Asian Venture Capital Journal (AVCJ) Research figures show that after a year of private equity industry upheaval, the Asia Pacific industry is at last registering the effects of the downturn in the asset class. Although private equity and VC capital under management across the region continues to grow, its rate of growth has slowed and almost every other industry metric is down on last year.

Closer examination of the figures, however, reveals a far less uniformly gloomy picture. China, the region’s favourite developing market, held up relatively well in most departments. And other popular markets, such as India, or currently unpopular ones, such as Korea, also showed good results in certain areas – outweighed only by a predictable slump in the truly developed markets, such as Australia, Hong Kong and Japan.