020 2021 2022 Oct-23

No. of deals Aggregate deal value ($bn)

*Figures exclude add-ons, mergers, grants, venture debt, and secondary stock purchases Source: Preqin Pro. Data as of October 2023

Despite the global tech winter, the IT sector still accounts for a lion’s share (40%)
of total deal value year to date (Fig. 11). However, in terms of absolute value, it has
dropped significantly from $5.4bn in 2022 to $2.7bn in 2023 so far. The IT sector’s
largest deal between 2022 and 2023 so far was the $500mn funding round by
Indonesia-based courier and delivery platform service provider, Uway, in August
2023 (Fig. 7). The company will use the funding to enhance its supply technology
and provide better forecasting and inventory management, in addition to setting up
the Startup Support Fund to help aspiring fledgling businesses in Indonesia.6
Earlier stages are becoming larger. Compared with 2019, the average deal
size for seed to series C rounds in 2023 so far has increased by between 31% and
112%, while that of Series D and later rounds have fallen by 50% (Fig. 10). Given
valuation concerns and poor exit conditions, investors prefer early-stage over
late-stage deals.
Despite the short-term macro headwinds, several tailwinds are boosting
Southeast Asia’s VC industry, which rides on the potential growth of its digital
economy.7 New digital financial services could serve these segments of Southeast
Asia, creating opportunities for GPs and LPs.
Southeast Asian governments are recognizing the impact start-ups can have
on the economy and society and are therefore offering them extra support through
incubator programs and state-backed funds. Singapore has a slew of government
initiatives targeted at start-up funding from various statutory boards and
governmental organizations, most notably Enterprise Singapore. Through Startup

6 https://technode.global/2023/08/11/indonesian-e-commerce-platform-uway-announces-
500m-financing/
7 https://www.bain.com/globalassets/noindex/2019/bain-report-fulfilling-its-promise.pdf
Private Equity and Venture Capital in ASEAN 2023: Preqin Territory Guide 9

Fig. 7: Five largest venture capital deals in ASEAN, 2022 – Oct 2023

Target Target company Deal Deal size Industry

company country date Deal status Deal types ($mn) Investors class

Uway Indonesia Aug-23 Completed Unspecified 500 n/a Information

round technology

Carro Singapore Mar-23 Completed Series C 464 Temasek Holdings, Consumer

GGV Capital, Mitsui discretionary
Sumitomo Insurance,
Shinhan Financial
Group, EDBI, Softbank
Ventures Asia,
Endeavor Catalyst,
PT Mitra Pinasthika
Mustika, East Ventures,
Alpha JWC Ventures,
and others

Grab Singapore Dec-22 Completed Unspecified 444 n/a Financial &

Financial round insurance
Group services

Flash Thailand Dec-22 Completed Series F 432 n/a Industrials

Express
Co., Ltd.

Xendit Indonesia May-22 Completed Series D 300 Accel, Kleiner Perkins, Financial &
Insight Partners, Tiger insurance
Global Management, services
Coatue Management,
East Ventures, Amasia
VC, Intudo Ventures,
Goat Capital

*Figures exclude add-ons, mergers, grants, venture debt, and secondary stock purchases Source: Preqin Pro. Data as of October 2023

SG Equity, the Singaporean government co-invests with third-party investors into

eligible start-ups and VC firms through a fund-of-funds approach.8 The Indonesian
government also has similar programs and aims to increase the number of
entrepreneurs by a million. In September,9 Indonesian government-backed Merah
Putih Fund raised $300mn to invest in local enterprises with a roadmap to IPO or
merger.10 This fund will invest mainly in the later stages, in companies with a pre-
money valuation of at least $200mn.

