🧠 Food for thought

Implications, context, and why it matters.

Bain’s fundraise stands out in a slower market

• Bain Capital closed US$10.5 billion even as Asia-Pacific private equity fundraising fell to a 12-year low of US$58 billion in 2025 after four straight years of declines 1.
• The firm wrapped up the raise in about seven months. Asia-Pacific buyout funds took 18 months on average to reach a final close in 2025 2.
• The gap in the market kept widening. First-time funds drew only 4% of total capital raised in 2025, the lowest share in a decade 1.

Investors crowd into established Asia private equity firms

• Investors are putting more money with a smaller group of established firms. Deloitte, a professional services firm, found that the top five funds took in US$15 billion, nearly half of all Asia buyout capital raised last year 2.
• Bain Capital benefits from its strong base in Japan. It was the only Asia-Pacific market where both deal value and deal count grew in 2025 1. The firm also raised a separate roughly US$2 billion Japan-focused buyout fund for mid-market deals 3.
• Smaller private equity managers are under more strain. Many are in survival mode as they try to raise new funds or find exits, said With Intelligence, a market research firm focused on alternative asset management 4.