Global institutions still plan to commit capital to private markets, while slower returns from existing funds are weighing on new commitments and Southeast Asia’s private equity activity has cooled.
Goldman Sachs Alternatives gathered responses from 225 limited partners and other institutional investors worldwide between June and August 2026. In the survey, 37% planned to deploy more capital than the previous year and 47% expected to keep deployment at the same level. That puts the share planning to maintain or increase investment at 84%, compared with 83% in 2025.
A lack of distributions from existing funds influenced the plans of 35% of respondents, up from 31% a year earlier. Distributions return money to investors, and their pace can affect how much capital those investors are ready to commit to new funds.
In Southeast Asia, five completed private equity-backed deals totaled $410 million in July through September 2026, EY-Parthenon reported. The region had recorded 10 deals worth $935.5 million in the preceding quarter. Exit proceeds also declined, falling to $1.3 billion across seven deals from $4.2 billion across 11 deals.
EY-Parthenon said differences between buyers’ and sellers’ valuations had lengthened deal timelines. Luke Pais, the firm’s Asean private equity leader, described third-quarter activity as selective, with longer holding periods. The firm also said investors were paying greater attention to the performance of businesses already in their portfolios.
The Philippines represented 40% of Southeast Asia’s private equity deal count and value in the third quarter, according to EY-Parthenon. Singapore had accounted for more than 74% of regional deal value in 2025, but the latest EY figures do not provide a comparable Singapore share for the third quarter of 2026. KPMG has cited Singapore’s political stability, legal system and access to regional markets as factors behind its appeal to investors.
Survey responses also pointed to areas investors viewed more favorably. Goldman Sachs Alternatives found 44% had a more positive outlook on secondaries than a year earlier; these transactions involve buying existing fund interests. Another 43% reported a more favorable view of infrastructure. The figures reflect investor sentiment, not completed investments.
