机构投资者对亚太地区私募市场的态度正趋于积极：据坎贝尔·卢蒂恩斯发布的报告，有74%的投资者计划在未来12至24个月内增加或维持其在该地区的投资配置。不过，资金仍主要流向成熟市场及大型基金管理公司。
Institutional investors are becoming more constructive on Asia-Pacific private markets, with 74% planning to increase or maintain their regional allocations over the next 12-24 months. However, capital remains concentrated in established markets and large fund managers, according to a report by Campbell Lutyens.
在这份《2026年亚太私募市场报告》中，这家私募资本咨询机构指出，在接受调查的181家有限合伙人中，仅有5%计划缩减在亚太地区的投资规模。当前市场情绪的改善，与该地区私募股权融资额有望实现自2021年以来的首次同比增长密切相关。
Only 5% of the 181 limited partners surveyed planned to reduce their Asia-Pacific allocations, the private capital advisory firm said in its Asia Pacific Private Markets Report 2026. The improving sentiment comes as regional private equity fundraising is on track to record its first year-on-year increase since 2021.
目前，这一复苏势头主要由少数几家大型泛亚洲基金带动。由EQT、黑石集团及贝恩资本管理的三支基金合计募集了约400亿美元，占2026年上半年亚太地区私募股权策略基金总募资额509亿美元的77%左右。
The recovery has so far been driven by a handful of large pan-Asian funds. Three vehicles, managed by EQT, Blackstone and Bain Capital, collectively raised about $40 billion and accounted for roughly 77% of the $50.9 billion raised for Asia-Pacific private equity strategies in the first half of 2026.
这种资金集中现象凸显出大型国际基金平台在募资方面的显著优势，而中型基金及专业型基金管理公司则面临更为艰难的募资环境。坎贝尔·卢蒂恩斯认为，2027年将是检验此次复苏能否从大型基金扩展至整个行业的关键年份。
The concentration underscores the fundraising advantage enjoyed by established global platforms, while mid-market and specialist managers face a more difficult environment. Campbell Lutyens said 2027 would be a key test of whether the recovery broadens beyond the largest funds.
澳大利亚表现突出，回报率领先 凭借优异的私募股权回报表现，澳大利亚与新西兰正日益受到投资者的青睐。数据显示，2015年至2022年间，该地区基金的平均净内部收益率达15%，这一数值分别高于欧洲的13.8%、北美的13.5%以及亚洲整体的12.9%。
Australia leads returns Australia and New Zealand are attracting investor interest on the back of strong private equity returns. Funds from the region generated a median net internal rate of return of 15% for the 2015 to 2022 vintages, outperforming Europe at 13.8%, North America at 13.5% and Asia at 12.9%.
报告还显示，78%的受访有限合伙人正密切关注澳大利亚与新西兰市场，以寻求投资机会。投资者被该地区成熟的金融体系、相对稳健的服务业经济以及长期增长潜力所吸引。
Some 78% of surveyed LPs were monitoring Australia and New Zealand for potential commitments, according to the report. Investors are drawn to the region’s established institutions, relatively resilient services-led economy and structural growth opportunities.
不过，募资环境正变得愈发激烈。多家澳大利亚知名的中端市场私募股权机构正在募集新基金，或预计于2026年与2027年重返市场，这可能会令本就相对集中的有限合伙人资源变得捉襟见肘。
The fundraising outlook is nevertheless becoming more competitive. Several established Australian mid-market private equity firms are raising new funds or expected to return to market in 2026 and 2027, potentially stretching the capacity of a relatively concentrated LP base.
随着基金规模不断扩大，投资者们正密切关注基金管理人能否保持严谨的投资纪律，同时也会考察其团队稳定性、接班人培养计划以及在竞争激烈的竞价环境中获取优质项目的能力。
Investors are scrutinising whether managers can maintain investment discipline as fund sizes grow, as well as examining team stability, succession planning and the ability to source deals beyond competitive auctions.
日本市场的利好因素 日本同样是机构资本青睐的投资目的地，接受调研的有限合伙人中，有82%都在密切关注该市场，以寻找合适的投资机会。
Japan tailwinds Japan is another leading destination for institutional capital, with 82% of surveyed LPs monitoring the market for potential commitments.
2025年，专注于日本市场的私募股权基金平均仅需11.3个月即可完成募资，而全球平均水平为18.5个月。在报告所涵盖的主要市场中，日本基金的分红总额与实收资本之比也位居首位，达到1.27倍，这一数据反映出其向投资者返还资本的能力更为出色。
Japan-focused private equity funds took an average of 11.3 months to raise in 2025, compared with a global median of 18.5 months. Japanese funds also recorded the highest pooled distribution-to-paid-in capital ratio among the major markets covered in the report, at 1.27 times, indicating a stronger record of returning capital to investors.
公司治理改革为企业私有化交易及业务拆分创造了有利条件，而企业接班问题也为收购类机构带来了大量机遇。报告显示，2025年时，日本约300万家中小企业中，超过51%的企业尚未确定接班人。
Corporate governance reforms are supporting take-private deals and corporate carve-outs, while business succession is creating opportunities for buyout firms. More than 51% of Japan’s approximately 3 million small and medium-sized enterprises were estimated to lack a successor in 2025, the report said.
不过，获取优质投资标的的竞争依然激烈，部分知名管理人的基金募集需求远超供给。坎贝尔·卢蒂恩斯指出，正因如此，部分有限合伙人开始将目光从大型基金转向那些专注于特定领域的专业型及新兴中端市场管理人。
Competition for access remains a constraint, with some established managers oversubscribed. Campbell Lutyens said some LPs were, therefore, looking beyond large-cap funds towards specialist and emerging mid-market managers.