EY Southeast Asia Private Equity Review 2024: $15.8 Billion Deployed in 67 Deals with Average $235 Million Per Deal, 67% of Deals are Larger than $1 Billion, Top 10 Sectors by Investment Value are Infrastructure 40.1%, Real Estate 20%, Consumer 13.4%, Healthcare 8.9%, Energy 6.3%, Business Services 4.4%, Financial 3.3%, Utilities 1.5%, Industrials 1.3%, Technology 0.4%, $5.9 Billion Private Equity-Based Exits in 27 Deals with Average $218 Million Per Exit, Top 3 Southeast Asia Private Equity Funds Closed in 2024 are TPG Capital $5.3 Billion, Asia Partners $474 Million & Mizuho Asia Partners $320 Million, $15.8 Billion Private Equity Investments in 67 Deals with $235 Million Average Per Investment
13th March 2025 | Hong Kong
EY has released the Southeast Asia Private Equity Review 2024, providing key insights into private equity investments & exits in Southeast Asia. In 2024, Private equity capital deployed in 2024 – $15.8 billion. No. of deals in 2024 – 67 deals. Average Deal size in 2024 – $235 million. Deals > $1 billion – 8 deals (67% of $15.8 billion value). Top 10 Sectors by Investment Value in 2024 – Infrastructure 40.1%, Real Estate 20%, Consumer 13.4%, Healthcare 8.9%, Energy 6.3%, Business Services 4.4%, Financial 3.3%, Utilities 1.5%, Industrials 1.3%, Technology 0.4%. Value of Private equity exits in Southeast Asia in 2024 – $5.9 billion ($218 million average per exit). No. of private equity exits in Southeast Asia in 2024 – 27. Top 3 Southeast Asia Private equity funds closed in 2024 – TPG Asia Fund VIII (TPG Capital) $5.3 billion, Asia Partners II (Asia Partners) $474 million, Exacta Asia Investment III (Mizuho Asia Partners) $320 million. Value of Private equity investments in Southeast Asia in 2024 – $15.8 billion ($235 million average per investment). No. of private equity investments in Southeast Asia in 2024 – 67. Private equity investments in Southeast Asia by Country – Singapore 45%, Malaysia 24%, Indonesia 22%, Philippines 9%, Vietnam 0.4%. Top 3 Private Equity investments in 2024 – Malaysia Airports Holdings (Infrastructure, Malaysia) $3.1 billion by Global Infrastructure Partners, ADIA, Khazanah, Employees Provident Fund, ST Telemedia Global Data Centres (Infrastructure, Singapore) $1.3 billion by KKR, Singtel, Portfolio of property assets (Singapore) $1.2 billion by Warburg Pincus. Top 3 Private Equity-backed exits in 2024 – Portfolio of property assets (Real estate, Singapore) $1.2 billion by Blackstone, PropertyGuru (Real estate, Singapore) $1.1 billion by KKR, TPG Capital, Island Hospital (Healthcare, Malaysia) $966 billion by Affinity Equity Partners. See below for key findings | View summary here
“ EY Southeast Asia Private Equity Review 2024: $15.8 Billion Deployed in 67 Deals with Average $235 Million Per Deal, 67% of Deals are Larger than $1 Billion, Top 10 Sectors by Investment Value are Infrastructure 40.1%, Real Estate 20%, Consumer 13.4%, Healthcare 8.9%, Energy 6.3%, Business Services 4.4%, Financial 3.3%, Utilities 1.5%, Industrials 1.3%, Technology 0.4%, $5.9 Billion Private Equity-Based Exits in 27 Deals with Average $218 Million Per Exit, Top 3 Southeast Asia Private Equity Funds Closed in 2024 are TPG Capital $5.3 Billion, Asia Partners $474 Million & Mizuho Asia Partners $320 Million, $15.8 Billion Private Equity Investments in 67 Deals with $235 Million Average Per Investment “
EY Southeast Asia Private Equity Review 2024: $15.8 Billion Deployed in 67 Deals with Average $235 Million Per Deal, 67% of Deals are Larger than $1 Billion, Top 10 Sectors by Investment Value are Infrastructure 40.1%, Real Estate 20%, Consumer 13.4%, Healthcare 8.9%, Energy 6.3%, Business Services 4.4%, Financial 3.3%, Utilities 1.5%, Industrials 1.3%, Technology 0.4%, $5.9 Billion Private Equity-Based Exits in 27 Deals with Average $218 Million Per Exit, Top 3 Southeast Asia Private Equity Funds Closed in 2024 are TPG Capital $5.3 Billion, Asia Partners $474 Million & Mizuho Asia Partners $320 Million, $15.8 Billion Private Equity Investments in 67 Deals with $235 Million Average Per Investment
EY has released the Southeast Asia Private Equity Review 2024, providing key insights into private equity investments & exits in Southeast Asia. See below for key findings | View summary here
EY Southeast Asia Private Equity Review 2024
Summary
- Private equity capital deployed in 2024 – $15.8 billion
