Private equity exits in Southeast Asia remained relatively subdued in 2024 as funds navigated challenging public markets and geopolitical conditions, although there were a number of high-profile exits. In a recent interview with DealStreetAsia, Shirin Tang, Principal and Co-Head of M&A in Singapore, shares her perspectives on how PE funds are adapting their exit strategies in Southeast Asia.
- Renewed Confidence by Strategic Buyers: “We have seen strategics evaluating sponsor-backed businesses in healthcare, telecommunications and digital infrastructure, and sometimes having a competitive advantage over PE bidders in being able to offer more attractive bid terms due to anticipated synergies with the target business.”
- Portfolio Structuring in preparation for Public Market Exits: “We see sponsors actively structuring their portfolios in preparation for an India IPO, including the "reverse flip" of affiliated companies domiciled in Singapore and the U.S., so as to capitalize on the vibrant IPO market and significantly higher domestic valuations in India. We are also aware of sponsors following the nascent recovery of the Hong Kong IPO market and evaluating portfolio restructuring in contemplation of a potential IPO in Hong Kong.”
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