In Europe and the United States, private equity firms flex their muscles primarily via large buyouts, but in Asia they have also made a splash investing in growth companies, especially in the internet and technology sector.

"Looking forward, internet and tech are still going to be the biggest sectors largely driven by China,” said Kiki Yang, a Hong Kong-based partner at consulting firm Bain & Company, adding that the sectors would be less impacted by trade tensions as they are more related to local markets.