Industrials maintained steady activity, with 162 deals completed in 2025, broadly in line with both 2024 Technology, media and telecommunications (TMT), levels and the five-year average. Deal value rose to consumer, and industrials remained the most active US$23.4B, materially above 2024 and exceeding the sectors in 2025, collectively accounting for over half five-year average, supported by larger transactions of total deal count across Asia Pacific. jeaf loud panpqns e Bumolloj uedel pue eu u! TMT ranked first by deal count with 268 deals, up 25% YoY and wellabove its five-year average, driven primarily sectors, with deal count increasing 21% YoY to 133 deals by increased activity in China, Australia and New Zealand, in 2025, with total buyout value reaching US$33.4B, and Japan. oftware led activity with 141 deals, reflecting nearly doubling from US$18.4B in 2024 and moving the the five-year average. Growth was broad-based across continued sponsor focus on scalable, asset-light business China, India, and Japan, reflecting continued investor country to the top ranking by value.Japan accounted models, while hardware deal count also rose meaningfully interest in defensive and demographically driven sectors. to 88 deals, supported by investments in specialised in 2025, underscoring the concentration of larger-scale components and technology-enabled manufacturing. transactions following a subdued 2024. While value Despite higher deal count, TMT deal value declined rebounded sharply, deal count remained broadly sharply to US$17.4B from US$43B in 2024, reflecting US$11B,inline with historical norms. In contrast, Energy. Utilities, Infrastructure and Real Estate saw a rebound in deal count, rising 17% YoY to 102 deals, although deal China ranked second by deal value at US$25.8B in Consumer activity moderated in 2025, with deal count 2025, down from 2024's US$33.2B, despite a sharp smaller, project-based investments. However, many declining 8% YoYto 198 transactions, while deal value increase in deal activity. Deal count rose to 293 increased to US$30.8B, exceeding both 2024 levels transactions, making China the most active market infrastructure or real estate funds, which are out of scope and the five-year average. Japan remained the largest by deal count in 2025. The divergence between rising. contributor by deal count, accounting for nearly 40% of consumer deals, reinforcing its role as the region's most active consumer buyout market. The divergence comparatively subdued, with deal counts falling below concentration of larger transactions in 2025. value relative to 2024 in transport and logistics. Australia and New Zealand ranked third by deal value, with total investment of US$21.9B in 2025, down from 2024's US$31.7B, reflecting the absence of megadeals Such as Airrunk, which had significantly inflated the previous year's total. Deal count increased modestly to 197transactions, highlighting continued underlying India's buyout market strengthened in 2025, with deal count declined modestly to 126 deals. This shift suggests a move toward larger average deal sizes. Korea recorded US$14.3B in deal value in 2025, down from US$18.7B in 2024, alongside a decline in deal count to 98 transactions. While activity moderated, Korea remained a core market within the region, ranking fifth Southeast Asia saw continued softening, with deal value declining to US$6.1B and deal count falling to 55 transactions, reflecting a cautious investment with 2024. Investments in other markets,including Central Asia and the rest ofthe world, also decreased YoY, contributing US$9.9B in deal value in 2025.