Latest Research

Inside Perspectives: An Interview with Macquarie’s Robert Thorpe (July 2011)
Publication Date: July 2011 | Source: EMPEA
Robert Thorpe, Managing Director of Macquarie Infrastructure and Real Assets (“MIRA”), discusses the opportunities and challenges of being a global infrastructure investor across both developed and emerging markets. Robert is focused on MIRA’s emerging markets infrastructure funds business and is directly involved in the management of Macquarie’s Indian Infrastructure business. MIRA is a leader in specific asset class investor funds, including Infrastructure and Real Estate, with assets under management of US$106.4 billion.

EMPEA: The Early Days to Today – A Profile of Roger S. Leeds (July 2011)
Publication Date: July 2011 | Source: EMPEA
Roger S. Leeds, one of EMPEA’s key founders and outgoing Chairman of the Board, is well positioned to provide a unique perspective on how EMPEA has flourished in parallel with a resurgence of interest in the asset class. In this article, Roger shares his take on how emerging markets private equity has transformed itself in a short period of time from a discredited asset class to one that has proven it can deliver strong returns, while also promoting greater economic development.

Unlocking African Pension Capital for Private Equity (July 2011)
Publication Date: July 2011 | Source: EMPEA
EMPEA recently participated in the West Africa Private Equity Roundtable, an event that brought together representatives from pension funds, insurance companies and regulatory bodies in Ghana and Nigeria with the goal of educating and, in the process, gaining a better understanding of the major constraints hindering local participation in private equity. In addition, J-P Fourie of SAVCA shares his perspective on how recent and proposed changes to regulation in South Africa are opening up opportunities for local pension fund investment in the asset class.

The New Investment Climate in Emerging Markets: Highlights from the 13th Annual GPEC (July 2011)
Publication Date: July 2011 | Source: EMPEA
Investor interest in emerging markets private equity continues to surge, as evidenced by the enthusiastic crowd of over 750 leading industry representatives in attendance at the 13th Annual Global Private Equity Conference. Immediately preceding the conference, LPs gathered for the first ever Institutional Investors (II)-Only Working Session, where over 100 attendees discussed key issues such as risk, returns, and the absorptive capacity of emerging markets. In this article, EMPEA captures the salient takeaways from these events.

EM PE Quarterly Review-VolumeVII-2-July 2011
Publication Date: July 2011 | Source: EMPEA
Exclusive EMPEA Members-Only Research. Featured articles include: The New Investment Climate in Emerging Markets: Highlights from the 13th Annual GPEC; Unlocking African Pension Capital for Private Equity; A Primer on Regulation 28 (South Africa) (Expert Commentary by SAVCA); Inside Perspectives: An Interview with Macquarie's Robert Thorpe; The Impact of Private Equity in Emerging Markets Case Study: Cogitel

SEC Adopts Final Rules for the Registration of Private Fund Advisers, Delays Registration Deadlin
Publication Date: July 5, 2011 | Source: Weil, Gotshal & Manges LLP
The SEC has adopted final rules to implement expanded registration and disclosure requirements for advisers to private funds under the Advisers Act. The final rules include, among other items, guidelines for determining an adviser’s eligibility under the $150 million private fund adviser registration exemption, a definition of “venture capital fund” for purposes of the venture capital registration exemption, definitions of several terms related to the foreign private adviser registration exemption and increased disclosure requirements for advisers to private funds.

EMPEA: The Early Days to Today - A Profile of Roger Leeds
Publication Date: July 2011 | Source: EMPEA
As Founding Chairman of EMPEA, Roger Leeds is well positioned to provide a unique perspective on how EMPEA has flourished in parallel with the resurgence of interest in the asset class. Read more about the genesis of EMPEA and Roger's outlook for both the organization and the industry.

EMPEA Insight: Local Pension Capital in Latin America (July 2011)
Publication Date: July 2011 | Source: EMPEA
Across the emerging markets, regulatory changes are gradually enabling domestic institutional investors—particularly pension funds—to commit capital to private equity. Through market profiles of Brazil, Colombia, Peru, Mexico and Chile, this report examines local pension fund participation in the asset class in Latin America, both to provide a guide to where potential pools of capital reside for GPs, and to demonstrate emerging models for greater domestic institutional investor involvement.

