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Southeast Asia Quarterly Private Equity Update: 2023
Private equity (PE) activity in Southeast Asia (SEA) showed good momentum in the second half of 2023, which looks to continue into 2024.
With a tepid start to 2023 before moving a more robust Q3, SEA wrapped up 2023 with a total of 22 deals deploying US$3.9b. This was down from 38 deals deploying US$6.7b in 2022. Health care deals accounted for more than a third (36%) of PE investments in SEA, followed by telecommunications and digital infrastructure (31%), as well as business services (15%). As well, there were 13 PE-backed exits valued at US$3.3b in 2023.
The slowdown in the pace of PE activity in SEA is similar to the trend seen across Asia-Pacific, where the number of funds closed in 2023 (71 funds raising US$35b capital) was the lowest since 2018. In all, there were 99 PE investments deploying US$79.3b in Asia-Pacific in 2023. Read the PE update on Asia-Pacific.