Apollo Global Management and Intermediate Capital Group (ICG) have opened offices in Seoul, joining global private equity firms expanding in South Korea, according to the 2025 Asia Pacific Private Equity Almanac. The country, alongside Australia and Japan, is among the key Asia-Pacific markets where the Qatar Investment Authority is increasing its presence. South Korea’s M&A market remained strong in 2024, with deal values reaching USD18.6bn, Deloitte said. Business restructuring is driving transactions as firms sell non-core assets. Private equity investments in Asia-Pacific totalled USD138bn last year, up 8.1% from 2023, with expectations of further growth in 2025 as interest rates decline. The market also saw a shift toward mega and small deals, while mid-sized transactions declined.