China and India accounted for a drop of $35 billion in total deal value for large growth deals for the year, Bain & Co said in a Tuesday report.
"Investors, sensing a new era of slower growth, mounting inflation, and greater uncertainty, took time out to recalibrate their strategies, recognizing that what worked well in the past may not be the right approach for 2023 and beyond," a group of authors from Bain's Private Equity practice including Kiki Yang said in the report.
"If the conditions—macroeconomic uncertainty, poor company performance, and a decline in deal activity—that prevailed in 2022 persist, valuations may continue to contract as fund managers adopt a wait-and-see attitude," Bain wrote. The traditional strongholds for Internet and tech deals—Greater China, India, and Southeast Asia—all experienced sharp declines.Deal value in Greater China fell by 53% as investors grappled with the nation's zero-Covid policy, it said, leading declines in the wider region. China and India accounted for a drop of $35 billion in total deal value for large growth deals for the year, Bain said.
"For more than a decade, the Internet and tech sector has attracted the largest share of private equity capital in the Asia-Pacific region. However, its share of deal value dipped in 2022 to 33% from 41% the previous year," Bain authors wrote in the report.
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