Global monetary tightening has weighed on market sentiment, and weakness in secondary markets has fed through to private-market pricing.
The lower valuation environment is creating more attractive entry points for investors focused on the primary market.
Welkin Capital, founded by members of several well-known families from mainland China, Hong Kong and Taiwan, concentrates on mid-market firms and looks for so-called hidden champions.
With more policy support aimed at small and medium-sized enterprises in mainland China, the firm sees continued opportunities in this segment.