Responsible Investment in Private Equity: A Guide for Limited Partners
Source: UN Principles for Responsible Investment
The United Nations Principles for Responsible Investment (UNPRI) has released the second edition of Responsible Investment in Private Equity: A Guide for Limited Partners. Consistent with the six PRI Principles on which it is based, the guide is aspirational. It outlines how limited partners (LPs), general partners (GPs) and portfolio companies each have a role in promoting better and more consistent integration of ESG factors into private equity investment decisions.

Peruvian Elections in the Rearview Mirror: An Investor's View
Publication Date: June 2011 | Source: PineBridge Investments
Ollanta Humala’s victory in Peru’s presidential elections is without doubt a defining moment for the country. Not only does it underscore an important disconnect between urban and rural realities, but it also proves that the overall level of growth seen in Peru has not yet trickled through to more localized areas of the country’s economy, in spite of the 100% growth in per capita income over the past decade. In this PineBridge Investments "Market Flash", investors in the region provide an investment outlook for Peru.

Emerging Markets in Focus: Eastern Europe
Publication Date: May 2011 | Source: PineBridge Investments
PineBridge Investments has released a report on Emerging Markets in Focus: Eastern Europe. In this report Markus Schomer, the firm's Chief Economist, explores the macroeconomic drivers of the region's strong equity market performance so far this year, as well as the inflationary challenges besetting the region. Countries covered include: Poland, Hungary, Czech Republic, Bulgaria, Romania and the Baltic countries.

EM Commodity Inflation: Potential Winners & Losers
Publication Date: June 2011 | Source: PineBridge Investments
In this PineBridge Investments Brainpool Recap, the firm's Emerging Market equity analysts review the potential ramifications of inflation across the globe to identify regional "winners" or "losers" in terms of inflation. The team debates whether price increases are based on: (a) cost-push drivers, created by such things as supply shocks; (b) speculation; or (c) demand-pull dynamics.

Harvesting Strategies for Private Equity Investments in the MENA Region
Publication Date: May 2011 | Source: Harvard Business School, GrowthGate Capital Corp.
The PE industry in the MENA region is still in its infancy. Substantial investments only began in 2005, and growth was cut short by the global economic downturn. One of the key difficulties that the industry currently faces is the availability of exit opportunities. Over the past few years, IPOs and trade sales have accounted for the vast majority of exits. Going forward, we believe that imminent exchange and regulatory reform has the potential to boost public market activity and re-introduce IPOs as a prominent exit channel.

EMPEA Insight: North Africa (April 2011)
Publication Date: April 2011 | Source: EMPEA
While it is too soon to speculate about the potential long-term consequences of the unrest unfolding across North Africa, EMPEA’s members are expressing confidence that this chain of events will result in more stable, faster-growing economies that will present private equity players with compelling investment opportunities and more investor-friendly domestic regimes. This report includes analysis and commentary from Abraaj Capital, Citadel Capital, TunInvest-AfricInvest Group and Swicorp.

EM PE Fundraising and Investment Review (2010)
Publication Date: April 2011 | Source: EMPEA


Emerging Markets Private Equity Survey (April 2011)
Publication Date: April 2011 | Source: EMPEA/Coller Capital


EMPEA Insight: Russia (April 2011)
Publication Date: April 2011 | Source: EMPEA
Market participants assert that global impressions of Russia are not aligned with reality and that local opportunities are far better and risks more manageable than investors imagine. This perception arbitrage opportunity, combined with escalating valuations and competition in Russia’s sister BRICs, may set the stage for a resurgence of investor interest in Russia.

Asia Pacific Private Equity 2010 Fund Terms Survey by Squadron Capital and EMPEA
Publication Date: April 2011 | Source: EMPEA/Squadron Capital
This unique Survey provides a snapshot of current industry practice around management fees and offsets, key person clauses and no-fault divorce provisions, as well as issues specifically relevant to the Asia Pacific region, such as the flexibility to invest in PIPEs and the allocation of investment opportunities between parallel U.S. dollar and RMB structures. The 2nd annual “Asia Pacific Private Equity Fund Terms Survey” draws on input from 94 Asia Pacific GPs who were actively fundraising during 2010.

Regulatory Update (April 2011)
Publication Date: April 2011 | Source: EMPEA
EMPEA's latest regulatory update includes summaries of Nigeria's recent regulation on the investment of pension fund assets; Brazil's adjustment to the rate of foreign inflows tax for private equity; and China's National Security Review System and Regulation of Equity Investment Enterprise Filings and the NDRC notice on the regulation of China's domestic PE industry.