- No. of deals in 2024 – 67 deals
- Average Deal size in 2024 – $235 million
- Deals > $1 billion – 8 deals (67% of $15.8 billion value)
- Top 10 Sectors by Investment Value in 2024 – Infrastructure 40.1%, Real Estate 20%, Consumer 13.4%, Healthcare 8.9%, Energy 6.3%, Business Services 4.4%, Financial 3.3%, Utilities 1.5%, Industrials 1.3%, Technology 0.4%
- Value of Private equity exits in Southeast Asia in 2024 – $5.9 billion ($218 million average per exit)
- No. of private equity exits in Southeast Asia in 2024 – 27
- Top 3 Southeast Asia Private equity funds closed in 2024 – TPG Asia Fund VIII (TPG Capital) $5.3 billion, Asia Partners II (Asia Partners) $474 million, Exacta Asia Investment III (Mizuho Asia Partners) $320 million
- Value of Private equity investments in Southeast Asia in 2024 – $15.8 billion ($235 million average per investment)
- No. of private equity investments in Southeast Asia in 2024 – 67
- Private equity investments in Southeast Asia by Country – Singapore 45%, Malaysia 24%, Indonesia 22%, Philippines 9%, Vietnam 0.4%
- Top 3 Private Equity investments in 2024 – Malaysia Airports Holdings (Infrastructure, Malaysia) $3.1 billion by Global Infrastructure Partners, ADIA, Khazanah, Employees Provident Fund, ST Telemedia Global Data Centres (Infrastructure, Singapore) $1.3 billion by KKR, Singtel, Portfolio of property assets (Singapore) $1.2 billion by Warburg Pincus
- Top 3 Private Equity-backed exits in 2024 – Portfolio of property assets (Real estate, Singapore) $1.2 billion by Blackstone, PropertyGuru (Real estate, Singapore) $1.1 billion by KKR, TPG Capital, Island Hospital (Healthcare, Malaysia) $966 billion by Affinity Equity Partners
EY Southeast Asia Private Equity Review 2024
1) Overview
Private Equity Overview:
- Capital deployed in 2024 – $15.8 billion
- No. of deals in 2024 – 67 deals
- Average Deal size in 2024 – $235 million
- Deals > $1 billion – 8 deals (67% of $15.8 billion value)
Top 10 Sectors by Investment Value in 2024:
- Infrastructure – 40.1%
- Real Estate – 20%
- Consumer – 13.4%
- Healthcare – 8.9%
- Energy – 6.3%
- Business Services – 4.4%
- Financial – 3.3%
- Utilities – 1.5%
- Industrials – 1.3%
- Technology – 0.4%
Top 8 Sectors by Investment Value in 2023:
- Healthcare – 28.8%
- Telecom – 24.6%
- Business Services – 15.1%
- Industrials – 14.3%
- Infrastructure – 13.2%
- Consumer – 8.8%
- Materials – 3.2%
- Technology – 2%
2) Private Equity Exits in Southeast Asia
Value of Private equity exits in Southeast Asia (2018 to 2024):
- 2018 – $4.8 billion
- 2019 – $14.4 billion
- 2020 – $3.9 billion
- 2021 – $10.9 billion
- 2022 – $6.7 billion
- 2023 – $3.3 billion
- 2024 – $5.9 billion ($218 million average per exit)
No. of private equity exits in Southeast Asia (2018 to 2024):
- 2018 – 25
- 2019 – 13
- 2020 – 14
- 2021 – 15
- 2022 – 11
- 2023 – 13
- 2024 – 27
3) Private Equity Investments in Southeast Asia
Top 3 Southeast Asia Private equity funds closed in 2024:
- TPG Asia Fund VIII (TPG Capital) – $5.3 billion
- Asia Partners II (Asia Partners) – $474 million
- Exacta Asia Investment III (Mizuho Asia Partners) – $320 million
Private equity investments in Southeast Asia (2018 to 2024):
- 2018 – $3.7 billion
- 2019 – $4.9 billion
- 2020 – $7.9 billion
- 2021 – $16.9 billion
- 2022 – $6.7 billion
- 2023 – $4.9 billion
- 2024 – $15.8 billion ($235 million average per investment)
No. of private equity investments in Southeast Asia (2018 to 2024):
- 2018 – 24
- 2019 – 27
- 2020 – 26
- 2021 – 39
- 2022 – 38
- 2023 – 33
- 2024 – 67
Private equity investments in Southeast Asia by Country:
- Singapore – 45%
- Malaysia – 24%
- Indonesia – 22%
- Philippines – 9%
- Vietnam – 0.4%
$16.4 billion?
Top 3 Private Equity investments in 2024:
- Malaysia Airports Holdings (Infrastructure, Malaysia) – $3.1 billion (Global Infrastructure Partners, ADIA, Khazanah, Employees Provident Fund)
- ST Telemedia Global Data Centres (Infrastructure, Singapore) – $1.3 billion (KKR, Singtel)
- Portfolio of property assets (Singapore) – $1.2 billion (Warburg Pincus)
Top 3 Private Equity-backed exits in 2024:
- Portfolio of property assets (Real estate, Singapore) – $1.2 billion (Blackstone)
- PropertyGuru (Real estate, Singapore) – $1.1 billion (KKR, TPG Capital)
- Island Hospital (Healthcare, Malaysia) – $966 billion (Affinity Equity Partners)
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