PitchBook：2025年分析师报告：东南亚早期阶段资本紧缺报告（英文版）

Southeast Asia’s early-stage venture market has entered a period of contraction, with both startup deal activity and VC fundraising activity declining sharply since 2022. Fund formation has fallen to multiyear lows, particularly among smaller, first-time managers, reflecting deeper fragilities in the region’s capitalformation layer. • The ecosystem remains overly reliant on nondomestic LPs and sovereign wealth funds, with limited participation from local institutional investors such as pensions,