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This episode discusses the private equity conditions in 2025 and what they mean for 2026.
In this episode, Pete Witte, EY Global Private Equity Lead Analyst, joins Luke Pais, EY-Parthenon Asean Private Equity Leader, to talk about the private equity (PE) conditions in 2025 and what they mean for 2026.
Key takeaways:
2026 is shaping up as a liquidity-first year: Trade and PE-to-PE exits are expected to do more of the heavy lifting than initial public offerings (IPOs), putting a premium on early exit readiness and clean, buyer-friendly financials.
In Asia-Pacific, 2026 remains a “where to play matters” market: Momentum is there, but it’s uneven — India and Japan continue to look like the clearer lanes for scale deals and exits, while China stays more subdued amid structural and geopolitical headwinds.
For 2026, the playbook is getting more operational: General partners (GPs) are leaning into control situations and artificial intelligence (AI)-enabled transformation, while limited partners (LPs) stay committed but more selective.
Presenters:
Luke Pais, EY-Parthenon Asean Private Equity Leader
