Despite the region’s economic resilience, Asia saw a big fall in private equity fundraising during the downturn. Funds raised around US$28bn in Asia last year, down sharply from US$91bn the year before, according to Preqin, a research firm.

So far this year, Asia-focused fundraising has accounted for around 12% of the global total. However, funds currently on the road are seeking nearly US$120bn from investors in Asia, accounting for more than 20% of funds being raised around the world. Asia did not provide much of a buffer during the downturn, but private equity funds clearly see it as an engine of growth for the future.