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Doug Coulter assesses the Asia-Pacific private equity market for Asian Investor
Asian Investor asked Doug Coulter, a Partner at LGT Capital Partners, whether investors are reassessing their private equity allocations to Asia-Pacific. Doug highlights the fact that the volume of capital that was invested in Asia-Pacific during the boom years of the 2010s was greater than the amount of capital that exited the region. Although cash flow yields improved in 2025, investors remain cautious and are seeking evidence of a sustained improvement in liquidity.
The markets in Asia-Pacific are very heterogenous, and the reallocation away from China post-Covid has placed other countries in the spotlight for investors. However, Doug points out that Japan and India cannot absorb the volume of capital that was invested in Asia pre-Covid. Consequently, much of the Western capital that was previously invested in Asia is now being re-invested closer to home.
Doug also observes a flight to perceived quality as the appetite for risk declines. This means that large international brand name funds running pan-regional strategies have raised a disproportionate share of available LP capital in the post-Covid era. He adds that country-specialist funds have generally performed better than pan-regional funds but they have also been most impacted by liquidity leaving the region.
Doug identifies three consistent traits among successful fundraises in the region: a proven DPI track record across economic cycles, a differentiated strategy and long-established LP relationships that reduce diligence friction.
Read the Asian Investor article (behind paywall) here.
