Private equity in Asia-Pacific, which experienced a boon over the past decade, is heading into a consolidation phase where a firm's ability to generate return will be the differentiating factor. "There was a period, five, 10 years ago, where there was probably a bit too much capital raised across Asia-Pacific by first time funds," said Suvir Varma, who leads Bain & Company's Asia-Pacific Private Equity practice and is the lead author of Bain's third annual report on private equity activities in the region. "We will see a bit of flight-to-quality around that."