New York, NY – 16 October 2025 – Preqin, a part of BlackRock, in partnership with the Japan Private Equity Association (JPEA), announced the release of the inaugural Japanese Private Equity Performance Benchmark Factsheet. This marks Preqin’s first benchmark publication dedicated to Japan’s private equity market, aiming to bring enhanced transparency to the market.
The Factsheet draws on Preqin and JPEA’s March 2025 industry survey of JPEA member firms. It represents a significant step forward in Preqin and JPEA’s benchmarking efforts, offering a more comprehensive and locally attuned framework that integrates investor feedback, evolving market dynamics, and global best practices.
The benchmark is based on data from 112 constituent funds managed by 34 JPEA member firms.
"Japan’s private equity market is experiencing a period of remarkable momentum in APAC, both in terms of deals and exits,”* said Fabien Chen, Managing Director at Preqin. “We’re proud to empower investors with robust data, actionable insights, and benchmarking tools tailored to the Japanese market—helping them navigate opportunities, manage risk, and make confident decisions in a fast-evolving landscape."
"The partnership between JPEA and Preqin marks a significant milestone for Japan’s private equity industry,” said Megumi Kiyozuka, Chair at Japan Private Equity Association. “By combining Preqin’s global expertise in data and benchmarking with JPEA’s deep local knowledge, we are delivering a performance benchmark that reflects the realities of our market and the needs of investors and fund managers.”
Momentum in Japan’s Private Markets
According to Preqin data, Japan has emerged as one of the most attractive markets in the Asia Pacific (APAC) region for private capital fundraising and deal-making. Japan’s private equity deal volume accounted for nearly one-third of APAC’s total in 2024, up from 23% in 2023.** Additionally, Japan’s private equity market is outperforming global peers in terms of distributions, with a record of ¥470 billion ($3.1bn) in 2023, despite a globally challenging exit environment.
Japanese Private Equity Performance Benchmark Methodology
Performance Metrics:
In response to growing interest in Distributions to Paid-In Capital (DPI) and dry powder amid current market conditions, the benchmark includes disclosure of DPI, Called (%), and RVPI (Residual Value to Paid-In Capital).
Benchmark Design:
To address the disproportionate weighting of certain funds in recent vintages—driven by the trend toward larger fund sizes—the benchmark is focused on median-based reporting at the vintage level rather than pooled-based reporting
About Preqin, a part of BlackRock
Preqin empowers financial professionals who invest in or allocate to private markets with essential data and insights, supporting them throughout the entire investment lifecycle. Preqin has pioneered rigorous methods of collecting private data for over 20 years and enables more than 200,000 professionals globally to streamline how they raise capital, source deals and investments, understand performance, and stay informed. Acquired by BlackRock in 2025, Preqin complements the firm’s Aladdin technology platform to provide investment solutions for the whole portfolio. For more information visit www.preqin.com.
About the Japan Private Equity Association (JPEA)
The Japan Private Equity Association was founded with eight member companies on August 1, 2005. The purpose of the Association has been to function as an industry group for major players in business investments in Japan and as a forum for players to provide necessary information. The principal members of the Association are the managing partners of private equity investment partnerships and their advisers, who aim to achieve strong management through active assistance and investment with the provision of management resources and to serve the overall interests of all stakeholders, including employees. As of 2025, the Association has 77 regular members and 159 supporting members.
For further information, please visit https://jpea.group/
Notes to editors
The Japanese Private Equity Performance Benchmark Factsheet is available for download here.
* According to Preqin’s APAC Q3 2025: Preqin Quarterly Update (published November 2025)
** According to Preqin’s Alternatives in APAC 2025 report (published July 2025)