New insights on private equity exits in Asia

egulator allows QFII to participate in ETF options trading. Mandatory EPF contributions for non-Malaysian workers start in October. The Korean government is planning to end lump-sum retirement payouts for workers. Malaysia’s Jelawang Capital appoints five fund managers to boost the local startup ecosystem. Panellists claim that Malaysia is not behind in the single-family office competition.

In the Philippines, lawmakers have passed a bill permitting civil servants to retire at 56. Most asset managers in Malaysia reported higher profits in 2021, with Public Mutual leading. Malaysia’s PNB CEO Jalil Rasheed resigns, while Singapore entities remain the only ones from Southeast Asia to rank in the top ten wealth and pension funds globally. Hong Kong’s PCCW Solutions secures the eMPF tender, and Malaysia halts some short selling due to the impact of the coronavirus on markets. Thailand records 132.2 billion baht inflows into China and global equities within the fund industry. Malaysia is working on a new civil service pension plan to alleviate the government’s financial burden. Singapore’s Temasek contributes to raising $430 million for a Bahamas-based crypto firm, FTX. An analysis of the Temasek and Keppel deal is conducted.

Recent insights from PricewaterhouseCoopers (PwC) have shed light on the issue of unsold private equity assets amounting to approximately $1 trillion worldwide. PwC’s mid-2025 outlook examines global M&A trends in private equity, revealing that $495 billion was invested in the first quarter of 2025, indicating a recovery compared to the previous year. However, the challenge lies in returning capital to investors. PwC reports that private equity firms have $3 trillion invested in 30,000 companies, 30% of which have been held for over five years, surpassing the typical holding period. The return on investment is linked to the resolution of economic concerns in the US and increased policy clarity, particularly regarding tariffs.

Another report from Northleaf Capital Partners underscores the potential in private equity secondaries amidst dwindling liquidity conditions. Matt Shafer, the managing director at Northleaf, notes that the current environment worsens the liquidity crisis, favoring secondaries investors. He acknowledges the growth of secondaries in private markets, providing a lifeline for investors seeking to reinvest in new ventures due to sluggish exits. Shafer predicts a rise in non-standard exits and liquidity events triggered by the persisting exit crisis.

The private equity landscape is navigating challenges related to liquidity management and investor returns, prompting innovative solutions like secondaries to bridge the gap between stagnating exits and investor expectations. As the industry adapts to evolving market conditions and economic uncertainties, the role of secondaries in unlocking capital and driving liquidity in private equity portfolios becomes increasingly vital. The potential for non-traditional exit strategies to mitigate the liquidity crunch remains a key focus for industry participants striving to optimize returns and navigate the shifting terrain of private equity investments.