Inside Perspectives: An Interview with OPIC's Jay L. Koh (April 2011)
Publication Date: April 2011 | Source: EMPEA
Jay L. Koh, who joined Overseas Private Investment Corporation (OPIC) in 2010 and is currently Head of Investment Funds & Chief Strategist, discusses his team's newest initiatives and shares his vision for the organization. The U.S. Government's development finance institution, OPIC has invested approximately US$4 billion in emerging market private equity funds since 1987 and currently has a private equity portfolio of US$2.4 billion in commitments.

Impact Assessment of the Recent Events in Tunisia (Expert Commentary by TunInvest-AfricInvest Group)
Publication Date: April 2011 | Source: EMPEA
The extraordinary events in Tunisia, which were sparked by a spontaneous youth movement protesting unemployment, social inequities and corruption, will undoubtedly have a long-term impact on the investment environment there. TunInvest-AfricInvest Group shares an analysis of the short- and long-term outlook for Tunisia, based on official news, contacts with business community leaders, and the firm's own understanding of the situation on the ground, based on the experiences of its portfolio companies, both former and current.

Better than Her Reputation? A Closer Look at Russia's Private Equity Landscape (April 2011)
Publication Date: April 2011 | Source: EMPEA
According to the annual EMPEA/Coller Capital Emerging Markets Private Equity Survey, Russia has ranked at the bottom of all emerging markets in terms of investment attractiveness for the past three years. However, market participants assert that global impressions of Russia are not aligned with reality. This article aims to address this perception gap by taking a closer look at Russia's private equity environment in the context of its macroeconomic fundamentals.

The Varied Approaches to Risk in Private Equity (Expert Commentary by AlpInvest Partners) (April 201
Publication Date: April 2011 | Source: EMPEA
Effective risk management in private equity requires an understanding of its multiple dimensions. Peter Cornelius, who heads AlpInvest Partners' economic and strategic research, shares a top-down analysis of the various types of risk that global private equity investors face in the course of conducting business, and discusses the role of diversification as a risk mitigation strategy.

EM PE Quarterly Review-VolumeVII-1-April 2011
Publication Date: April 2011 | Source: EMPEA
Exclusive EMPEA Members-Only Research. Featured articles include: The Varied Approaches to Risk in Private Equity (Expert Commentary by AlpInvest Partners); Better than Her Reputation? A Closer Look at Russia's Private Equity Landscape; Impact Assessment of the Recent Events in Tunisia (Expert Commentary by TunInvest-AfricInvest Group); Inside Perspectives: An Interview with OPIC's Jay L. Koh; The Impact of Private Equity in Emerging Markets Case Studies: Manipal Universal Learning and Olam

Webcast: The Impact of the Dodd-Frank Act
Publication Date: November 17, 2010 | Source: EMPEA
As a result of amendments to the U.S. Investment Advisers Act (the "Advisers Act") following the passage of the Dodd-Frank Act, by July 2011 many private equity sponsors doing business in the United States who are not currently required to be registered with the Securities and Exchange Commission (the "SEC") must do so. A team of attorneys from Weil, Gotshal & Manges LLP with extensive experience in private equity fund formation and the Advisers Act will discuss the new registration requirements and the application of the Advisers Act to private equity fund managers.

Exit via IPO in China (Full Study by Ergo) (December 2010)
Publication Date: December 20, 2010 | Source: Ergo Consulting
An examination of the exit environment in China, including the potential impact of regulatory changes and currency appreciation on the outlook for PE-backed IPOs.

RMB Funds: An Updated Legal and Tax Wish List (Expert Commentary by Weil, Gotshal & Manges LLP and K
Publication Date: December 2010 | Source: EMPEA
Following the publication in the third quarter of 2009 of the article, RMB Funds—The Current State and Way Forward: A Legal and Tax Wish List, in the EMPEA Quarterly Review, there have been several noteworthy PRC regulatory developments concerning RMB private equity funds. In this article, John Fadely and Kevin Ban of EMPEA Premier member Weil, Gotshal & Manges LLP and John Gu of EMPEA member KPMG summarize those developments, as well as some of the ongoing impediments to the further development of RMB private equity funds and, specifically, to greater foreign participation in such funds.

