Primavera Capital is preparing to raise a new Asia-focused private equity fund, targeting investments in technology and consumer sectors. The firm joins growing competition among buyout shops seeking capital across the region amid increasing deal activity.

Founded by former Goldman Sachs banker Jack Ma, Primavera has been active in cross-border transactions involving Chinese companies. Recent regulatory crackdowns and market volatility have made fundraising more challenging for many Asia-focused funds over the past two years.

Investors are watching how Primavera differentiates its strategy amid heightened scrutiny of tech investments. The firm's success could signal renewed appetite for Asia buyout funds, especially those with strong government relations and sector expertise.