skewed toward a small number of large, established managers. The top five funds raised US$15B, representing 49% of total buyout capital, while the top 10 funds accounted for Us$i9.4B, or 64% of the total. closings), led by global platforms such as EQT and Blackstone, which together captured a disproportionate fundraising falling to cycle lows. Even among established managers, fund sizes were frequently capped or closed below target. At the same time, select Asia-focused strategies, particularly in markets such as Japan, India, Despite weaker fundraising, Asia Pacific PE dry powder Australia, and Korea. in India, ChrysCapital X(US$2.2B) remained sizable, standing at approximately Us$414B closed successfully above its initial target of US$2B, whil JIC PE Fund II(US$3.9B) inJapan and Pacific Equity Partners Fund VIl(US$2.1B) in Australia also secured deployment, assuming 50% leverage and excluding Source: Deloitte analysis, Preqin, a part of BlackRock and elongated. While the average time to first close shortened to six months in 2025,the average time tofinal close stayed at 18 months, reflecting cautious LP pacing smaller and first-time funds. This dynamic has continued