Welcome to our 2025 Asia Pacific & Middle East Private Capital Investment Professional Compensation Survey, the 11th annual edition. This report is part of a long-standing series of compensation surveys focusing on private equity investment, fundraising, and operating professionals around the world. 

The goal of the report is to create a comprehensive picture of the compensation of key executives in private equity (PE) firms, including how compensation is evolving across strategies and levels as private capital grows and matures in the Asia Pacific and Middle East regions. 

Our private capital team and consultants across industry practices spent significant time engaging with clients across the deal cycle to understand executive compensation in the Asia Pacific and the Middle East regions. We hope this survey is useful, and we welcome questions and comments.

Executive summary

Asia Pacific and Middle East private capital sectors poised for significant growth in 2026

As we enter 2026, the Asia Pacific and Middle East private capital sectors are well-positioned for significant growth in the year ahead, driven by their economic dynamism and resilience, a growing pipeline of potential deals, and heightened interest from limited partners (LPs) seeking portfolio diversification. This shift highlights the regions as key priority for private equity, real assets, and credit funds.

LPs are increasingly adopting a distribution-to-paid-in (DPI) perspective, favoring funds that demonstrate successful capital returns. Established private capital platforms continue to secure commitments for their APAC and Middle East funds, while mid-sized firms face challenges in fundraising.

Global funds express optimism regarding APAC's prospects, anticipating it will represent a substantial portion of their private equity distributions, with some firms prioritizing investment strategies focused on the region. India and Japan have been the most active markets in recent years, while interest in China is returning, with multinational corporations partnering with private capital to accelerate growth in their operations there. Additionally, the secondaries market is on the rise, driven by LP liquidity needs and pressure on general partners (GPs) to generate distributions.

The Middle East private capital sector is also experiencing a positive environment, particularly in Abu Dhabi, Qatar, and Kuwait, with capital initially flowing into infrastructure, followed by private debt, real estate, and private equity. Consistent and strategic policymaking across key markets has attracted foreign investment and facilitated a structured approach to capital deployment. Global and regional managers alike are increasingly optimistic, viewing the region as a growth market for capital formation, alongside a growing interest in the Middle East as a destination for investment deployment. Riyadh and Abu Dhabi are also emerging as talent hubs, reflecting both the influx of international professionals and the sustained dominance of regional senior talent. (Since we originally wrote this report, market conditions have become markedly more uncertain.)

Competition for top investment talent remains intense, particularly in India, Japan, Riyadh and Abu Dhabi, where demand for skilled professionals has surged. Firms are seeking individuals with relevant deal experience who can drive growth. Candidates are increasingly focused on current fund deployment status, DPI, and overall fundraising performance. This competitive landscape enables top-tier talent to find ample opportunities, while those lower on the ladder may experience limited movement.

Optimism is rising, with nearly three-quarters (73%) of participants expecting positive shifts in market opportunities over the next 18 months, up from about 60% who said the same in last year’s survey, marking a substantial increase in confidence. This sentiment is bolstered by a resurgence in private equity deal activity, particularly within the technology, healthcare, and consumer sectors, which are projected to attract significant investments.

Read the full demographic and compensation data in the report.

About the authors

Shadi El Farr (selfarr@heidrick.com) is the regional managing partner of the Financial Services Practice in Asia Pacific and the Middle East; he is based in the Dubai and Riyadh offices.

Guillaume Levi (glevi@heidrick.com) is a partner and leads the Private Capital Practice and investment management sector in Asia Pacific; he is based in the Hong Kong office.