The private equity market is facing overlapping and interdependent challenges that are shaping business opportunities for private equity funds in Asia and globally. (Geo)political challenges, tough exit environments and fundraising conditions are affecting transaction structures as well as deal terms, paving the way not only for new markets and target sectors, but also for new financing strategies and alliances. The discussion will focus on how the markets have adapted to these challenges, the shifting focus of private equity funds in Asian markets, newfound opportunities and projected developments for 2026.