china empea 2009 report

emerging markets private equity

Emerging Markets Private Equity AssociationApril 2010

fundraising & investment review | 2009

2 | EM PE 2009 Fundraising and Investment Review

The Emerging Markets Private Equity Association (EMPEA) is an independent, member-based global industry association that pro-motes greater understanding of and a more favorable climate for private equity and venture capital investing in the emerging markets of Africa, Asia, Central/Eastern Europe and Russia, Latin America, and the Middle East.

EMPEA was founded in 2004 with the belief that private equity can be a critical driver of economic growth in emerging markets while simultaneously generating strong returns for investors.

In support of its mission, EMPEA:

• Researches, analyzes and disseminates authoritative global information on emerging markets private equity;

• Convenes meetings and conferences around the world;• Offers professional development programs including monthly

webcasts; and• Collaborates with stakeholders from across the globe.

EMPEA’s members represent more than 80 countries and over $500 billion in assets under management.

North America, 34%

Western Europe, 19%Asia, 14%

Africa, 12%

61%, General Partners

23%, Limited Partners

13%, Service Providers

3%, Others

1055 Thomas Jefferson Street, NW • Suite 650 • Washington, DC 20007

Phone: +1.202.333.8171 • Fax: +1.202.333.3162 • E-mail: [email protected] • Web: empea.net

Data and analysis presented in EMPEA publications is derived from EMPEA’s proprietary industry data-base, FundLink, made possible with generous support from the following institutions: CDC Group plc, Development Bank of South Africa (DBSA), DEG and Netherlands Development Finance Company (FMO). We gratefully acknowledge their contributions.

About EMPEA

Profile of EMPEA’s Membership

Headquarter Region

LatAm & Caribbean, 9%

CEE & CIS, 5%

MENA, 7%

Firm Type

EM PE 2009 Fundraising and Investment Review | 3

Methodology. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

2009 Fundraising and Investment Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

FundraisingFundraising By Region . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Profile of Funds With Closes in 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Fund Sizes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Largest EM PE Funds Raised to Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

InvestmentInvestment Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Investments by Region . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Investment Concentration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

Profile of Deals in 2009 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Deal Sizes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

PE Penetration in Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Emerging Markets Private Equity Funds with Closes in 2009Sub-Saharan African Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Asian Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

CEE/CIS Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Latin American & Caribbean Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

MENA Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Multi-Region Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Contents


This report provides an overview of trends in fundraising and investment among private equity funds investing in the emerging markets of Asia, Central and Eastern Europe (CEE)/Common-wealth of Independent States (CIS), Latin America, the Middle East and North Africa (MENA) and Sub-Saharan Africa. The sta-tistics presented here are drawn from EMPEA’s database of funds and are based on data from press releases and trade publica-tions as well as communications with industry participants and regional and local venture capital associations.

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 in the totals. Invest-ment 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 con-firmed wherever possible through information provided by the fund managers themselves.

The statistics in this report are based on the “market” approach, i.e., EMPEA categorizes funds based on the countries or regions in which fund managers intend to invest. 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).

Regions in this report are defined as:

• Asia: all Asia, excluding funds whose primary mandate is invest-ments in Japan, Australia or New Zealand.

• Latin America & Caribbean (LatAm & Carib.): Includes Central and South America and the Caribbean region (excluding Puerto Rico).

• Central & Eastern Europe (CEE) & Commonwealth of Indepen-dent States (CIS): European Union accession countries, Turkey, the Baltics and Balkans, as well as Commonwealth of Indepen-dent States (CIS) countries, including Russia.

• Middle East and North Africa (MENA): Gulf Cooperation Coun-cil (GCC), Afghanistan, Iran, Iraq, Jordan, Lebanon, Pakistan, Palestinian Territories, Syria and Yemen, as well as Algeria, Egypt, Libya, Morocco, Sudan and Tunisia.

