Industry Statistics Q1 2014 Emerging Markets
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Industry Statistics Q1 2014 Emerging Markets Private Equity Fundraising Investment Analysis Table of contents EM PE Overview EM PE Fundraising EM PE Investment RegionCountry Snapshots Cambridge Associates Fund Performance Terms of Use:
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Industry Statistics Q1 2014 Emerging Markets Private Equity
Fundraising & Investment Analysis<br>
Fundraising & Investment Analysis<br>
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Table of contents EM PE Overview
EM PE Fundraising
EM PE Investment
Region/Country Snapshots
Cambridge Associates Fund Performance Terms of Use: All material and underlying data contained within this presentation are the intellectual property of EMPEA. Any reference to the material must be properly cited with notation attributing EMPEA as the source. Contact Us: For additional information, inquiries, or questions, please contact us at research@empea.net or call +1.202.377.8171. Update to our data methodology: EMPEA now updates historical data as we receive fund and transaction information from GPs on a quarterly basis via FundLink, our proprietary database.<br>
EM PE Fundraising
EM PE Investment
Region/Country Snapshots
Cambridge Associates Fund Performance Terms of Use: All material and underlying data contained within this presentation are the intellectual property of EMPEA. Any reference to the material must be properly cited with notation attributing EMPEA as the source. Contact Us: For additional information, inquiries, or questions, please contact us at research@empea.net or call +1.202.377.8171. Update to our data methodology: EMPEA now updates historical data as we receive fund and transaction information from GPs on a quarterly basis via FundLink, our proprietary database.<br>
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Accessing EMPEA’s Quarterly Data For a deeper dive into the data behind the charts in this presentation:
Right click on the chart, and click “Edit Data” to view the full table(s), or
Visit http://www.empea.org/research/data-and-statistics/ for the accompanying Excel data pack.
For additional information, inquiries, or questions, please contact us at research@empea.net or call 202.377.8171 ext. 224.<br>
Right click on the chart, and click “Edit Data” to view the full table(s), or
Visit http://www.empea.org/research/data-and-statistics/ for the accompanying Excel data pack.
For additional information, inquiries, or questions, please contact us at research@empea.net or call 202.377.8171 ext. 224.<br>
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PE overview Emerging Markets<br>
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EM as % of global PE fundraising Sources: Developed Asia - Asia Private Equity Review, U.S. – PitchBook, Western Europe – European Venture Capital Association, EM – EMPEA Data as of 31 March 2014. Published 28 April 2014. N/A<br>
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EM as % of global PE investment Sources: Developed Asia - Asia Private Equity Review, U.S. – PitchBook, Western Europe – European Venture Capital Association, EM – EMPEA Data as of 31 March 2014. Published 28 April 2014. N/A<br>
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Global PE Penetration Data as of 31 March 2014. Published 28 April 2014. Sources:
Emerging Markets – FundLink, EMPEA’s proprietary database
United Kingdom – Centre for Management Buy-Out Research
United States – PitchBook
Israel – Israel Venture Capital Research Center
Japan – Asia Private Equity Review
All GDP data – International Monetary Fund *Sub-Saharan Africa; **Middle East & North Africa<br>
Emerging Markets – FundLink, EMPEA’s proprietary database
United Kingdom – Centre for Management Buy-Out Research
United States – PitchBook
Israel – Israel Venture Capital Research Center
Japan – Asia Private Equity Review
All GDP data – International Monetary Fund *Sub-Saharan Africa; **Middle East & North Africa<br>
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Overall EM PE Fundraising & investment Data as of 31 March 2014. Published 28 April 2014.<br>
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EM PE Fundraising & investment Within Global Context Data as of 31 March 2014. Published 28 April 2014. N/A<br>
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PE fundraising Emerging Markets<br>
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Overall EM PE Fundraising Data as of 31 March 2014. Published 28 April 2014.<br>
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EM PE Fundraising by region Data as of 31 March 2014. Published 28 April 2014.<br>
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EM PE Fund Size Distribution Data as of 31 March 2014. Published 28 April 2014. Note: Based on total capital raised by funds reaching a final close in the designated year.<br>
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Median EM PE Fund Size Data as of 31 March 2014. Published 28 April 2014.<br>
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Ten Largest EM PE funds holding a final close in Q1 2014 Data as of 31 March 2014. Published 28 April 2014.<br>
