Singapore dominates SEA’s largest PE deals in Q3

Private equity deal value across the region went up 8% to U$6.1b QoQ.

Singapore witnessed the largest private equity (PE)-backed transactions in Southeast Asia in Q3 2024, according to EY.

In its Quarterly Private Equity Update, the global consultancy firm reported that Southeast Asia’s largest PE-backed deal last quarter was Warburg Pincus’ US$1.2b acquisition of business parks and specialist facilities in Singapore.

Another major transaction involving a Singapore company was the US$1.15b sale of PropertyGuru, an online real estate marketplace, to KKR and TPG Capital.

In Southeast Asia, real estate led the market, making up 40% of private equity deal value, with Singapore standing out due to its high occupancy rates and stable rents.

Singapore has also seen a rise in family office investments, driven by favourable policies such as the variable capital company structure.

Across Southeast Asia, EY data showed PE deal value reached US$6.1b across 20 transactions in Q3, marking an 8% increase in deal value from the previous quarter despite a reduction in deal volume.

Healthcare and infrastructure followed real estate, comprising 18% and 16% of total PE investments, respectively.

“The ongoing interest in sectors like digital infrastructure, healthcare, and renewables signals a robust pipeline for diverse deal activities in the coming months,” said Luke Pais, EY Asia-Pacific Private Equity Leader. “With the lower interest rate environment, we anticipate heightened IPO activity and increased family office commitments, adding momentum to the region’s private equity landscape.”

Pais added, “Private credit, especially in the mid-market, will continue to expand as demand grows for customized financing solutions.”