1. Good morning to all of you.
2. I am happy to be here at SuperReturn Asia’s fourth run in Singapore. Thank you to Dr Dorothy Kelso from SuperReturn and David Low from Singapore Venture and Private Capital Association (SVCA) for putting this together.
3. I am particularly thankful to my colleagues at the Monetary Authority of Singapore and Singapore Tourism Board for working hard to bring SuperReturn Asia to Singapore, and to SVCA for co-hosting this conference with SuperReturn.
4. SuperReturn is, of course, focused on how to generate superior return for investors.
5. And while that is important and is the focus of this event, allow me in my speech this morning, to broaden the definition of “Return” to ask ourselves three questions:
(1) Can we Return to the world we once knew?
(2) What Return can we generate in this new world?
(3) What can we give the world in Return?
(1) CAN WE RETURN TO THE WORLD WE ONCE KNEW?
6. While initial uncertainty around the “Liberation Day” tariffs has created some market volatility and concern among investors, tail risks have largely receded. Stocks around the world have recovered from initial global sell-off in April 2025, and IMF has revised upward its global growth forecasts in view of front-loading ahead of tariffs, lower effective tariff rates, better financial conditions and fiscal expansion in some major jurisdictions
7. But make no mistake. While tariff rates have come down from its peak in late April, it is still higher than the tariffs pre-“Liberation Day”.
8. In fact, US tariffs have immutably changed the face of global trade. It has upended the world order as we once knew it.
9. While global growth has been resilient so far, we must expect momentum to slow.
10. In Asia, first-half growth was stronger than expected — but largely due to front-loading of exports and AI-related investments. This boost that you see may dissipate as delayed tariffs take effect. Underlying demand is also softening due to continued trade policy uncertainties, with potential sectoral tariffs — such as in pharmaceuticals or semiconductors — inevitably weighing on businesses and investment.
a. At some point, companies will have to go past the “wait-and-see” phase and reconfigure their production lines and networks for different markets, resulting in permanent shifts in global trade patterns.
b. Companies, including your portfolio companies, must now consider relative tariff rates into their investment and production decisions, as well as the geographical origins, source of intermediate components and final export destination. This is what my team and I at the Ministry of Trade and Industry look at every day.
11. These added complexities will lead to higher production and compliance costs.
12. What does this mean for private equity?
13. Global private equity activity in Q2 2025 saw 1,760 deals (US$104.1 billion), down 12% in number and 29% in value respectively from prior quarter
14. All of this is happening in the backdrop of a retreat from a rules-based multilateral trading system, hot wars in the Middle East, Russia and Ukraine, and even political uncertainty in Asia, including here in parts of Southeast Asia.
15. The world order, as we once knew, has changed.
16. So back to our first question: Can we Return to the world we knew? No, we cannot.
17. So we must adapt to a more complex and uncertain landscape. Which brings us to our second question: What returns can we generate in this new world?
(2) WHAT RETURNS CAN WE GENERATE IN THIS NEW WORLD?
18. Even amidst uncertainty, there are opportunities. There are silver linings for those ready to adapt.
a. For the first time in a decade, distributions to Limited Partners surpassed their capital contributions. This comes against a very important time where LPs see a recovering distribution to paid-in capital (“DPI”).
b. The market has also rebounded in dealmaking in value terms and number of large PE deals above US$500 million in enterprise value
c. Even as some asset owners slow down deployment to private markets, there are others that remain underweight. For example, insurance companies have traditionally been underweighted on alternative assets, and this may be a turning point.
d. According to Preqin’s survey
Opportunities for private markets
19. We also see opportunities for returns in private market financing and healthy investor demand for alternative assets.
20. Private debt markets are projected to grow. Globally, private debt AUM is expected to reach an all-time high of US$2.64 trillion by 2029
21. Now zooming in, let’s explore opportunities for Returns in (a) infrastructure projects, (b) green projects and (c) alternative assets.
22. First, on infrastructure projects. The pipeline of companies and infrastructure projects that need financing is also growing. This is driven by push towards energy transition and security and increased demand for data centres.
a. Globally, projected financing needs of infrastructure projects from 2024 to 2040 is about US$68 trillion. Composition of infrastructure assets against the broader suite of private market assets more than doubled from 6.6% in 2023 to 15.8% as of 2025 (to-date).
b. In value terms, infrastructure funds have raised US$117.3 billion as of 2025 (to-date) and has surpassed the total funds of US$99.1 billion and US$101.4 billion raised in 2023 and 2024. That’s globally.
c. Here in APAC, we saw notable deal activity for infrastructure assets and renewable energy. Deal value in APAC more than doubled from US$17.2 billion in Q4 2024 to US$39.5 billion in Q1 2025
d. Renewable energy and clean tech made up much of the deal value in Q1 2025.