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Largest Known EM PE funds With Closes in Q1 2014 Data as of 31 March 2014. Published 28 April 2014. *Denotes funds currently raising.<br>
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PE Investment Emerging Markets<br>
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Overall EM PE Investment Data as of 31 March 2014. Published 28 April 2014.<br>
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EM PE Investment by quarter Data as of 31 March 2014. Published 28 April 2014.<br>
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EM PE Investment by region Data as of 31 March 2014. Published 28 April 2014.<br>
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EM PE Investment by sector Data as of 31 March 2014. Published 28 April 2014.<br>
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EM PE Investment by strategy Data as of 31 March 2014. Published 28 April 2014.<br>
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EM PE Investment size distribution Data as of 31 March 2014. Published 28 April 2014. US$m<br>
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EM PE Median investment size Data as of 31 March 2014. Published 28 April 2014.<br>
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EM PE Median investment size By Region Data as of 31 March 2014. Published 28 April 2014.<br>
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EM PE Median investment size By Strategy Data as of 31 March 2014. Published 28 April 2014.<br>
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Largest investments Largest Known PE Investments in Emerging Asia, Q1 2014 Data as of 31 March 2014. Published 28 April 2014.<br>
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Largest investments Largest Known EM PE Investments ex-Emerging Asia, Q1 2014 Data as of 31 March 2014. Published 28 April 2014.<br>
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Most Active DealMakers Most Active Dealmakers by No. of Deals, Q1 2014 Data as of 31 March 2014. Published 28 April 2014.<br>
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Region/Country Snapshots Emerging Markets<br>
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Emerging Asia Data as of 31 March 2014. Published 28 April 2014.<br>
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China Data as of 31 March 2014. Published 28 April 2014.<br>
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India Data as of 31 March 2014. Published 28 April 2014.<br>
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CEE & CIS Data as of 31 March 2014. Published 28 April 2014.<br>
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Russia Data as of 31 March 2014. Published 28 April 2014.<br>
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Latin America Data as of 31 March 2014. Published 28 April 2014.<br>
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Brazil Data as of 31 March 2014. Published 28 April 2014.<br>
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MENA Data as of 31 March 2014. Published 28 April 2014.<br>
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Sub-Saharan Africa Data as of 31 March 2014. Published 28 April 2014.<br>
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Cambridge Associates Fund Performance Emerging Markets<br>
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Global PE & VC Fund Performance Comparative End-to-End Returns by Region (as of 31 December 2013) Data as of 31 December 2013. Published 28 April 2014.<br>
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Emerging Markets PE & VC Performance Data as of 31 December 2013. Published 28 April 2014. Source: Cambridge Associates LLC Proprietary Index: pooled end-to-end returns, net of fees, expenses and carried interest.<br>
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Emerging Asia PE Performance Data as of 31 December 2013. Published 28 April 2014. Source: Cambridge Associates LLC Proprietary Index: pooled end-to-end returns, net of fees, expenses and carried interest.<br>
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Central & Eastern Europe* PE Performance Data as of 31 December 2013. Published 28 April 2014. Source: Cambridge Associates LLC Proprietary Index: pooled end-to-end returns, net of fees, expenses and carried interest. *The Central & Eastern Europe PE Index includes Russia.<br>
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Latin America & Caribbean PE Performance Data as of 31 December 2013. Published 28 April 2014. Source: Cambridge Associates LLC Proprietary Index: pooled end-to-end returns, net of fees, expenses and carried interest.<br>
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Methodology This report provides an overview of trends in fundraising and investment among private equity funds investing in the emerging markets of Africa, Asia, Europe, Latin America and the Middle East. The statistics presented here are drawn from EMPEA’s database of funds and investment, FundLink, and are based on data from press releases and trade publications, as well as from communications with industry participants and regional and country-focused venture capital associations. EMPEA updates historical data as we receive fund and investment information from fund managers on a quarterly basis via FundLink.