Exit via IPO in China (Ergo Study Excerpt) (December 2010)
Publication Date: December 2010 | Source: EMPEA
This article is an excerpt from a study by EMPEA member Ergo on the prospects for private equity investors to exit their investments via IPO in China. The study draws on interviews with more than a dozen investors and capital markets experts. Ergo is a New York-based strategy consulting firm specializing in emerging markets; its clients are primarily private equity firms and corporations.

Inside Perspectives: An Interview with Baring Private Equity Asia’s Jean Eric Salata (December 2010)
Publication Date: December 2010 | Source: EMPEA
Jean Eric Salata, Founding Partner and CEO of Baring Private Equity Asia, recently met with the EMPEA Research Team to share his insights on the private equity landscape in China, as well as the broader Asian region. Baring Private Equity Asia is the largest regional growth equity firm in Asia with US$2.5 billion under management. The firm, which is currently investing out of its US$1.5 billion Fund IV, specializes in growth equity investments and mid-market buyouts targeting growing businesses with enterprise values between US$100 million and US$500 million.

Regulatory Update: AIFM Directive (December 2010)
Publication Date: December 2010 | Source: EMPEA
EMPEA continues to closely monitor developments on the global regulatory front that will directly impact our members, including the Alternative Investment Fund Managers Directive (AIFMD) in the EU. After eighteen months of debate, the European Parliament approved the text of the AIFMD on 11 November 2010 with the consensus view being that the regulations are not as damaging as they could have been but that compliance will pose a burden for many in the industry.

The Impact of the Dodd-Frank Act on Investment Adviser Registration in the U.S. (December 2010)
Publication Date: December 2010 | Source: EMPEA
With the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in July 2010, substantial adjustments have been made to registration requirements in the United States for private fund advisers. This article is a summary of these changes and related key issues discussed during an EMPEA Webcast with Weil, Gotshal & Manges LLP.

The Impact of Private Equity in Emerging Markets Case Study: Unnafibras (December 2010)
Publication Date: December 2010 | Source: EMPEA
EMPEA is proud to present the fifth entry in our Private Equity Impact Case Study series, which highlights examples of the unique and catalytic role played by private equity investors for the companies in which they invest and the communities in which they operate. Our first Latin American case study profiles Brazilian textile manufacturer-turned-bottle recycler Unnafibras, backed by EMPEA member Stratus Group.

EM PE Quarterly Review-VolumeVI-4-December 2010
Publication Date: December 2010 | Source: EMPEA
Exclusive EMPEA Members-Only Research. Featured articles include: RMB Funds: An Updated Legal and Tax Wish List (Expert Commentary by Weil, Gotshal & Manges LLP and KPMG); Exit via IPO in China (Ergo Study Excerpt); Inside Perspectives: An Interview with Baring Private Equity Asia's Jean Eric Salata; The Impact of Private Equity in Emerging Markets Case Study: Unnafibras; The Impact of the Dodd-Frank Act on Investment Advisor Registration in the U.S.

EMPEA Special Edition Insight: Sub-Saharan Africa (November 2010)
Publication Date: November 2010 | Source: EMPEA
The buzz surrounding the African private equity opportunity has escalated during the global economic crisis, as the region's brand has continued to subtly improve. Despite increased interest, actual private equity dollars in play in Sub-Saharan Africa remain at modest levels. However, significant developments currently taking place at the margins hold great promise for the region over the course of the next few fund cycles.

EM PE Quarterly Review-VolumeVI-3-October 2010
Publication Date: October 2010 | Source: EMPEA
Exclusive EMPEA Members-Only Research. Featured articles include: Beyond Standards: Integrating Responsible Investment into Your Portfolio; The Impact of Private Equity in Emerging Markets Case Study: GAM; The Opportunity and Challenge of Private Equity in Vietnam: Mekong Capital's Experience; Inside Perspectives: An Interview with the IFC Asset Management Company (IFC AMC); Regulatory Update

The Impact of Private Equity in Emerging Markets Case Study: GAM (October 2010)
Publication Date: October 2010 | Source: EMPEA
EMPEA is proud to introduce the Private Equity Impact Case Study series, which will highlight examples of the unique and catalytic role played by private equity investors for the companies in which they invest and the communities in which they operate. Our first case study profiles Algeria-based insurer GAM, backed by EMPEA Premier member and Africa Council member Emerging Capital Partners.

