Singapore and Vietnam log most activity in PE deals and volume in Q2

Private equity deal value declined in Southeast Asia due to the lack of mega deals.

Singapore and Vietnam saw the most activity in private equity (PE) deals in Southeast Asia for the second quarter (Q2) of 2025, according to the EY Southeast Asia Private Equity Pulse.

EY said the countries generated over 55% of deal volume and 74% of deal value across the region.

Overall, PE deal value in Southeast Asia continued to drop in Q2, extending the downward trend seen in previous quarters, 

Whilst deal volume went up by 10%, deal value saw a significant drop over the same period due to the absence of mega deals that were seen in 2024. There were 22 PE-backed investments worth $1.3b (US$1b), compared with 20 deals worth $6.9b (US$5.3b) in Q2 2024.

The financial services sector accounted for 29% of these investments, followed by the technology sector (28%) and the healthcare sector (27%).

For PE-backed exits, Southeast Asia recorded eight deals generating $516.5m (US$398m) in realised proceeds. With IPO activity still muted, secondary transactions have picked up pace, fueled by growing liquidity needs and recalibrated exit strategies.

Singapore-based Thunes had the third-highest PE investment in the region in Q2, with the deal value of $194.7m (US$150m). Amara Holdings from Singapore was the highest PE-backed exit in the quarter with an exit value of $516.9m (US$398.3m).