• Sub-Saharan Africa: all Africa, excluding funds whose primary mandate is investments in North Africa (Algeria, Egypt, Libya, Morocco, Sudan and Tunisia).

Statistics in this publication exclude real estate funds and funds-of-funds, although EMPEA does track these vehicles. Infra-structure funds managed by private equity firms and making private equity-style investments are included in this analysis (i.e., equity investments in infrastructure-related industries). Infrastruc-ture investments that fit the conventional model, i.e., greenfield projects and/or project finance, are not included.

Data and analysis presented in this publication is derived from EMPEA’s proprietary industry database, Fundlink, which is made pos-sible with generous support from the following institutions: CDC, DBSA, DEG and FMO. We gratefully acknowledge their contributions.

EMPEA would also like to acknowledge the information provided by a number of excellent partners and industry sources: AltAssets, Asia Private Equity Review, Asian Venture Capital Journal, Brazilian Private Equity and Venture Capital Association, European Bank for Reconstruction and Development, European Venture Capital Association, Center for Private Equity and Venture Capital Stud-ies at FGV-EAESP, International Finance Corporation, InvestIQ, Mexican Private Equity Association, Preqin, Private Equity Inter-national, South African Venture Capital Association, VCCircle, Venture Intelligence, Zawya and Zero2IPO.

Disclaimer: This information is intended to provide an indication of industry activity based on best information available from public and proprie-tary sources. EMPEA has taken measures to validate the information presented herein but cannot guarantee the ultimate accuracy or completeness of the data provided. EMPEA is not responsible for any decision made or action taken based on information drawn from this report.

Methodology


2009 will be remembered as one of the most challenging years on record for the private equity industry. Fundraising plummeted globally—the decline in new emerging market fund commitments was on par with the decrease in developed markets in percentage terms. A total of 196 private equity (PE) funds focused on emerg-ing markets raised US$22.6 billion in 2009, a 66% decline from the record-breaking US$66.5 billion raised by 210 funds in 2008.

Raising capital from Western institutions will continue to prove challenging until institutional investors see liquidity from the large buyout commitments that represent the bulk of their PE exposure. That said, the first quarter of 2010 has yielded some encouraging signs that investors are returning to the market. Provided that cash flow pressures continue to ease, valuations continue a reasonable trajectory and exit markets resume, EMPEA expects more vigorous levels of activity in emerging markets in 2010.

Investment in 2009 activity was comparatively robust relative to developed markets. Emerging markets captured 26% of global pri-vate equity investment, a significant increase from a 7% share in 2004. Overall transaction volumes in emerging markets were only slightly depressed, with 674 deals totaling US$22.1 billion in 2009, a 54% fall in value but only an 11% drop by number of transactions.

2009 Fundraising & Investment SummaryEM PE Fundraising & Investment, 2004–2009 (US$B)

Funds Raised (US$B)

% Annual Change

Capital Invested

(US$B)% Annual

Change

2004 6.6 43% 7.2 3%

2005 26.5 303% 11.8 64%

2006 33.2 25% 34.7 194%

2007 59.2 78% 53.1 53%

2008 66.5 12% 47.8 -10%

2009 22.6 -66% 22.1 -54%

Funds Raised

Capital Invested

EM PE Fundraising & Investment, 2004–2009 (US$B)

2004 2005 2006 2007 2008 2009

US$

Bill

ion

s

$70

$60

$50

$40

$30

$20

$10

$0

7 7

27

12

3335

59

53

67

48

23 22

2004 2005 2006 2007 2008 2009

% o

f G

lob

al T

ota

l, U

S$B

30%

25%

20%

15%

10%

5%

0%

EM PE Fundraising & Investment as a Percent of Global Total, 2004-2009 (%)

Funds Raised, % Global

Capital Invested, % Global

4

78

12

7

910

19

11

14

9

26

Summary


Fundraising by Region

Emerging Asia’s ascendancy continued in 2009, drawing 71% of capital raised, up from only 34% of total fundraising in 2004. This grow-ing share is attributable to the larger sizes of many pan-Asian and China- or India-dedicated funds relative to other markets, as well as the continued proliferation of new funds. The share of new commitments raised by funds focused on Central and Eastern European and CIS markets has declined over the same period, falling from 27% of capital raised in 2004 to only 7% in 2009.

