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Laxman Pai, Opalesque Asia: Singapore has emerged as one of the rare financial hubs in the world to attract a record cash pile, defying the gravity of a global fundraising slump, says a report.
According to the Preqin report, fundraising worldwide has slowed this year to a five-year low, with aggregate capital raised so far in 2022 of $1.19tn, down 20% from last year's record $1.49tn. All major regions saw a year-on-year decline in fundraising this year, but Singapore has stood out as a beacon fundraising market, amassing a record amount of capital.
"China has long dominated the fundraising arena in APAC, raising the most capital since 2008. However, the tables turned for the first time this year since 2008 as Singapore has dethroned China in total aggregate capital raised, crowning itself as the region's fundraising star," said Caroline Rolle at Preqin.
She added that after years of superheated growth, China's fundraising is facing a dry spell as bearish sentiment among investors mounts amid concerns over the world's second-largest economy's slowing growth and rising investment risks. Thousands of protestors flooded the streets of major cities last month against Beijing's COVID-19 restrictions that have taken a significant toll on the economy.
"While fundraising in China nosedived, Singapore-based dealmakers raked in a record $24.5bn in the final closing of 42 funds so far this year, up 70% from 2021's $14.3bn. Av...................... To view our full article Click here
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