Asia-Pacific private equity showed strong resilience in 2020 despite Covid-19 disruptions, achieving record deal value driven by rebounds in China, India, and Japan. Investors focused on digital sectors such as e-commerce, e-learning, and healthcare, which benefited from accelerated adoption during lockdowns. While returns remained strong and continued to outperform public markets, exits declined to near decade lows and fund-raising dropped significantly due to uncertainty. High valuations and abundant unspent capital increased competition for deals. Looking ahead, investors expect recovery supported by digital growth, delayed transactions, and improved macro conditions, but must address risks through portfolio resilience, operational improvements, and evolving investment strategies.

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