1、2022 Grant Thornton Hong Kong Limited.All rights reserved.Asia Private Equity Insights 2022Reforming for the future2022 Grant Thornton Hong Kong Limited.All rights reserved.3ForewordPrivate Equity(“PE”)Market OverviewCautious optimism justified by popular demandDespite the continued threatening of m

2、acro-economic risks such as accelerating inflation in major economies and an expected increase in tax rates,PE investors were still actively on the lookout for valuable investment opportunities in 2021.Covid-19 continued to disrupt supply chains as the variants of the virus kept surprising and start

3、ed putting some major economies back into lockdown.Fortunately,remote due diligence was adopted widely across the industry,and delays due to uncertainties brought about by the pandemic were minimised.As a result,on a global scale,there were more than 4,600 buyout transactions in the first three quar

4、ters of 2021,already surpassed the annual total of the global PE market in 2020.The robust performance was supported by stimulus policies deployed by governments to control damage and maintain or boost the competitiveness of their economies.With the high level of dry powder still waiting to be deplo

5、yed,stronger competition and extreme market valuations resulted in decreased margins.Heightened political tensions between countries also gave rise to protectionism,which would more likely benefit well-developed countries driven by domestic demand.Q1-Q3 2020US$493.1billionQ1-Q3 2021Source:Mergermark

6、etDespite many uncontrollable factors,confidence in the Asian PE market remained high and is likely to have a bright future.Strong performance was recorded in the Asian M&A market.In the first three quarters of 2021,a 49%year-on-year increase in total deal value was recorded.Both the deal number and