Private market outlook and investor views PDF Free Download
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Private market outlook and investor
views
Geetanjali Bhalotia, SVP, Global Head of Investor Data
IVCA Conclave 2025, 12th February
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VC drives the APAC AUM down, India-focused AUM remains
stable
4
Source: Preqin
33%
48%
8%
7%
3% 1%
APAC-focused private capital AUM by asset
class, Jun 2024
Private equity Venture capital Real estate
Infrastructure Private debt Natural resources
$3.5tn
*AUM figures as of Jun 2024
0.0
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
2019 2020 2021 2022 2023 2024 YTD*
AUM ($bn)
India-focused private capital AUM by asset class,
2019-2024 YTD*
Private equity Venture capital Private debt Real estate Infrastructure
*AUM figures as of Jun 2024
Source: Preqin
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Private debt in India has largest single country AUM
in the region
5
0
5
10
15
20
Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Jun-24
AUM ($bn)
India-focused private debt AUM, 2019 - June 2024
Dry powder ($bn) Unrealised value ($bn)
*AUM figures as of Jun 2024
0
10
20
30
40
50
60
70
80
90
100
Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Jun-24
AUM ($bn)
APAC-focused private debt AUM, 2010 - June 2024
Pan-Asia India South Korea Greater China Japan Australia Southeast Asia Others
Source: Preqin
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APAC private capital fundraising hits a decade low,
India shows resilience amid turmoil
6
*Data as of Jan 2025. Data excludes China government guidance funds
Source: Preqin
0
500
1,000
1,500
2,000
2,500
3,000
0
50
100
150
200
250
300
350
400
2019 2020 2021 2022 2023 2024
No. of funds closed
Aggregate capital raised ($bn)
APAC-focused private capital fundraising by
asset class, 2019-2024
Private Equity Venture Capital
Private Debt Real Estate
Infrastructure Natural Resources
Total no. of funds closed
0
20
40
60
80
100
120
0
2
4
6
8
10
12
14
16
18
20
2019 2020 2021 2022 2023 2024
No. of funds closed
Aggregate capital raised ($bn)
India-focused private capital fundraising by asset
class, 2019-2024
Private equity Venture capital Private debt
Real estate Infrastructure No. of Funds Closed
Source: Preqin
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*Data as of Jan 2025
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Asia regional funds saw growth driven by strong preference
for diversification
7
0
500
1,000
1,500
2,000
2,500
3,000
0
50
100
150
200
250
300
350
400
2019 2020 2021 2022 2023 2024
No. of funds closed
Aggregated capital raised ($bn)
APAC-focused fundraising by geography, 2019 - 2024
Greater China Australia India
Japan South Korea Pan-Asia
Southeast Asia Others Total no. of funds closed
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Source: Preqin
*Data as of Jan 2025. Data excludes China government guidance funds
Private equity & venture capital in focus
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© Preqin
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2019 2020 2021 2022 2023 2024
No. of deals
Proportion of deals (Volume)
Venture capital deals in APAC by location,
2019-2024
Greater China Australia Southeast Asia India
Japan South Korea Others Total
APAC PEVC hot spots shift while overall activity down
9
0
200
400
600
800
1,000
1,200
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2019 2020 2021 2022 2023 2024
No. of deals
Proportion of deals (Volume)
Private equity-backed buyout deals in APAC by
location, 2019-2024
Greater China Australia Southeast Asia India
Japan South Korea Others Total
Source: Preqin
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Source: Preqin
© Preqin
Healthcare and Information Technology drag down APAC deal
volumes
10
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
0
20
40
60
80
100
120
140
160
180
2019 2020 2021 2022 2023 2024
Aggregate deal value ($bn)
No. of deals
India-based private equity-backed buyout deals
by industry, 2019 - 2024
Business Services Consumer Discretionary
Energy & Utilities Financial & Insurance Services
Healthcare Industrials
Information Technology Raw Materials & Natural Resources
Real Estate Telecoms & Media
Aggregate deal value ($bn)
0.0
50.0
100.0
150.0
200.0
250.0
0
200
400
600
800
1000
1200
2019 2020 2021 2022 2023 2024
Aggregate deal value ($bn)
No. of deals
APAC-based private equity-backed buyout deals
by industry, 2019-2024
Business Services Consumer Discretionary
Energy & Utilities Financial & Insurance Services
Healthcare Industrials
Information Technology Raw Materials & Natural Resources
Real Estate Telecoms & Media
Aggregate deal value ($bn)
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Source: Preqin Source: Preqin
© Preqin
APAC PE exits bounce back, India sees a decline from 2023
11
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
0
50
100
150
200
250
300
350
400
450
500
2019 2020 2021 2022 2023 2024
Aggregate exit value ($bn)
No. of exits
APAC-based private equity-backed exits by
region, 2019-2024
Greater China India
Japan Southeast Asia
South Korea Australia
Others Aggregate exit value ($bn)
0.0
5.0
10.0
15.0
20.0
25.0
0
10
20
30
40
50
60
70
80
90
100
2019 2020 2021 2022 2023 2024
Aggregate exit value ($bn)
No. of exits
India-based private equity-backed exits by
region, 2019-2024
Aggregate exit value ($bn)
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Source: Preqin Source: Preqin
© Preqin
APAC VC deal activity continues to decline, India rebounds
in 2024
12
0
50
100
150
200
250
