PitchBook分析师报告：东南亚早期阶段资本紧缺（英）

1Southeast Asia’s Early-Stage Capital CrunchWhy early-stage capital in Southeast Asia remains fragile, and what is needed to ensure its long-term resiliencePitchBook is a Morningstar company providing the most comprehensive, most accurate, and hard-to-find data for professionals doing business in the private markets.PitchBook Data, Inc.Nizar Tarhuni Executive Vice President of Research and Market IntelligencePaul Condra Global Head of Private Markets ResearchKyle Stanford, CAIA Director of Research, US VentureInstitutional Research GroupAnalysisMelanie Tng Research Analyst, APAC Private Capital melanie.tng@pitchbook.comDataOscar Allaway Data Analystpbinstitutionalresearch@pitchbook.comPublishingDesigned by Chloe LadwigPublished on August 6, 2025ContentsKey takeaways• Southeast Asia’s early-stage venture market has entered a period of contraction, with both startup deal activity and VC fundraising activity declining sharply since 2022. Fund formation has fallen to multiyear lows, particularly among smaller, first-time managers, reflecting deeper fragilities in the region’s capital-formation layer.• The ecosystem remains overly reliant on nondomestic LPs and sovereign wealth funds, with limited participation from local institutional investors such as pensions, insurers, and corporates. Domestic capital recycling remains weak, and the absence of consistent high-profile exits has further dampened fundraising momentum.• Comparisons to India and Australia highlight the region’s structural gaps. India benefits from catalytic government capital and reinvestment from successful founders, while Australia’s pension system provides stable long-term funding for VCs. Southeast Asia lacks similar mechanisms, leaving it more exposed to global risk cycles.• Despite these pressures, the downturn is driving healthier market behavior. Valuations have reset, investors are more selective, and GPs are increasingly focused on fundamentals like unit economics and sustainable growth. Emerging sector themes, such as B2B software, industrial technology, and healthcare, continue to attract disciplined capital.• Without deeper local-LP engagement and credible exit pathways, Southeast Asia’s capital stack will remain fragile. In the near term, early-stage funding will likely stay smaller and more cautious, but the correction offers a pathway to rebuild around more resilient, fundamentals-driven growth.Key takeaways 1Introduction 2The post-boom reality: A shrinking pipeline amid structural weakness 2Can Southeast Asia build a more durable capital stack? 6Startups and GPs must adapt to the new reality 7A leaner, more disciplined cycle ahead 82Analyst Note: Southeast Asia’s Early-Stage Capital CrunchIntroductionSoutheast Asia’s early-stage venture market is entering a more challenging phase. Fundraising by local VC firms has slowed sharply since 2022, reflecting a global decrease in risk appetite and exposing structural weaknesses in the region’s capital stack. The visible