Regulatory Update (AIFM, Dodd-Frank, China, India) (October 2010)
Publication Date: October 2010 | Source: EMPEA
The regulatory front continues to evolve, bringing to bear a number of changes that will directly impact EMPEA’s members. Closely monitoring these developments, EMPEA provides a brief update on a number of issues currently in the spotlight including: * SEC registration requirements under the U.S. Dodd-Frank legislation * Details on the status of the third country marketing provisions under the European Union Alternative Investment Fund Managers Directive (AIFMD) * Tax changes afoot in China and the entry of insurance firms into PE * Changes to the takeover code in India and a delay on upcoming tax increases

Inside Perspectives: An Interview with the IFC Asset Management Company Team (October 2010)
Publication Date: October 2010 | Source: EMPEA
EMPEA’s Research Team sat down with several key members of the IFC Asset Management Company (IFC AMC) to discuss the genesis of this new group and how it fits within IFC's larger mission and agenda. IFC AMC is a wholly owned subsidiary of IFC and was established in January 2009 to serve as a fund manager of third-party capital. IFC AMC currently manages the US$3 billion IFC Capitalization Fund (CapFund) and US$900 million for the African, Latin American and Caribbean (ALAC) Fund.

The Opportunity and Challenge of PE in Vietnam: Mekong Capital’s Experience (October 2010)
Publication Date: October 2010 | Source: EMPEA
Chris Freund, Founder and Managing Partner of Mekong Capital, shares Mekong Capital’s experience, having made 27 investments in Vietnamese companies since Mekong Capital’s establishment in 2001. Mekong Capital undertook a major transformation in its value-addition framework and corporate culture commencing in late 2007, which eventually resulted in major breakthroughs in the performance of Mekong Capital’s investee companies. Mekong Capital has a team of around 35 people in Ho Chi Minh City and Hanoi. In this article, Chris Freund shares aspects of Mekong Capital’s experience in Vietnam that have broader implications for practitioners of private equity throughout emerging markets.

Beyond Standards: Integrating Responsible Investment into Your Portfolio (October 2010)
Publication Date: October 2010 | Source: EMPEA
In the time since EMPEA last covered the industry’s thinking about responsible investment, the mood has shifted, as attitudes are increasingly about rolling up sleeves and putting good approaches to work. For private equity investors, the task ahead is to articulate how responsible investment (RI) policies translate to the investment process and to demonstrate evidence of resulting value creation. For emerging market investors, who have greater depth of experience dealing with RI issues, the challenge is to better capture and share what they’re already doing. This article highlights some structured and transparent approaches to incorporating RI into the investment process in ways that lead to reportable results by shining the spotlight on initiatives undertaken by KKR, The Carlyle Group and IFC.

EMPEA Insight: India (August 2010)
Publication Date: August 2010 | Source: EMPEA
Boasting one of the most dynamic private equity industries among the emerging markets, India draws an ever-growing number of investors willing to brave the country’s regulatory and infrastructure hurdles in order to gain exposure to some of the most favorable economic growth and demographic trends to be found anywhere in the world.

Emerging Markets Private Equity Investment Totals Set to Beat 2009
Publication Date: August 2010 | Source: EMPEA


Webcast: Evolving Key Terms & Conditions in Today's EM PE (May 2010)
Publication Date: 05/19/2010 | Source: EMPEA
The past two years have been a challenging period for fund sponsors and investors in all jurisdictions, including emerging markets. The market leading experts at Debevoise & Plimpton LLP will discuss the changing landscape of emerging markets private equity fund formation, including key terms and conditions that sponsors and investors must consider in organizing and operating emerging markets funds.

Webcast: Private Equity Investing in the Middle East, North Africa and South Asia (June 2010)
Publication Date: June 30, 2010
The economies of the Middle East, North Africa and South Asia (MENASA) have weathered the global economic recession well. This year and beyond are likely to be exciting years for the regional private equity industry, driven by growing demand from a young and expanding population. Join industry leaders from Abraaj Capital as they discuss how investors should best evaluate private equity opportunities and mitigate potential risks in the MENASA region.

