Asia’s capital markets are entering a period of necessary reset. The traditional, US-centric separation between private and public markets no longer aligns with Asia’s growth dynamics, capital needs, or investor base. As private capital has expanded rapidly across the region, public markets — particularly in Southeast Asia — have struggled to keep pace, weakening exit pathways and capital recycling.
Co-authored with Smartkarma, we assert that private–public market convergence in Asia is inevitable, but must happen earlier in the company lifecycle to be effective. Drawing on regional data and market case studies, the report outlines four actions to rebuild momentum: embedding mid-market listings on regional exchanges; developing more dual-skilled Asian investors across private and public markets; expanding access to high-quality private and pre-IPO research; and evolving boards from compliance-led oversight to growth-oriented stewardship.
With regulatory clarity and recent market initiatives, Singapore is well positioned to play a catalytic role in the region. Done well, earlier convergence can help build a more resilient, self-sustaining growth capital ecosystem for Asia.
Asia’s capital markets are entering a period of necessary reset. The traditional, US-centric separation between private and public markets no longer aligns with Asia’s growth dynamics, capital needs, or investor base. As private capital has expanded rapidly across the region, public markets — particularly in Southeast Asia — have struggled to keep pace, weakening exit pathways and capital recycling.
Co-authored with Smartkarma, we assert that private–public market convergence in Asia is inevitable, but must happen earlier in the company lifecycle to be effective. Drawing on regional data and market case studies, the report outlines four actions to rebuild momentum: embedding mid-market listings on regional exchanges; developing more dual-skilled Asian investors across private and public markets; expanding access to high-quality private and pre-IPO research; and evolving boards from compliance-led oversight to growth-oriented stewardship.
With regulatory clarity and recent market initiatives, Singapore is well positioned to play a catalytic role in the region. Done well, earlier convergence can help build a more resilient, self-sustaining growth capital ecosystem for Asia.
