Key Takeaways from the 2025 Southeast Asia Private Markets Breakfast
November 2025
CMS and Pedersen & Partners co-hosted the 2025 Southeast Asia Private Markets Breakfast Event at the iconic Raffles Hotel in Singapore. Moderated by Ruchika Gokarn, (Pedersen & Partners) and Gerald Licnachan (CMS), the panel featured Roshini Bakshi (Everstone Capital), SuetChee Chiong (Decarbonisation Partners – a BlackRock & Temasek JV), Deepa Hingorani (Novo Holdings), Rajendra Pai (Navis Capital Partners), Jaka Prasetya (Leafgreen), and Abdul Hakeem (CFM Argos), who examined investment sentiment and sector trends across Asia.
The annual event provided a platform for over 120 industry leaders and senior decision-makers from private equity, venture capital, family offices, financial institutions, advisory firms and portfolio companies to connect and exchange insights.
Key takeaways:
Market Outlook
- Deal activity is recovering gradually.
- Consolidation and family succession continue to drive M&A, while exits remain the main focus. Investors prioritise strategies with operating depth and visible exit routes.
- Long-term demand is sustained by consumer growth, energy transition, decarbonisation, digital infrastructure, and supply-chain diversification.
Regional Investment Dynamics
- India: A maturing market with growing control deals and more predictable public-market exits strengthened by deep retail participation.
- Southeast Asia: Exit pathways remain limited due to shallow capital markets. India’s lesson—develop stronger domestic market channels.
- China: Attractive valuations and still-supportive terms remain, though tightening. “China for China” and green technologies continue to show strong potential.
Where Capital Is Moving
- Priority sectors include manufacturing tied to China+1 (electronics, semiconductors, EV supply chains), healthcare, consumer, and education.
- Decarbonisation themes—C&I solar, e-mobility, and grid-enabling solutions—continue to attract capital.
- AI- and cloud-driven data-centre expansion in markets like Johor fuels demand for renewables.
- Food and agriculture opportunities include cold-chain logistics, controlled warehousing, and productivity-enhancing inputs.
Fundraising & Private Credit
- “DPI is King”: LPs remain highly selective, favouring specialist strategies, differentiated sourcing networks, and sector expertise.
- Private credit is maturing, shifting from distressed to performing senior credit and filling funding gaps for sub-$100m companies amid cautious bank lending.
Value Creation & Exits
- Value creation depends heavily on talent—“80% is the Who, not the How.”
- Selecting the right CEO/CFO, setting clear pre-signing priorities, and executing disciplined 100-day plans remain essential.
- Exit optionality is improving unevenly, with trade sales and secondary buyouts more reliable than IPOs in Southeast Asia.
We thank all who attended and contributed to an engaging morning.