second quarter of 2025,follwed by a rebound in activity during the second half ofthe year. In fact, excluding Japan, 2025 reflected a more disciplined but resilient market, first half of the year. Asia Pacific deal value declined to US$19.2B in 2Q 2025, marking the weakest quarter since sizes. Total deal count rose to 1,082 transactions, up 2020, before recovering in 3Q to US$39.6B and remaining 5.4% YoY and above the pre-pandemic average,indicating resilient in 4Q at US$38.4B. Deal count followed a similar pattern, recovering meaningfully in the second half. uncertainty. In contrast,total deal value declined to and a reduced incidence of megadeals. Japan was a key driver of regional investment value in 2025, contributing US$33.4B, or approximately 26% of total Asia Pacific driven by a concentration of larger transactions. share of total deal value rising to 12% from 5.4% in 2024, In terms of buyout deal types, traditional M&A buyouts alongside an increase in deal count. This trend points remained the dominant transaction structure in 2025, of deal count. The decline in value share relative to protection, with activity particularly concentrated in 2024 primarily reflects the absence of large, one-off than a reduction in buyout activity. Notably, carve-out five of top 10 Asia Pacific PE buyout investments in 2025, investments in 2025, including Bain Capitals acquisitions listed assets. Meanwhile, deal count for "others"(primarily Holdings) and Mitsubishi Tanabe Pharma, as wellas minority growth, pre-IPO, and JV investments) declined, Boyu Capital's buyout of Starbucks China.