Regulatory Brief, Including an AIFM Directive Update (June 2010)
Publication Date: June 2010 | Source: EMPEA
A number of significant regulatory changes are afoot in the U.S. and Europe that will directly impact our members with operations and investors in those market, and likely influence emerging market regulators. Closely monitoring these developments, EMPEA provides a brief update on a number of issues in the spotlight including: * The European Union Alternative Investment Fund Managers (AIFM) Directive * South Africa's Taxation Laws Amendment Bill 2010 * The US Carried Interest Tax Debate * SEC Requirements for Registration of Investment Advisers

Inside Perspectives: An Interview with Aureos' Sev Vettivetpillai (June 2010)
Publication Date: June 2010 | Source: EMPEA
Sivendran (Sev) Vettivetpillai, Chief Executive Officer of Aureos Advisers Limited (advisory company to Aureos Capital Limited), sat down with EMPEA's Research Team during the 12th annual Global Private Equity Conference to discuss developments within the asset class from a pan-emerging markets perspective, as well as changes underway at Aureos. Aureos currently manages US$1.2 billion of funds across 10 regional and 6 thematic private equity funds, established through 29 offices across Latin America, Africa and Asia.

LPs Plan to Accelerate New Commitments to Emerging Markets Private Equity - Are They Serious? (June
Publication Date: June 2010 | Source: EMPEA
The findings of the 2010 EMPEA/Coller Capital Survey suggested that investors are increasingly comfortable with the asset class and recognize that emerging markets private equity can generate strong returns to help fund pension and other obligations. Optimism surrounding the asset class is high -- over half (57%) of LPs currently invested in EM PE plan to accelerate their new commitments over the next two years -- but the reality is that general partners are still struggling to raise funds. Through mid-year 2010, EM PE fundraising is on track to match, but not significantly exceed, 2009 totals. The question remains, when will cash flows and commitments return to strength?

What Really Lies Ahead for Emerging Markets Private Equity (June 2010)
Publication Date: June 2010 | Source: EMPEA
To the observer, the press of bodies filling the halls of the Washington Ritz-Carlton in May might have been evidence that emerging markets private equity had experienced "a pretty good crisis." A record number of almost 800 delegates from over 50 countries attended the 12th annual Global Private Equity Conference, held in Washington on 11-12 May. Although the overall tone of the event was upbeat, sessions featured frank discussions about the myriad challenges facing GPs and LPs alike in a changed and changing world.

EM PE Quarterly Review-VolumeVI-2-June 2010
Publication Date: June 2010 | Source: EMPEA
Exclusive EMPEA Members-Only Research. Featured articles include: What Really Lies Ahead for Emerging Markets Private Equity; LPs Plan to Accelerate Commitments to Emerging Markets Private Equity - Are They Serious?; Inside Perspectives: An Interview with Aureos' Sev Vettivetpillai; Regulatory Brief

The Anatomy of Private Equity Investments in the MENA Region (June 2010)
Publication Date: June 2010 | Source: Harvard Business School, GrowthGate Capital Corp.
Private equity investors worldwide have been rattled by the consequences of the global financial crisis. This has certainly been true of the Middle East and North Africa region, where a PE market of limited maturity has taken a significant hit in fundraising and seen its peculiar investment landscape change in different ways: from longer investment holding periods to government reforms that could pave the way for larger deal sizes in the long-term than the existing mid-cap market has to offer.

EMPEA Insight: Brazil (May 2010)
Publication Date: May 2010 | Source: EMPEA
Brazil’s economic performance over the last two years has inspired tremendous optimism among investors circling Latin America’s largest economy for opportunities. The International Monetary Fund projects that Brazil’s economy will grow 5.5% in 2010. The confidence in Brazil’s future is echoed by institutional investors. For the second year in a row, Brazil ranked as the second most attractive emerging market for private equity investment in the 2010 EMPEA / Coller Capital Emerging Markets Private Equity Survey.

EMPEA Insight: Cleantech (April 2010)
Publication Date: April 2010 | Source: EMPEA
Approximately 25 private equity funds dedicated to cleantech investing in emerging markets have been launched since January 2009, although EMPEA estimates that emerging markets drew less than 15% of total private equity investment in cleantech per year in both 2008 and 2009. However, emerging markets are ascending as leaders in cleantech adoption and innovation, with nations such as China, India and Brazil demonstrating that environmental issues rank high among national priorities.

EM PE Fundraising and Investment Review (2009)
Publication Date: April 2010 | Source: EMPEA


Emerging Markets Private Equity Survey (April 2010)
Publication Date: April 2010 | Source: EMPEA/Coller Capital


EM PE Quarterly Review-VolumeVI-1-March 2010
Publication Date: March 2010 | Source: EMPEA
Exclusive EMPEA Members-Only Research. Featured articles include: The AIFM Directive's Negative Impact on Developing Countries-EMPEA's Letter to the EU; IFC's Experience in Emerging Markets Private Equity; The ILPA Principles: How Will They Shape LP-GP Relationships in Emerging Markets; 2009 Emerging Markets Private Equity Fundraising and Investment

EMPEA Insight: MENA (March 2010)
Publication Date: March 2010 | Source: EMPEA
Private equity activity in the Middle East and North Africa (MENA) region slowed in 2009. Funds dedicated to MENA raised a total of US$1.1 billion in 2009, from a record high of US$6.9 billion raised in 2008. Investments were similarly sluggish in 2009, although falling less steeply, at US$2.2 billion (34 deals) from US$3.4 billion in 2008 (67 deals)...

