The private market is still dominated by Western powers, while Asia is underappreciated[1]. George Maltezos, managing director and head of capital formation for the Asia-Pacific at BlackRock, highlighted that three of the five largest countries by GDP (China, Japan, and India) are Asian. 'Three of the five largest countries by GDP (China, Japan and India) are in Asia,' he said during a discussion on private conferences SuperReturn Asia 2026.[2] Kevin Lu, partner and president of Asia at Partners Group, cited these three nations as an opportunity area. 'We do see China continuing to be interesting, but you have to find the right way to get your exposure, whether it is offshore, onshore, directly or secondaries,' he said. In addition, Southeast Asia is more fragmented and requires more effort to be organized, he added.

Valuations have been significantly corrected, he said, while credit conditions and euro appreciation have become more supportive, referring to a median loan-to-value ratio of 70% and interest rates below 2%. Srivastava also emphasized that capital may shift towards Asia after significant capital flows over the past five to ten years. The returns to the American stock market have become increasingly dependent on artificial intelligence, he noted.

With such large capital flows that have led to higher valuations, some investments may shift towards Asia, he added. This trend is already manifesting itself in the Asian asset management funds that have been raised, he continued. Electricity, in particular, is considered the best opportunity of the era, he declared.

Infrastructure has not been mentioned. LPs can intervene, control, and make an impact, both financially and non-financially, while GPs can manage their positions long-term without being subject to daily fluctuations. Friedberger also pointed out that private markets play an increasingly important role in managing positions, especially in high-tech areas like biotechnology and nanotechnology.