Private equity (PE) deal activity in Asia-Pacific rose 11% to USD176bn in 2024, driven by a surge in buyout transactions, global consultancy Bain said in a report. Buyouts made up over half of the region’s PE volume, gaining traction in growth-oriented markets like India, Southeast Asia, and Greater China. Notable deals included Blackstone’s USD16bn acquisition of Australian data centre firm AirTrunk. Bain’s Sebastien Lamy said PE activity is showing signs of recovery, with potential acceleration in the next few years as sponsors recalibrate their exposure to China. Carve-out deals, especially in Japan and Korea, are emerging as top opportunities. However, macroeconomic risks, market volatility, and interest rate uncertainty remain major concerns for investors, Bain said.