EMPEA Insight: Central & Eastern Europe (CEE) (Jan/Feb 2010)
Publication Date: Jan/Feb 2010 | Source: EMPEA
The private equity industry in Central and Eastern Europe (CEE), inclusive of Southeastern Europe and the Baltics, has faced a number of challenges over the past year. Institutional investors interested in building an emerging markets private equity allocation strategy have often first dipped their toes in the water with funds focused on CEE due to a lower perceived degree of risk based on the region’s economic ties to Western Europe.

EMPEA Insight: Sub-Saharan Africa (October 2009)
Publication Date: October 2009 | Source: EMPEA
The Sub-Saharan African opportunity represents one of the biggest growth stories in emerging markets private equity. Once generally overlooked by investors, fundraising activity in Sub-Saharan Africa has almost tripled from US$800 million in 2005 to over US$2.2 billion in 2008.

Distressed PE: Is There an Attractive Investment Opportunity in the Emerging Markets? (October 2009)
Publication Date: October 2009 | Source: EMPEA
The term “distressed” has become ubiquitous in light of a growing number of opportunities created by the dislocation in the credit markets. One limited partner (LP) active in distressed investing sums up the current landscape: “The model of good companies with bad balance sheets is quickly being replaced by great companies with terrible balance sheets.”

RMB Funds—The Current State and Way Forward: A Legal and Tax Wish List (October 2009)
Publication Date: October 2009 | Source: EMPEA
Recent headlines on interest in establishing RMB-denominated funds in China underscore the growing importance of issues relating to the coexistence of domestic and offshore fund sponsors and capital not only in China, but across the emerging markets.

Fundraising and Investment Slows Down Through Mid-Year (October 2009)
Publication Date: October 2009 | Source: EMPEA
After bucking the global trend to raise a record-breaking US$66.5 billion in 2008, the emerging markets registered a dramatic slowdown in both new capital commitments and investment activity between January and June 2009 (1H).

EMPEA Insight: China (September 2009)
Publication Date: September 2009 | Source: EMPEA
Investors continue to be extremely optimistic about China. The country’s growth story not only remains intact, but is also enabling China to ascend in the global economic order and lead other economies out of the financial crisis.

EM PE Quarterly Review-VolumeV-3-October 2009
Publication Date: October 2009 | Source: EMPEA
Exclusive EMPEA Members-Only Research. Featured articles include: RMB Funds—The Current State and Way Forward: A Legal and Tax Wish List; Distressed Private Equity: Is There an Attractive Investment Opportunity in the Emerging Markets?; Fundraising and Investment Slows Down Through Mid-Year

EMPEA Insight: India (July/August 2009)
Publication Date: July/August 2009 | Source: EMPEA
Private equity activity in India has grown rapidly over the last five years, buoyed by a surging economy with annual growth rates averaging over 8.5% through the end of 2008.

Fundraising and Investment for EM PE Slows in Q1 2009 (June 2009)
Publication Date: June 2009 | Source: EMPEA
Both fundraising and investment activity in the emerging markets slowed significantly in the first quarter of 2009, evidence that the global slowdown in private equity had indeed spread beyond developed markets.

LPs Still Find Emerging Markets Private Equity (June 2009)
Publication Date: June 2009 | Source: EMPEA
Emerging markets continue to present attractive investment opportunities, particularly in comparison to developed markets, according to Limited Partners (LPs) that participated in the 2009 EMPEA/Coller Capital Emerging Markets Private Equity Survey undertaken in January-February of this year.

Plugging the Financing Gap: Is There a Growing Role for Mezzanine and Debt Funds? (June 2009)
Publication Date: June 2009 | Source: EMPEA
EMPEA’s first quarter statistics confirm that the emerging markets have not been immune to a dramatic slowdown resulting from the global financial crisis. Both fundraising and investment figures have dropped in the first three months of 2009...