2026 APAC Private Capital Outlook: Midyear Update (PitchBook / NVCA)

Summary

• APAC's 12-month distribution yield to NAV improved from a trough of 13.2% in mid-2025 to 18.5% by year-end, close to the long-run average of 18.8%.p.5
• VC-backed public listing value reached $81.9 billion through H1 2026, more than double the $38 billion recorded in the same period last year.p.7
• Sponsor-backed public listing value increased to $32.7 billion from $26.3 billion a year earlier.p.7
• The median time to exit for APAC VC-backed companies reached a record 6.3 years in 2026, up from 5.8 years in 2025 and 5.5 years in 2024.p.9
• Median PE exit size rose sharply to $318.6 million from $169 million in 2025.p.9
• Venture deals involving nondomestic investors accounted for 47.7% of total China VC deal value in 2026, up from 25.8% in 2025, despite representing just 10.3% of completed transactions.p.12
• Southeast Asia venture deal value has already reached $6.9 billion in 2026, exceeding the $6.6 billion recorded for all of 2025.p.14

Key insights

1. The US-Iran conflict that erupted in late February pushed energy prices higher and revived inflation concerns across energy-importing Asian economies.p.4
2. APAC PE capital raised had already surpassed full-year 2025 levels by midyear, concentrated among scaled managers with established track records.p.5
3. Public listings accounted for nearly 90% of total VC exit value in the first half.p.7
4. Median time to IPO for APAC VC-backed companies increased to 7.1 years.p.9
5. RMB-denominated vehicles continue to dominate China fundraising, accounting for roughly 90% of capital raised.p.11
6. Southeast Asia late-stage deal value reached $5.3 billion through 2026, more than double the $2.4 billion recorded in 2025.p.15
7. Several large financings, including DayOne's $2 billion round, contributed disproportionately to Southeast Asia deal activity.p.15
8. Globally, GP-led transaction volume reached $106 billion in 2025 within a $226 billion secondary market, up from $71 billion in 2024 and $51 billion in 2023.p.18
9. HSG's $3 billion continuation vehicle, anchored by part of its stake in ByteDance, is one of the most notable processes of 2026.p.18
10. APAC recorded 12 continuation fund exits in 2025, up from three in 2024.p.19