23. In tandem with the demand for infrastructure projects, demand for green projects, such as sustainable infrastructure and renewable energy, is also growing.
a. It is estimated that average annual demand will be US$200 billion per year up to 2030 in Asia. Within ASEAN, annual volume of green financing supply is estimated to have increased to US$40 billion.
24. Moving on to alternative assets. Investor demand for alternative assets is also rising, notwithstanding the short-term risk-off, as investors diversify beyond traditional asset classes of equities, fixed income and cash.
a. In fact, institutional investors have increased their allocation to private markets assets. According to Bain & Company
25. Moving on to secondary funds. Secondary funds have emerged as attractive strategies. They provide liquidity and exit pathways to primary funds and LPs and allow investors to access more mature and yield accretive assets.
a. What has driven increased interest in secondary funds? Over the trailing four quarters ending Q1 2025, aggregate exit value stood at US$440.8 billion, down 10% from the same period ending Q1 2020
b. Fundraising momentum remains strong, with over 250 secondary funds currently in market targeting a total of US$93.8 billion in capital commitment
26. What is the best way to generate returns from these opportunities?
Why “glocal”?
27. This means that while your capital allocation strategies continue to remain global, you also consider deepening your local capacity, adapting for regional markets and having a keen awareness of changes taking place in each country.
a. Consider ASEAN. We naturally cannot expect countries and businesses within ASEAN post-“Liberation Day” to respond uniformly to business uncertainties and tariffs. Each country and business face different tariff rates, potentially sector-specific tariffs, and varying degrees of supply chains reconfiguration.
b. As private market managers, you can and must help portfolio companies navigate these risks and complexities, pivot supply chains when needed or enter new markets with favourable conditions.
28. By combining global allocation and vision with local expertise, you can uncover the best opportunities and deliver alpha.
How to go “glocal”?
29. First, go local. We need to adapt to local markets to find local opportunities.
a. This means deepening local capacity that can take market-specific approaches that reflect local conditions and opportunities.
b. Take ASEAN again for instance. Putting tariffs aside, ASEAN, as many of you know, is a diverse group of countries with distinct cultures and business norms. Having local knowledge will help you navigate each market’s specific needs and build local networks to identify and tap these investment opportunities.
c. This also means growing local talent with skills to source and structure deals, develop financial models and execute deals, and who also understand local language, local culture and local markets.
30. Second, go regional.
a. Even while you go local, it’s not possible to have presence in every market due to resource constraints. Now I shall put on my policymaking hat.
b. Singapore can be your regional base to access ASEAN and Asia efficiently.
c. Use our strengths to support multi-market operations. These include our infrastructure (including transport connectivity), strong rule of law and our strong network of asset managers, professionals and investors. Singapore has the ecosystem.
d. Singapore continued to see strong growth in alternative AUM in 2024. Our total AUM grew 12% to US$4.5 trillion in end-2024. And our growth in assets managed by PE, VC and hedge fund managers led this growth, collectively increasing by 25% in aggregate year-on-year.
e. The number of licensed fund management companies in Singapore has also increased from 1,250 in December 2023 to over 1,300 as of 30 June 2025.
31. In tandem with this growth, there is a growing number of global PE and infrastructure managers establishing their Singapore Offices as their APAC HQ. Many of whom are here with us today. They site their investment, capital formation and value creation teams here to support their growing Asian franchises, tap the capital and wealth managed out of Singapore, and partner sophisticated owners including global public investors for co-investment opportunities.
32. Third, consider how you can operate globally in a modular fashion, anchored by strong local and regional expertise and networks.
a. This can help you be more resilient, more agile and more responsive to new disruptions in the global economic order and shifting capital and supply chains. For example, EQT’s Singapore-based Asia-Pacific platform is anchored by deep local deal teams and supported by a global Industrial Advisor Network of over 600 seasoned executives in its deal sourcing, underwriting and value creation process, combining regional agility with global reach.
b. Your local presence is a strategic asset for your portfolio companies. As you know, every portfolio company will face different challenges, even in the same country. It is natural. Different supply chains, different markets, different impact. Maintaining a deep local presence in key markets will be critical as your understanding of how regional supply chains are transforming can help you guide companies to pivot their operations and to identify new opportunities for expansion.
c. In fact, your local networks become their networks and help open doors to more market entry opportunities for companies ready to scale globally. Simultaneously, these local relationships enhance managers’ deal sourcing capabilities, creating a virtuous cycle of identifying growth opportunities.
