Secondary direct investors – who buy portfolios of assets – are circling Asia in anticipation of new buying opportunities expected to emerge as regional funds reach maturity and private equity firms come under pressure to return capital to investors.

Some 672 Asian private equity funds attracted a total of around $180bn between 2004 and 2007, according to data provider Preqin. But a surge of investment followed by a challenging exit market has made them ripe for the picking, especially as private equity firms and their investors seek liquidity.