In the article, Peter shares his insights on how LP expectations for investing in Asia have shifted after years of deployment outpacing distributions. He notes that the market has clearly moved into a more liquidity‑conscious and selective phase, with LPs prioritizing cash yields, commitment pacing and portfolio balance, rather than headline IRRs or simple growth in emerging market exposure.

Peter also comments on the uneven recovery in exits and the extended holding periods for 2020 to 2022 vintages, noting that GPs are responding with more rigorous exit underwriting at entry and a broader set of liquidity tools, including continuation vehicles, structured exits and direct equity minority sell‑downs.

He observes that LPs have become more selective, concentrating capital with GPs who have a strong track record of realized exits and disciplined deployment. Peter sees this shift as a positive step towards a more durable Asian private equity market, where access to capital is increasingly earned through performance delivery rather than deployment.

Read the full article (behind paywall) here.