Asia is turning from building to buying

Published in fDi Intelligence | By John Evans, Tractus

Investment in Asia moves in cycles, and the balance has tipped from building to buying. Private equity across Asia Pacific is sitting on roughly $240bn of dry powder. Japan recorded around 5,000 deals worth a record $386bn last year, India broke records with 963 deals at $60.2bn, and Thailand, Indonesia and Malaysia each closed more than 100. For investors with capital and conviction, the same uncertainty curbing greenfield appetite has made acquisition the more attractive route into the region.

In his latest column for fDi Intelligence, Tractus Managing Director John Evans explains why. When risks rise and cash flows get harder to forecast, valuations soften and businesses that were never for sale at a sensible price suddenly are. Two forces are pushing this along: capital impatient to be deployed before fund mandates expire, and a generation of Asian founders choosing to exit rather than hand businesses to the next generation.

The piece also draws out a contrast that sets Asia apart. While global M&A values concentrated in a handful of US megadeals in 2025, Asia’s dealmaking broadened across markets. Greenfield investment, meanwhile, has narrowed to capital-intensive bets. John’s closing argument is about timing: as uncertainty lifts, the discount goes with it, and the buyers who define this cycle are those willing to move while it still feels uncomfortable.