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LPs consider a vast number of metrics, including transparency, exposure and co-investment opportunities, before determining whether a fundraise was successful.

Structural changes including socioeconomic tailwinds and rising exit values are proving more consequential for private equity appetites than China’s slowdown.

Supply from managers looking to the secondaries market to hold onto assets for longer periods continues to grow.

The trade group has issued guidance to address concerns over conflicts and the speed of GP-led deals.

The firm still expects its flagship funds in market to grow compared with their predecessors, according to chief financial officer Jack Weingart.

Multiple managers have either closed or expect to close their latest private equity flagships below target – something unthinkable a few years ago.

Asia-Pacific’s contribution to fundraising last quarter fell below historical norms – with just $2.2bn raised, or 1.3% of the global total, according to PEI's downloadable Q1 data.

GPs will soon have to report on sponsor-initiated secondaries deals within 60 days from the end of each quarter, after the US regulator voted through the proposals Wednesday.

The number of vehicles to wrap up fundraising during the first quarter suggests total funds to close this year could fall by half, according to PEI data.

The firm aims to reach its new $300m hard-cap by September and seeks to capitalise on previously inaccessible opportunities in the country, says chief executive Lenna Koszarny.