China-dedicated funds accounted for US$6.6 billion of the US$15.9 billion raised for Emerging Asia. China funds’ share of fundraising grew from 22% of the emerging markets total in 2008 to 29% in 2009. India-dedicated funds raised US$4 billion in 2009, or 18% of the total. As a group, funds focused on the BRIC markets accounted for US$11.5 billion raised versus US$26.6 billion in 2008.

EM PE Fundraising Totals by Region, 2004–2009 (US$B)

Emerging Asia

CEE & CIS LatAm & Caribbean

MENA Sub-Saharan Africa

Multi-region

US$

Bill

ion

s

$40

$35

$30

$25

$20

$15

$10

$5

$0

EM PE Fundraising Totals by Region and Value, 2004–2009 (% of Total)

2004 2005 2006 2007 2008 2009

Multi-region

Sub-Saharan Africa

MENA

LatAm & Caribbean

CEE & CIS

Emerging Asia

% o

f To

tal V

alu

e, U

S$B

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

9

5

11

27

34

58

10

5

103

148

6

10

8

10

5848

93

7

25

7

60

103

12

7

8

71

544

10

7

5

The slowdown in fundraising spanned all markets and regions, from a 50% decline in funds raised for Latin America, to an 84% decrease in new commitments to Middle East/North Africa-dedicated funds. Emerging Asia fund commitments fell 60%, but their share of total capital raised grew from 60% in 2008 to 71% in 2009.

Emerging Asia

CEE & CIS

LatAm & Caribbean MENA

Sub-Saharan Africa

2004 $2,800 $1,777 $714 $326 $340

2005 $15,446 $2,711 $1,272 $2,669 $791

2006 $19,386 $3,272 $2,656 $3,207 $2,092

2007 $28,668 $14,629 $4,419 $5,333 $2,034

2008 $39,660 $5,559 $4,461 $6,875 $2,241

2009 $15,938 $1,586 $2,248 $1,070 $964

Δ 2008–2009 -60% -71% -50% -84% -57%

Brazil Russia/CIS India China

2004 480 200 706 311

2005 158 1,254 2,741 2,243

2006 2,098 222 2,884 4,279

2007 2,510 1,790 4,569 3,890

2008 3,589 880 7,710 14,461

2009 401 455 3,999 6,617

Δ 2008–2009 -89% -48% -48% -54%

EM PE Fundraising Totals by Region, 2004–2009 (US$m)

EM PE Fundraising Totals, Country-Dedicated Funds, Select Markets, 2004–2009 (US$m)

2004 2005 2006 2007 2008 2009

Fundraising


Profile of Funds with Closes in 2009

Growth capital opportunities accounted for an even larger share of strategies among funds with final closes in 2009, representing 50% of the sample, versus 42% in 2008. Venture capital funds continue to represent a significant portion of the market, accounting for 29% of funds with final closes (but only 11% of capital raised).

While 2007 and 2008 saw the emergence of a number of multi-region and Asian funds focused on buyout transactions, i.e., control trans-actions of mature companies rather than take-privates or the heavily levered transactions common in Western markets, 2009 was, not surprisingly, a challenging year for buyout funds. Funds with a buyout focus accounted for only 11% of funds reaching a final close in 2009.

