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In 2025 the private capital markets in the United States entered a new phase of maturity that few in Asia fully recognized. The numbers tell the story. Global secondary transactions hit $103 billion in the first half of 2025 alone, up 51% from the prior year and setting a new six-month record. Blackstone predicts the market will reach $220 billion for the full year and $400 billion by 2030. Meanwhile, Asian VC and PE funds continue posting DPI ratios 15% to 25% lower than the

Late 2024 delivered a brutal reminder. eFishery, the Temasek-backed Indonesian unicorn, suspended its co-founders Gibran Huzaifah and Chrisna Aditya amid an ongoing investigation into alleged embezzlement. Not a market problem. Not a product problem. A decision and governance problem that had been building for years while investors looked the other way. The company had reached unicorn status, raised from Sequoia and SoftBank, but lacked the decision architecture to prevent in

The Indian market just proved the point. Urban Company listed in 2025 at a 56.3% premium, shocking the market. Not because the product was revolutionary, but because the company behaved like a sponsor, not an operator. Clean governance. Clear narratives. Institutional-grade preparation. Meanwhile, 11 Indian startups have successfully listed since July 2025 and the pattern is unmistakable: the ones commanding premium valuations are the ones that rebuilt their internal architec

In Asia, founders whisper when they talk about secondaries. VCs raise eyebrows. Boards fear "bad optics." But here's the truth the U.S. already knows. The proof just happened. In May, CATL completed a secondary listing in Hong Kong, raising $5.2 billion in the world's largest IPO so far this year. Not a distress signal. An acceleration signal that gave the company access to Asian capital while maintaining its primary Shenzhen listing. Clean structure. Clear pricing. Massive v

Ask any Asian founder when they'll prepare for an IPO or strategic sale, and you'll hear the same answer every time. "When the market improves." This is the most expensive lie in Asian tech. Look at what just happened. In February 2024, S&P upgraded Grab to B+ based on positive EBITDA and improved cash flow not because markets suddenly opened, but because Grab spent 18 months preparing its financial infrastructure before the upgrade window arrived. Meanwhile, Goldman Sachs an

The numbers from 2024 tell a story nobody wants to admit. China minted just 20 new unicorns last year. The lowest in a decade and a 51% drop year over year.  Meanwhile, 19 Chinese unicorns exited, with 12 choosing Hong Kong over U.S. markets a clear signal that even successful companies can't attain U.S. valuations. Study Asian tech over the last decade and you'll spot a pattern that makes no sense. Companies rocket from zero to $200M in enterprise value, then hit an invisibl