Fundraising totals reported herein reflect only official closes (first, second and/or final) as reported in public sources and by the firms themselves. Capital commitments accruing prior to or between official closes are not included. Investment totals included in the report reflect total equity amounts for transactions in which financial details have been reported. For both fundraising and investment data, amounts have been confirmed wherever possible through information provided by the fund managers themselves.
The statistics in this report are based on the “market” approach—EMPEA categorizes activity based on the countries or regions in which fund managers intend to invest (in the case of fundraising) or the country headquarters of the investee company (in the case of investments). In the case of global funds, only those funds investing primarily in emerging markets are included in the totals (e.g., pan-Asia funds with a significant portion of capital intended for investment in China and India). Country-dedicated fundraising analytics reflect only those funds with a single-country strategy or mandate. Target allocations to individual markets within a broader global or regional fund are not attributed to single-country fundraising totals.
Regions in this report are defined as:
• Emerging Asia: all Asia, excluding funds whose primary investment focus is Japan, Australia and/or New Zealand (JANZ).
• Latin America : Central and South America and the Caribbean region (excluding Puerto Rico).
• Central & Eastern Europe (CEE) & Commonwealth of Independent States (CIS): European Union accession countries, Turkey, the Baltics and Balkans, as well as Commonwealth of Independent States (CIS) countries, including Russia.
• Middle East & North Africa (MENA): Gulf Cooperation Council (GCC), Afghanistan, Iran, Iraq, Jordan, Lebanon, Pakistan, Palestinian Territories, Syria and Yemen, as well as North Africa (Algeria, Egypt, Libya, Morocco, Sudan and Tunisia).
• Sub-Saharan Africa: all Africa, excluding funds whose primary investment focus is North Africa.
Statistics in this publication exclude real estate funds and funds of funds. Infrastructure funds managed by private equity firms and making private equity-style investments are included in this analysis (e.g., equity investments in infrastructure-related industries). Infrastructure investments that fit the conventional model (e.g., greenfield projects and/or project finance) are not included. Secondary investments are also excluded from investment totals because they do not represent an incremental increase in private equity capital in emerging markets, but they are included in exhibits for reference. For any questions, and to request the underlying constituent fundraising and investment data, contact research@empea.net or +1.202.333.8171 ext. 224.<br>
Fundraising totals reported herein reflect only official closes (first, second and/or final) as reported in public sources and by the firms themselves. Capital commitments accruing prior to or between official closes are not included. Investment totals included in the report reflect total equity amounts for transactions in which financial details have been reported. For both fundraising and investment data, amounts have been confirmed wherever possible through information provided by the fund managers themselves.
The statistics in this report are based on the “market” approach—EMPEA categorizes activity based on the countries or regions in which fund managers intend to invest (in the case of fundraising) or the country headquarters of the investee company (in the case of investments). In the case of global funds, only those funds investing primarily in emerging markets are included in the totals (e.g., pan-Asia funds with a significant portion of capital intended for investment in China and India). Country-dedicated fundraising analytics reflect only those funds with a single-country strategy or mandate. Target allocations to individual markets within a broader global or regional fund are not attributed to single-country fundraising totals.
Regions in this report are defined as:
• Emerging Asia: all Asia, excluding funds whose primary investment focus is Japan, Australia and/or New Zealand (JANZ).
• Latin America : Central and South America and the Caribbean region (excluding Puerto Rico).
• Central & Eastern Europe (CEE) & Commonwealth of Independent States (CIS): European Union accession countries, Turkey, the Baltics and Balkans, as well as Commonwealth of Independent States (CIS) countries, including Russia.
• Middle East & North Africa (MENA): Gulf Cooperation Council (GCC), Afghanistan, Iran, Iraq, Jordan, Lebanon, Pakistan, Palestinian Territories, Syria and Yemen, as well as North Africa (Algeria, Egypt, Libya, Morocco, Sudan and Tunisia).