33. Clearly, there are returns to be made. It is about where you do it and how you do it.
(3) WHAT CAN WE GIVE THE WORLD IN RETURN?
34. As we look outward, let’s pause to also consider what we can contribute to the world in return.
35. The Singapore Government is playing our part globally, regionally, and locally. Let me share a little bit more.
36. On a global and regional level, the Singapore Government is playing our part to support and uphold an open and connected global system.
37. In ASEAN, negotiations are underway to upgrade the ASEAN Trade in Goods Agreement (ATIGA) and we are concluding the ASEAN Digital Economy Framework Agreement (DEFA). This will enhance both goods and digital trade.
38. ASEAN is also deepening links with partners such as Gulf Cooperation Council (GCC) and through the Regional Comprehensive Economic Partnership (RCEP).
39. At home in Singapore, we are also strengthening our private markets ecosystem.
a. Through MAS’ US$6 billion Private Markets Program, we have anchored top private equity, infrastructure and private credit managers to set up and expand here. These managers have seeded and enriched our private market ecosystem here, and helped develop local talent through internships and training programs for our undergraduates and polytechnic students keen on a career in our growing asset management sector.
b. We have also set aside S$400m in grant funding for our Talent and Leaders in Finance programme to develop our local talent, while also welcoming diverse and high-quality global talent to complement our local workforce. A win-win situation to grow the ecosystem.
40. Our aim is to form the best teams in Singapore to support continued growth of our financial sector, including in asset management.
41. We believe these efforts will strengthen our investor ecosystem, and build a supportive funding environment for Singapore companies and startups to grow and scale. And more importantly, we give back to our communities by creating new and exciting jobs for our people.
42. This is a key focus of the national Economic Strategy Review Committee on Entrepreneurship. Every couple of years, the Singapore government reviews the landscape and see if structural changes to our economy need to be made. This economic structural review is led by MAS Chairman, DPM Gan Kim Yong. There are five committees. One of which I co-chair with Minister of State, Dinesh Vasu Dash. Our committee is studying proposals to enhance access to different forms of growth capital to meet business scaling needs and to improve exit pathways so we can recycle capital and talent back into our ecosystem as a virtuous cycle.
43. We understand that financing and exits are a challenge for our start-ups.
44. I would like to invite all of you to give us your insights and feedback, as our Committee embarks on our engagements with various stakeholders to develop our recommendations. We are happy to hear any ideas that you may have.
45. And of course, by hosting gatherings like SuperReturn Asia, Singapore brings together dealmakers, asset owners, and founders to connect, collaborate, and create value. This year, we welcome a record turnout of over 2,500 senior decision-makers.
46. In short, what Singapore can give the world in return is a connected, trusted, and dynamic hub — one that supports the flow of ideas, capital, and talent.
CONCLUSION
47. So let me conclude with the three “Returns”.
a. Can we return to the old world order we once knew? No — the world has changed.
b. What returns can we generate from the new world? There are new silver linings and we have the potential strategy to generate these new returns.
c. What can we give in return? Singapore offers a platform to connect capital and opportunities.
48. Asia, and ASEAN in particular, holds tremendous potential. Private capital will play a vital role in shaping its future.
49. At the heart of ASEAN, Singapore is your partner to go “glocal.”
50. With that, I wish you a fruitful conference and a pleasant stay in Singapore. Thank you.
***
[1] See IMF World Economic Outlook Update: July 2025
[2] See Private Equity Q2 2025: Preqin Quarterly Update
[3] See Private Equity Q2 2025: Preqin Quarterly Update
[4] See Preqin Institutional Allocation Study 2025
[5] See Preqin Global Report, Private Debt 2025
[6] From 2023 to 2029 (forecast)
[7] From 2023 to 2029 (forecast)
[8] See Infrastructure Q1 2025, Preqin Quarterly Update
[9] See Bain & Company, Private market assets to grow at more than twice the rate of public assets, reaching up to $65 trillion by 2032, Bain & Company finds, 21 August 2024
[10] See Preqin, Secondaries: Past, present, future, 18 June 2025
[11] See Preqin, Secondaries in 2025: the outlook for fundraising, deals, and performance, 28 January 2025
