Navigating friction and finding opportunity in APAC private markets

Detailed summary

As high interest rates reshape the APAC investment landscape, fund managers are prioritising rapid exits, profitability, and defensive moats to secure capital Against a backdrop of tighter liquidity and persistent high interest rates, APAC fund managers are reassessing deployment strategies, liquidity solutions and portfolio value creation. Even as traditional pooled

David Anderson, Executive Vice President, APAC, Vistra Fund Solutions; Milena Nikolova, Partner, Antares Ventures; Surbhi Khandelwal, Investment Director, Triple P Capital; Davian Sim, Partner, August Global Partners; Andi Haswidi, Head of Data Research, DealStreetAsia (Moderator).

As high interest rates reshape the APAC investment landscape, fund managers are prioritising rapid exits, profitability, and defensive moats to secure capital

Against a backdrop of tighter liquidity and persistent high interest rates, APAC fund managers are reassessing deployment strategies, liquidity solutions and portfolio value creation.

Even as traditional pooled pan-Asia funds continue to have their role, managers are focusing to a far greater extent on investment vehicles and co-investments that target specific sectors and jurisdictions.

More than an overarching vision for growth, on ground delivery is a key priority. The transition has been described as moving from “McKinsey to McDonald’s” and is characterised by a relentless focus on capital discipline, milestone-driven funding, and granular operational execution.

These approaches were discussed at a recent panel discussion organised by DealStreetAsia and Vistra Fund Solutions. The panel also focused on the pivot towards profitability, building businesses with domestic relevance, and upping the ante on deep tech investments.

The panel included David Anderson, executive vice president, APAC, Vistra Fund Solutions; Milena Nikolova, partner, Antares Ventures; Surbhi Khandelwal, investment director, Triple P Capital; Davian Sim, partner, August Global Partners, and was moderated by Andi Haswidi, head of data research, DealStreetAsia.

With recent interest rate hikes in the US — the first since 2023, and the opportunity for higher returns in select public markets, what must an Asia Pacific growth strategy offer to justify locking up LP capital for seven to 10 years?

Davian Sim (DS): That was one of the key questions we asked ourselves.

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