APAC PE/VC firms are overwhelmingly optimistic going into 2021, with the majority of respondents expecting to see fundraising conditions improve and their focus shift toward making new investments. While the spectre of the COVID-19 pandemic still looms large, as is somewhat indicated by the top three sectors of focus – IT, Consumer and Healthcare, respectively – respondents are also preparing for other risks, including the speed of technological changes and changing consumer behaviour. For all but 15% of respondents, 2021 will also see a widespread commitment to improving, or at least addressing, ESG-related factors.