• Sub-Saharan Africa: all Africa, excluding funds whose primary investment focus is North Africa.
Statistics in this publication exclude real estate funds and funds of funds. Infrastructure funds managed by private equity firms and making private equity-style investments are included in this analysis (e.g., equity investments in infrastructure-related industries). Infrastructure investments that fit the conventional model (e.g., greenfield projects and/or project finance) are not included. Secondary investments are also excluded from investment totals because they do not represent an incremental increase in private equity capital in emerging markets, but they are included in exhibits for reference. For any questions, and to request the underlying constituent fundraising and investment data, contact research@empea.net or +1.202.333.8171 ext. 224.<br>
47
About EMPEA The Emerging Markets Private Equity Association (EMPEA) is an independent, global membership association whose mission is to catalyze the development of private equity and venture capital industries in emerging markets. EMPEA’s 300+ member firms share the belief that private equity can provide superior returns to investors, while creating significant value for companies, economies and communities in emerging economies. Our members, representing nearly 60 countries and more than US$1 trillion in assets under management, include the leading institutional investors and private equity and venture capital fund managers across developing and developed markets. EMPEA leverages an unparalleled global industry network to deliver authoritative intelligence, promote best practices, and provide unique networking opportunities, giving our members a competitive edge for raising funds, making good investments and managing exits to achieve superior returns. Robert W. van Zwieten
President & Chief Executive Officer
Jennifer Choi
VP, Industry and External Affairs
Maryam Haque
Head of Data and Analysis
Jeff Schlapinski
Senior Analyst, Research
Sam Verran
Senior Analyst, Research
Molly Brister
Analyst, Research
John Mandalakas
Analyst, Research
Nadiya Satyamurthy
Senior Director, Consulting Services
Mike Casey
Director, Consulting Services
Shannon Stroud
VP, Programs and Business Development
Emily Sandhaus
Senior Manager, Programs and Events
Kyoko Terada
Director, Membership
Holly Freedman
Director, Marketing and Communications
Carolyn Kolb
Senior Manager, Marketing and Communications
Katryn Bowe
Industry Relations Coordinator
Sara Cousins
Member Services Coordinator
Abigail Beach
Industry Relations Coordinator
Serge Desjardins
Senior Advisor
Pat Dinneen
Senior Advisor
Michael Barth
Senior Advisor
Phillip Reid
Financial Controller
Aisha Richardson
Executive Assistant to the CEO, Office Manager 1077 30th Street NW • Suite 100 • Washington, DC 20007 USA
Phone: +1.202.333.8171 • Fax: +1.202.333.3162 • Web: empea.org<br>
President & Chief Executive Officer
Jennifer Choi
VP, Industry and External Affairs
Maryam Haque
Head of Data and Analysis
Jeff Schlapinski
Senior Analyst, Research
Sam Verran
Senior Analyst, Research
Molly Brister
Analyst, Research
John Mandalakas
Analyst, Research
Nadiya Satyamurthy
Senior Director, Consulting Services
Mike Casey
Director, Consulting Services
Shannon Stroud
VP, Programs and Business Development
Emily Sandhaus
Senior Manager, Programs and Events
Kyoko Terada
Director, Membership
Holly Freedman
Director, Marketing and Communications
Carolyn Kolb
Senior Manager, Marketing and Communications
Katryn Bowe
Industry Relations Coordinator
Sara Cousins
Member Services Coordinator
Abigail Beach
Industry Relations Coordinator
Serge Desjardins
Senior Advisor
Pat Dinneen
Senior Advisor
Michael Barth
Senior Advisor
Phillip Reid
Financial Controller
Aisha Richardson
Executive Assistant to the CEO, Office Manager 1077 30th Street NW • Suite 100 • Washington, DC 20007 USA
Phone: +1.202.333.8171 • Fax: +1.202.333.3162 • Web: empea.org<br>