Private Equity: Fundraising, Exits and Secondaries — 2026-09-02
Southeast Asia’s private equity market saw a historic fundraising drought in H1 2026, with no dedicated regional funds closing as global giants absorbed capital. Meanwhile, StepStone closed a $1.7B infrastructure secondaries fund, and Indian PE/VC investments rose to $4.1B in July, highlighting diverging regional trends in the secondaries and growth capital markets.
Private Equity: Fundraising, Exits and Secondaries — 2026-09-02
Top developments
Southeast Asia PE Fundraising Hits Record Low
In the first half of 2026, no dedicated Southeast Asian private equity fund reached a final close, marking the worst first half for startup funding in the region's history. This vacuum occurred despite pan-Asia giants like EQT, Blackstone, and Bain Capital raising a combined $39.2 billion in vehicles without specific regional mandates. This data, confirmed by DealStreetAsia DATA VANTAGE, signals a significant shift where global capital is bypassing local regional funds in favor of broader Asian exposure.
StepStone Closes $1.7B Infrastructure Secondaries Fund
On August 26, 2026, StepStone Group announced the final close of its StepStone Secondaries Infrastructure Fund (SSIF) at $1.7 billion in total capital commitments. This marks the firm's first closed-end commingled fund dedicated exclusively to infrastructure secondaries. The close reflects growing institutional appetite for liquidity solutions and secondary exposure within the infrastructure asset class, a key area for LPs seeking to rebalance portfolios.
India PE/VC Investments Rise to $4.1B in July
Private equity and venture capital investments in India increased by 3% year-on-year to reach USD 4.1 billion in July 2026. This uptick contrasts with the broader slowdown in some Asian markets and suggests continued resilience in the Indian growth capital market. For desks tracking Asian buyout funds, this indicates that while mega-fund closes may lag, deal activity and deployment in India remain robust.
AGM Alts & Wealth Weekly Roundup
The weekly news roundup from August 28, 2026, highlighted ongoing developments in private markets and wealth management. While specific new fund closes were not detailed in the snippet, the roundup serves as a key aggregator for LPs monitoring the pulse of alternative investment flows and wealth management strategies during this period of structural adjustment in PE exits.
Local view
No recent local-language media coverage specifically addressing domestic PEF deals in Korea or Japan was found within the strict 7-day window (after August 26, 2026). Most available Korean and Japanese sources discussed older trends or general educational content regarding PEF structures.
Context & numbers
- Pan-Asia Capital: EQT, Blackstone, and Bain Capital raised a combined $39.2 billion in pan-Asia vehicles in H1 2026.
- StepStone Fund Size: The newly closed SSIF is $1.7 billion.
- India Deal Volume: July 2026 investments totaled $4.1 billion, a 3% year-on-year increase.
On the radar
- Secondaries Pricing Trends: Recent data indicates continuation vehicles now represent roughly 48% of total secondary market volume, with GP-led deals accounting for about 86% of all GP-led dollar volume. LPs should monitor NAV pricing bands, which have recently hovered between 89-94% for certain asset classes, though specific H2 2026 updates are pending.
- Global Exit Bottlenecks: A widely cited figure remains the 33,575 unsold businesses stuck in PE portfolios globally, a challenge that continues to pressure exit timelines and drive interest in continuation vehicles and NAV loans. While the NYT article is dated August 10, the sentiment persists into early September as a primary driver for secondary market activity.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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