Beyond Exits: Building Durable Returns in Southeast Asia
Featured Article
Over the past decade, Southeast Asia’s venture ecosystem has proven its ability to create highly valued private companies as demonstrated by its most celebrated output – unicorn formation. At its peak in 2021, 26 companies crossed the US$1 billion threshold.
But unicorn status is a private market valuation milestone, and it does not necessarily indicate that value can be sustained once a company enters the public markets.
LP Perspective
Tay Hwee Ling, Southeast Asia Capital Markets Services Leader, Deloitte
What will define the next phase of Southeast Asia’s IPO market?
“While overall listing volumes may remain selective, the market is expected to continue favouring fewer but larger and higher-quality transactions.
Nevertheless, companies with strong fundamentals, clear growth strategies and appropriate pricing are expected to continue attracting investor interest.”
Fund Managers to Watch
Meet the managers that are building durable returns in Southeast Asia
In partnership with OCBC Bank, Lion X Ventures is a VC fund focused on accelerating digital innovation across Southeast and Northeast Asia. In 2026, Lion X Ventures-backed SkyeChip saw its Bursa Malaysia Main Market IPO oversubscribed by 95.0 times, offering a timely example of Southeast Asia deep-tech companies moving from private capital backing to public-market validation.
Expara Ventures is Southeast Asia’s pioneer in early-stage venture capital and venture services platform, with a regional presence across markets including Thailand, Vietnam, Malaysia and the Philippines. The firm combines seed-stage investing with accelerator, incubation, mentorship and entrepreneurship training programmes, making it a relevant ecosystem builder for founders scaling across Southeast Asia’s early-stage technology landscape.
Granite Asia is a pan-Asian multi-asset investment platform with roots in venture capital and a track record of backing category-defining technology companies. Formerly GGV Capital Asia, the firm has supported major Asian consumer technology leaders including Alibaba, JD.com, XPENG and Xiaomi, and today invests across early-stage equity and late-stage financing in the region.
Insights
Southeast Asia 2026 Mid-Year IPO Snapshot
Deloitte, July 2026Deloitte’s latest Southeast Asia IPO snapshot points to a more selective but higher-value listing environment. While IPO volumes moderated in 1H2026, total proceeds more than doubled to over US$3 billion across the region. The report highlights a clear divergence between deal count and capital raised: fewer listings, but larger transactions, suggesting that public markets remain open for companies with scale, quality and stronger investor appeal. This provides a useful lens for understanding Southeast Asia’s private-to-public pathway and the conditions needed for exits to become more repeatable.
USD 5.8T in wealth is transferring to the next generation in Asia-Pacific, reshaping how family offices deploy capital, define legacy, and pursue long-term value creation. 12.8 million women-led businesses across Southeast Asia remain significantly underfunded despite
strong business fundamentals and growing market influence. For family offices, this creates an opportunity to access overlooked commercial opportunities while helping shape a more resilient and inclusive future. The Investor Playbook serves as a short how-to guide for family offices to get started with gender smart investing.
Read Report (scroll to bottom of link)
Investor Playbook
Investing in Women, Sagana, August 2026
PitchBook’s H1 2026 APAC Private Capital Breakdown offers a broader APAC lens on the private-market conditions shaping Southeast Asia’s exit environment. Covering PE and VC dealmaking, exits and fundraising, the report highlights why LPs are increasingly focused on liquidity, realised returns and capital recycling.
PitchBook, July 2026APAC Private Capital Breakdown
YCP’s Southeast Asia IPO Landscape: Building Readiness for Long-Term Success examines the strategic relevance of IPOs in Southeast Asia’s capital markets and what companies need to build before going public. The whitepaper looks beyond listing as a one-off exit event, highlighting IPO readiness as a long-term capability across governance, financial reporting, investor communication and operational discipline.
YCP, March 2026Building Readiness for Long-Term Success
Upcoming Events
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August 27-28, Singapore
GPCA and Investing in Women will be hosting a full-day investor training in Singapore on Friday, 28 August, focused on how gender-informed decision-making can support stronger funds and better investment outcomes across Southeast Asia. The session will be hands-on and practitioner-led, with participants working through real case studies that link gender integration to commercial results. A networking reception will also be held the evening before, offering participants an opportunity to connect informally ahead of the training. Interested participants may reach out to asia@GPCapital.org for more information.
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September 30, Singapore
SVCA’s Annual Gala & Awards Dinner returns at the Sands Expo & Convention Centre, bringing together 400+ senior leaders from the global venture and private capital ecosystem for an evening of networking and industry recognition. This year’s awards will also feature the new Gender Smart LP of the Year category, recognising LPs that demonstrate leadership in gender-inclusive investing and support for women-led and gender-diverse funds. This is a continuation of the Investing in Women LP Awards organized by Investing in Women and Propelevate in 2024 and 2025. Secure your tickets here.
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Oct 1, Singapore
Investing in Women and Propelevate are partnering with Bridge Funding Global to co-host the annual LP Summit 2026 in Singapore on October 1, 2026. The LP Summit is designed to bring together leading venture investors from the U.S. as well as both institutional and family offices to discuss how top allocators are positioning portfolios for the next decade, why emerging managers continue to outperform, and the investment opportunities being created by AI, healthcare, financial innovation, infrastructure, energy, and deep technology. The event is invite-only. If interested, please contact Gary Wong, LP Engagement Lead at Propelevate at gwong@propelevate.global.
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This publication has been funded by the Australian Government through the Investing in Women initiative. The views expressed in this publication are the author's alone and are not necessarily the views of the Australian Government.