WHILE the global private equity (PE) industry has enjoyed strong growth over the last decade — driven by increasing investor allocations, market appreciation and outperformance of private firms compared with public companies — the industry in Malaysia has remained relatively sluggish. According to the Institute for Capital Market Research Malaysia (ICMR), more needs to be done to grow the market. These include a healthier and more diverse ecosystem of fund managers and private investors to address the country’s rising liquidity needs.