Global Financial and Political Landscapes Undergo Shifts
The private equity sector experienced a surge in exit value, reaching almost $730 billion in 2025, according to PitchBook data. This figure marks the second-best year on record for exits, surpassed only by 2021. Meanwhile, in Singapore, Hongkong Land launched the country's largest private retail fund, valued at $6.5 billion, as part of a strategic shift under CEO Michael Smith. Simultaneously, the Trump administration's foreign policy adjustments prompted China to mitigate risks and pursue opportunities on the global stage.
PitchBook's 2026 Private Equity Outlook event revealed that 2025 saw over 1,600 exits in the private equity space. Fortune reported that the last few years in private equity have been "complicated," with both positive and negative developments.
Hongkong Land's Singapore Central Private Real Estate Fund (SCPREF) will concentrate on prime commercial assets in Singapore's central business district. According to Fortune, the fund holds approximately 8.2 billion Singapore dollars ($6.5 billion) in assets. SCPREF's initial portfolio includes buildings such as Asia Square Tower 1, One Raffles Link, Marina Bay Link Mall, and Towers 1 and 2 of the Marina Bay Financial Center. Smith told Fortune, "We imagine ourselves having a series of funds with high-quality investors alongside us, creating fund management revenue."
NPR reported that the Trump administration has "starkly illustrated its shift in strategic focus to the Western Hemisphere," citing the removal of the leader of Venezuela. According to NPR, these military interventions are a concern for China.
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