8 https://www.startupsg.gov.sg/programmes/4895/startup-sg-equity
9 https://en.antaranews.com/news/290841/govt-building-ecosystem-to-support-start-up-
development-minister
10 https://asiatechdaily.com/indonesian-government-backed-merah-putih-fund-raises-300-
million-for-soonicorn-startups
Private Equity and Venture Capital in ASEAN 2023: Preqin Territory Guide 10

Other countries are also trying to play catch-up. The Vietnamese government
announced its ambition to become a high-income economy by 2045 by focusing
on growing its digital economy to account for 20% of GDP by 2025, up from the
current 14%.11 Aside from the country’s Supporting National Innovative Startup
Ecosystem to 2025 project, which provides funding support to 200 start-ups and
aims to develop the legal system,12 Vietnam also has state-backed funds such as
the $521mn SpeedUp fund.
Malaysia is also making a conscious effort to grow its domestic private capital
industries through regulations. 'A government-linked organization reported that it
must obtain approval from regulators before making investments in foreign funds,

11 https://www.cnbc.com/2023/07/12/vietnams-digitalization-efforts-fuel-startup-scene.html
12 https://www.vietnam-briefing.com/news/why-vietnams-emergence-as-startup-hub-
promising-for-investors-2.html/

Fig. 8: Venture capital deal value* by ASEAN country, 2010 – Oct 2023

30,000
Aggregate deal value

25,000

20,000
($mn)

15,000

10,000

5,000

0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Oct-23
Brunei Cambodia Indonesia Malaysia Myanmar Philippines Singapore Thailand Vietnam

*Figures exclude add-ons, mergers, grants, venture debt, and secondary stock purchases Source: Preqin Pro. Data as of October 2023

Fig. 9: Venture capital deals* in ASEAN by stage, 2010 – Oct 2023

1,400
1,200
No. of deals

1,000
800
600
400
200
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Oct-23
Angel Growth capital/expansion PIPE
Pre-IPO Seed Series A
Series B Series C Series D and later

*Figures exclude add-ons, mergers, grants, venture debt, and secondary stock purchases Source: Preqin Pro. Data as of October 2023
Private Equity and Venture Capital in ASEAN 2023: Preqin Territory Guide 11

and another mentioned having to put some of its planned foreign investments on
hold as it is still awaiting the green light from the government,' said Christian Ho,
Research Associate (Private Capital) at Preqin.

Venture capital exits

In terms of VC exits, 2023 has been quiet after the outlier years of 2021 and 2022,
which saw several notable events, including Grab’s $40bn listing on NASDAQ after
a SPAC merger with Altimeter Growth Corp, and Bukalapak’s $1.5bn IPO. Higher
interest rates and inflation levels led investors to slash valuations in 2022 and
this year, following a period of low interest rates and loose monetary policy that
promoted unsustainably high valuations. Of the 30 unicorns in Southeast Asia, half
were minted in 2021,13 but some have seen their share prices tumble after IPO,
amid a global sell-off in tech stocks. While this correction may have impacted the
potential of future exits, it has helped investors focus on the fundamentals of the
business, emphasizing profitability over growth.

13 https://e27.co/a-horse-of-another-heres-the-full-list-of-southeast-asias-20-
unicorns-20210730/

Fig. 10: Average size of venture capital deals in ASEAN by stage, 2010 – Oct 2023

500
Average deal value

400
300
($mn)

200
100
0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Oct-23
Angel Growth capital/expansion PIPE
Pre-IPO Seed Series A
Series B Series C Series D and later

*Figures exclude add-ons, mergers, grants, venture debt, and secondary stock purchases Source: Preqin Pro. Data as of October 2023

Fig. 11: Venture capital deal value* in ASEAN by industry, 2017 – Oct 2023

100%
Percentage of total

80%
deals (%)

60%
40%
20%
0%
2017 2018 2019 2020 2021 2022 Oct-23
Business services Consumer discretionary Energy and utilities
Financial and insurance services Healthcare Industrials
Information technology Raw materials and natural resources Real estate
Telecoms and media

*Figures exclude add-ons, mergers, grants, venture debt, and secondary stock purchases Source: Preqin Pro. Data as of October 2023
Private Equity and Venture Capital in ASEAN 2023: Preqin Territory Guide 12

Exits are an important indicator that investments can return capital to their
backers. Investors have always been concerned about their liquidity when investing
in ASEAN, but the exit market is maturing. Putting the figures into perspective,
although the 44 exits in 2023 to date is fewer than 2022’s figure, it is still higher
than the previous years'. The total exit value of $1.03bn thus far in 2023 is just a
quarter of 2022’s, but more similar to 2019’s full-year value of $1.73bn (Fig. 12).

