This thesis examines the relationship between private equity activity and perceived corruption in Asian countries controlling for many different economic factors. The study finds indications that perceived corruption negatively affects private equity in Asia, however this is not statistically proven for all countries. When analysing groups of countries separately, the study finds that higher perceived corruption is positively correlated with private equity activity in Developed markets but negatively correlated with private equity activity in Emerging markets. For Frontier markets, the relationship is not statistically significant, even though indications point to a negative relationship. The ability to enforce contracts, measuring the quality of judicial systems, is the most significant determinant of private equity activity. Furthermore, the paper finds that control variables overall have bigger effects for emerging and frontier countries than for developed economies, implying that richer economies already have higher levels of economic development and small changes do not have much impact, but for poorer countries, smaller changes in different factors seem to boost private equity activity