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2019 2020 2021 2022 2023 2024
Aggregate deal value ($bn)
No. of deals
APAC-based venture capital deals by industry,
2019-2024
Business Services Consumer Discretionary
Energy & Utilities Financial & Insurance Services
Healthcare Industrials
Information Technology Raw Materials & Natural Resources
Real Estate Telecoms & Media
Aggregate deal value ($bn)
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
0
500
1000
1500
2000
2500
2019 2020 2021 2022 2023 2024
Aggregate deal value ($bn)
No. of deals
India-based venture capital deals by industry,
2019-2024
Telecoms & Media Real Estate
Raw Materials & Natural Resources Information Technology
Industrials Healthcare
Financial & Insurance Services Energy & Utilities
Consumer Discretionary Business Services
Aggregate deal value ($bn)
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Source: PreqinSource: Preqin
© Preqin
China continues to impact VCs exits in the region
13
Source: Preqin
0.0
2.0
4.0
6.0
8.0
10.0
12.0
0
20
40
60
80
100
120
140
160
2019 2020 2021 2022 2023 2024
Aggregate exit value ($bn)
No. of exits
India-based venture capital exits by region,
2019-2024
Aggregate exit value ($bn)
0
20
40
60
80
100
120
140
0
200
400
600
800
1000
1200
1400
2019 2020 2021 2022 2023 2024
Aggregate exit value ($bn)
No. of exits
APAC-based venture capital exits by region,
2019-2024
Greater China India
Japan Southeast Asia
South Korea Australia
Others Aggregate exit value ($bn)
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Source: Preqin
© Preqin
Secondary stock purchases supported VC exits in India
14
0
1
2
3
4
5
6
0
10
20
30
40
50
60
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2019 2020 2021 2022 2023 2024
Aggregate exit value ($bn)
No. of deals
India-based venture capital exits by type, 2019-2024
IPO Secondary Stock Purchase Trade Sale Write Off Aggregate exit value ($bn)
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Source: Preqin
Venture capital in India – an attractive choice
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India VCs stand out among alternatives
16
0%
5%
10%
15%
20%
25%
30%
10% 12% 14% 16% 18% 20%
Return - median net IRR
Risk - standard deviation net IRR
India-focused private capital: risk/return by asset
class, vintages 2013-2021
Venture capital Real estate Private equity Private debt
6%
8%
10%
12%
14%
16%
18%
20%
22%
24%
10% 12% 14% 16% 18% 20% 22% 24% 26% 28%
Return - median net IRR
Risk − standard deviation of net IRR
Venture capital risk/return by region/country
focus, vintages 2013-2022
Asia (excl. China & India) China Europe India North America
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Source: Preqin Performance Benchmark for India AIF. Data as of March 2024 Source: Preqin Pro. Most up-to-date data. Data as of 22 January 2025
© Preqin
Investor optimism is coming back
17
Source: Preqin Investor Surveys, Nov 2022 – 2024
0%
10%
20%
30%
40%
50%
60%
More capital Same amount of capital Less capital
Investors' expected capital commitments to
venture capital in the next 12 months compared
with the previous 12 months
Nov-22 Nov-23 Nov-24
0%
10%
20%
30%
40%
50%
60%
70%
Will perform better Will perform about the
same Will perform worse
Investors were asked: 'What are your return
expectations for your portfolios in venture capital
in the coming year?'
Nov-22 Nov-23 Nov-24
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Source: Preqin Investor Surveys, Nov 2022 – 2024
© Preqin
And investor concerns seem to be easing though exit
environment continues to be key challenge…
18
0%
10%
20%
30%
40%
50%
60%
70%
80%
Exit environment Asset valuations Interest rates Deal flow Geopolitical
landscape Competition for
assets Stock market
volatility Regulation Inflation
Proportion of respondents
Investors were asked: 'What are key challenges for return generation in the next 12 months?'
Nov-22 Nov-23 Nov-24
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Source: Preqin Investor Surveys, Nov 2022 – 2024
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Preqin forecasts: APAC VC long term performance to lead in
alternatives
19
Source: Preqin
12.88%
16.33%
10.37%
7.13%
9.44%
6.42%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Private equity Venture capital Private debt Real estate Infrastructure Natural resources
IRR (%)
APAC asset class performance*, historic and forecast
IRR 2017-2023 IRR 2020-2023 IRR 2023-2029F
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*Excluding funds denominated in RMB
** Values related to end of year
© Preqin
0%
10%
20%
30%
40%
50%
60%
70%
South America Central America Central &
Eastern Europe Africa Middle East India Southeast Asia China
Proportion of respondents
Investors were asked: "Which emerging markets present best opportunities in the next 12 months?"
Private equity Venture capital Private debt Real estate Infrastructure
India remains key region of interest in developing markets
20
Source: Preqin Investor Survey November 2024
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© Preqin 21
Despite an overall softer
fundraising environment in
APAC, investors increasing
preference towards
diversification have seen
demand for Asia-regional
funds rise.
Key takeaways: Industry mega trends
India continues to attract
investment especially in VC
as investors interest shifts
within APAC emerging
markets. Preqin forecasts
outperformance in the long
term
Private debt in APAC remains in
relatively niche space although
with substantial growth
potential. India has largest
single country AUM in the
region.
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