" Although we've witnessed a few notable IPOs and M&As, exit options remain relatively
limited in Southeast Asia compared to China and India, given the region's current
developmental stage. Despite the macroeconomic environment, Vertex Ventures
Southeast Asia & India manages to drive strong DPI for our LPs through disciplined exit
management, but we acknowledge that there is still work to be done. Hence, we are
encouraged by the promising improvements that SEA countries are making by introducing
policies to facilitate exits through domestic listings, and we are hopeful for rapid
improvements in the coming decade.
"
Gary Khoeng, Partner, Vertex Ventures SE Asia & India

Fig. 12: Number and value of venture capital exits in ASEAN, 2017 – Oct 2023

80 5

Aggregate exit value ($bn)

70
4
60
No. of exits

50 3
40
30 2
20
1
10
0 0
2017 2018 2019 2020 2021 2022 Oct-23
No. of exits Aggregate exit value ($bn)

Source: Preqin Pro. Data as of October 2023

Fig. 13: Five largest ASEAN-focused private equity funds, 2020 – Oct 2023

Final close
Fund Firm Fund size ($mn) Fund type date

Navis Asia Fund VIII Navis Capital Partners 841 Buyout Jun-21

Dymon Asia Private Equity (S.E. Asia) Fund III Dymon Asia Private Equity 650 Balanced Sep-22

Northstar Equity Partners V Northstar Group 590 Growth Dec-21

Growtheum Capital Partners SEA Fund I Growtheum Capital Partners 567 Growth Aug-23

Navis Asia Green Loop Fund Navis Capital Partners 460 Secondaries Jul-21

Source: Preqin Pro. Data as of October 2023

Private Equity and Venture Capital in ASEAN 2023: Preqin Territory Guide 13

Private equity-backed buyout deals

ASEAN traditionally has a low deal flow for buyouts, and this was further impacted
by rising interest rates in 2023. Buyout deal value year-to-date is $2.1bn, 70% lower
than 2022’s full-year value of $5.9bn (Fig. 14). The average deal value has also
almost halved, from $79mn to $43mn. The largest buyout so far this year was
the purchase of a minority stake in Philippines infrastructure firm Metro Pacific
Investments Corp, by Mitsui & Co. and JOIN, a Japan government-backed fund.14
Metro Pacific’s portfolio involves power, water, hospitals, and toll roads.

Fig. 14: Number and value of buyout deals* in ASEAN, 2017 – Oct 2023

100 7

Aggregate deal value ($bn)

6
80
5
No. of deals

60 4

40 3
2
20
1
0 0
2017 2018 2019 2020 2021 2022 Oct-23
No. of deals Aggregate deal value ($bn)

*Excludes LP direct and private debt deals. Source: Preqin Pro. Data as of October 2023

While ASEAN is relatively insulated from the volatility related to energy and
geopolitical tensions, higher interest rates have driven up the cost of buying
companies, and prices of larger, more complex deals.
One underlying reason why deal flow has traditionally been lower in
Southeast Asia is that Asian business owners are typically more reluctant to cede
control to private equity investors. Sizeable traditional buyouts are few and far
between. Strong government involvement in certain industries – for example
media and banking – also make it hard to take over businesses in these industries.
Some investors have sought to work around this by offering versatile and flexible
deal structures.
However, rising geopolitical tensions between the US and China, and the
latter’s increased labor costs and domestic supply chain disruption, have made
Southeast Asia, especially Vietnam, an attractive alternative location for global
supply chain nodes and manufacturing, according to Bain’s Asia Pacific Private
Equity 2023 Report.15