Sector Focus of EM PE Funds with Final Closes, 2009 (No. of Funds)

73, Generalist

23, Specialist

134

4

1 1

TMT (Technology, Media, Telecom)

Infrastructure

Clean Technology

Agribusiness

Banking & Financial Services

Most Prevalent Sector Strategies among EM PE Generalist Funds, 2009

Technology

Industrials & Manufacturing

Consumer

Media & Telecom

Energy & Natural Resources

Analysis by stage and sector reflects funds achieving a final close in the year indicated. Of the 196 funds holding closes in 2009, 96 funds reached a final close.

The majority of funds continue to approach emerging markets with a generalist strategy, focusing on a basket of the most promising sectors given the size of transactions sought. Funds with a sin-gle sector focus—e.g., infrastructure, natural resources, financial services—was slightly less prominent in 2009. While sector spe-cialist funds accounted for 34% of funds reaching a final close in 2007, that number dropped to 30% in 2008 and only 24% in 2009. Among specialist funds in the 2009 sample, technology was the most prevalent focus sector.

While each fund’s strategy is tailored to its investment environ-ment—e.g., consumer opportunities in China, agribusiness in Brazil, telecom or financial services in Sub-Saharan Africa—a number of sectors appear in fund strategies across the globe. These include technology, manufacturing, consumer opportuni-ties, telecommunications, and energy.

Mezzanine

Distressed Debt/Special Situations

Microfinance

(48, $9,166)

(28, $2,150)

(11, $6,274)

(5,$434)(2, $290) (2, $149)

Stage of EM PE Funds with Final Closes by Number of Funds, 2009 (No. of funds, US$m)

Growth/Expansion

Venture Capital

Buyout

Note: Analysis excludes real estate funds.

Stage of EM PE Funds with Final Closes by Number of Funds, 2007–2009 (%)

% o

f To

tal N

um

ber

of

Fun

ds

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

29

40

24

4 4

15

42

553

36

11

50

29

1

200920082007

Venture Capital

Mezzanine

Buyout

Growth/Expansion

*Other includes Distressed Debt/Special Situations and Microfinance funds

Other*

Fundraising


Fund SizesThe trend towards US$1 billion-plus funds began to slow in the latter half of 2008. Funds reaching a final close at US$500 million or more accounted for only 9% of the 2009 sample, versus 23% in 2008 and in 2007.

Funds under US$250 million (i.e., making equity investments rang-ing from US$10–30 million) represented 81% of the sample in 2009, versus only 54% of the sample in 2007. The smaller size funds being raised for emerging markets reflect adaptation to lower entry valu-ations, although the healthy rebound in listed equities may spill into “hot market” valuations once more. The first few months of 2010 indi-cate that appetite for name brand US$1 billion+ funds may once again be on the rise, particularly for those markets most attractive to LPs, namely Asia and Latin America.

Average funds sizes in 2009 fell by half, driven both by the disap-pearance of large funds and the rise of more modestly sized vehicles reflective of GP expectations of lower entry valuations. Median fund sizes fell by 42% in 2009, from US$143 million in 2008 to US$83 million.

The 10 largest funds closed in 2009 accounted for 37% of the total capital raised. Asian funds held 6 of the 10 slots, with India-dedicated funds taking #4, #6 and #9 rankings. Only 3 of the top 10 funds closed at more than US$1 billion, versus 10 of 10 in 2008.

Analysis of fund sizes reflects those funds achieving a final close in the year indicated. Of the 196 funds holding closes in 2009, 96 funds reached a final close.

Size Distribution Among EM PE Funds with Final Closes, 2007–20092007 2008 2009

No. of Funds

Total Capital Raised (US$m)

No. of Funds


No. of Funds


<US$100m 35 1,382 47 1,949 56 2,457

US$100m-US$249m 30 4,852 40 5,790 22 3,147

US$250m-US$499m 27 9,373 20 7,234 9 3,022

US$500m-US$999m 11 6,497 16 10,042 5 3,530

>US$1 billion 17 34,620 15 29,390 4 6,306

TOTAL 120 56,724 138 54,405 96 18,461

Median Size of EM PE Funds with Final Closes, 2007–2009 (US$m)

