Exit options from MBB are varied. In ASEAN, there are the family-owned conglomerates, MNCs of all kinds, banks, and yes PEs. I see many of my ex-colleagues went to local conglomerates. This is interesting since my gut instinct told me that most would go to US MNCs. It turns out that for the same pay, the conglomerates give them higher positions and responsibilities, so that is a definite draw.

PEs are not (yet) a prominent fixture of the capital market in Southeast Asia. Unlike in the US where the VC/PE market has a balance of techies, ex MBBs and ex IBs, in Singapore my sense is it is dominated by ex IBs. This probably has to do with the fact that most of the deals so far are later-stage or mature deals where the emphasis is in "doing the deal"... vs. early-stage investments where you have a better chance to shape the business. This may change given the wave of tech startups that have been coming to the scene in the last 1-2 years.