14 https://www.reuters.com/markets/asia/philippines-metro-pacific-plans-delisting-stock-
exchange-2023-04-27/
15 https://www.bain.com/insights/asia-pacific-private-equity-report-2023/
Private Equity and Venture Capital in ASEAN 2023: Preqin Territory Guide 14

Fig. 15: Five largest private equity-backed buyout deals* in ASEAN, 2022 – Oct 2023

Target Target company Deal Deal size

company country Deal date Deal status types Investors Industry class ($mn)

Eagle Cement Philippines Oct 2022 Announced Buyout San Miguel Business services 1,838
Corp. Corporation

Interplex Singapore Jan 2022 Completed Buyout Blackstone Information 1,000

Holdings Pte. Group technology
Ltd

Metro Pacific Philippines Apr 2023 Completed Public to Mitsui & Co., Financial and 512
Investments private Japan Overseas insurance services
Corporation Infrastructure
Investment
Corporation
for Transport
& Urban
Development

Princeton Singapore Feb 2022 Announced Growth Ontario Teachers' Business services 505
Digital Group Pension Plan,
Warburg Pincus,
Mubadala
Investment
Company

Affin Hwang Malaysia Jan 2022 Completed Buyout CVC Capital Financial and 372
Asset Partners insurance services
Management
Bhd

*Excludes LP direct and private debt deals. Source: Preqin Pro. Data as of October 2023

Fig. 16: Private equity-backed buyout deal value* by ASEAN country*, 2010 – Oct 2023

12,000
Aggregate deal value

10,000

8,000
($mn)

6,000

4,000

2,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Oct-23

Indonesia Malaysia Myanmar Philippines Singapore Thailand Vietnam

*Excludes LP direct and private debt deals. Source: Preqin Pro. Data as of October 2023
**Brunei and Cambodia have been excluded.
Private Equity and Venture Capital in ASEAN 2023: Preqin Territory Guide 15

Fig. 17: Private equity deal value in ASEAN by industry, 2017 – Oct 2023

100%
total deals (%)
Percentage of

80%
60%
40%
20%
0%
2017 2018 2019 2020 2021 2022 Oct-23
Business services Consumer discretionary
Energy and utilities Financial and insurance services
Healthcare Industrials
Information technology Raw materials and natural resources
Real estate Telecoms and media

*Excludes LP direct and private debt deals. Source: Preqin Pro. Data as of October 2023

Private equity-backed buyout exits

There have been few private equity IPOs and mergers and acquisitions, which has
presented private equity investors with fewer exit options than in more mature
markets. Aggregate exit value peaked in 2021, with 18 exits amounting to a record
$5.8bn. Exit value fell to $2.6bn in 2022, and in 2023 so far, 16 exits have occurred,
amounting to $1.9bn (Fig. 18).
Overall, despite the short-term challenges, ASEAN’s private equity and
VC industries still offer potential for investors. The region is diverse, with sound
macro fundamentals and relatively younger populations that generate demand for
innovative solutions. As the tech ecosystem matures with the help of government
support and tech companies acting as investors, there will be more deal-making
opportunities, especially in the VC industry.

Fig. 18: Number and value of buyout exits in ASEAN, 2017 – Oct 2023

30 7

Aggregate exit value ($bn)

25 6
5
20
No. of exits

4
15
3
10
2
5 1
0 0
2017 2018 2019 2020 2021 2022 Oct-23
No. of exits Aggregate exit value ($bn)

*Excludes LP direct and private debt deals. Source: Preqin Pro. Data as of October 2023
Private Equity and Venture Capital in ASEAN 2023: Preqin Territory Guide 16

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Preqin APAC Family Office Private Equity and Private Equity and Venture
Report 2023 Venture Capital in South Capital in India 2023:
Korea 2023: Preqin Preqin Territory Guide
Read now Territory Guide
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