Buyout deals in Asia have surged to a first-quarter record as private equity groups scooped up assets in the region, but investors warn the hot streak may not last due in part to intensifying coronavirus lockdowns in China.

The value of private equity deals in Asia has reached $46.5bn in the first three months of 2022, up 340 per cent from the same three-month period last year, according to Refinitiv data. That marked a first-quarter record as the region continued to offer a range of targets for acquisitions despite tumult elsewhere in the world.

“Despite a lot of uncertainty and geopolitical tensions people continue to find interesting deals and attractive targets,” said Kiki Yang, co-head of Bain & Company’s Asia-Pacific private equity practice.