2007 2008 2009

US$

mill

ion

s

$250

$200

$150

$100

$50

$0

83

143

200

Fund Manager Fund Name Fund TypeGeographic Focus


MBK Partners MBK Partners II Buyout Pan-Asia $1,600

CITIC Private Equity Funds Management Co. CITIC Mianyang Private Equity Fund Growth/Expansion China $1,318

The Carlyle Group Carlyle Asia Growth Partners IV Growth/Expansion Pan-Asia $1,040

IDFC Project Equity India Infrastructure Fund (IIF) Growth/Expansion India $927

Actis Actis Infrastructure 2 Buyout Multi-region $751

India Value Fund Advisors Private Ltd. India Value Fund IV Growth/Expansion India $725

Siguler Guff & Company, LLC Russia Partners III Growth/Expansion Russia $627

The Carlyle Group Carlyle MENA Partners Buyout MENA $500

Jacob Ballas Capital India New York Life Investment Management India Fund III Growth/Expansion India $440

Development Partners International African Development Partners I Growth/Expansion Sub-Saharan Africa $416

Ten Largest Emerging Markets-Focused PE Funds with Final Closes, 2009

% o

f To

tal N

um

ber

of

Fun

ds

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

200920082007

14 11

12

14

29

34

58

23

954

9

23

25

29

Size Distribution of EM PE Funds with Final Closes by Number of Funds, 2007–2009 (%)

<US$100m

US$100m-US$249m

US$250m-US$499m

US$500m-US$999m

>US$1 billion

Fundraising


Largest EM PE Funds Raised to Date Half of the 26 largest funds raised to date (as of 31 December 2009) dedicated to emerging markets PE investment have been US$1 billion or greater. The Emerging Asian market boasts the largest funds of all, with the largest 5 funds raised as of December 2009 each topping the US$2 billion mark. In Sub-Saharan Africa,

Largest EM PE Funds Raised to Date by Region (Closed Funds)Emerging Asia

Fund Manager Fund NameVintage Year Fund Type Geographic Focus

Fund Size (US$B)

Texas Pacific Group Capital TPG Asia V 2008 Buyout Asia $4.3

CVC Capital Partners CVC Capital Partners Asia Pacific Fund III 2008 Buyout Asia $4.1

Kohlberg Kravis Roberts & Co. KKR Asian Fund 2007 Buyout Asia $4.0

Bohai Industrial Investment Fund Mgmt. Bohai Industry Investment Fund 2006 Growth/Expansion China $2.9

Affinity Equity Partners Affinity Asia Pacific Fund III 2007 Buyout Asia $2.8

*The Bohai IIF is included in EMPEA's industry statistics under the 2006 methodology, but more recent Chinese state-backed funds, like Tianjin Shipping IIF (US$2.9B) and Shanghai Financial IIF (US$2.9B), are not included in EMPEA's industry statistics under 2009 methodology.

CEE & CIS


Fund Size (US$m)

Mid Europa Partners Mid Europa Fund III 2007 Buyout Central Europe $2,100

Advent International Advent Central & Eastern Europe IV 2008 Buyout CEE, Ukraine $1,574

Baring Vostok Capital Partners Baring Vostok Private Equity Fund IV 2007 Buyout Russia, CIS $1,100

Enterprise Investors Polish Enterprise Fund VI 2006 Buyout CEE $836

PineBridge Investments PineBridge New Europe Partners II 2007 Growth/Expansion CEE $709

Latin America & Caribbean


Fund Size (US$m)

Gavea Investimentos GIF III 2008 Buyout Brazil $1,302

GP Investments GP Capital Partners IV 2007 Growth/Expansion Brazil $1,300

Advent International Latin American Private Equity Fund IV 2007 Buyout Latin America $1,300

EMP Global AIG-GE Capital Latin American Infrastructure Fund 1996 Infrastructure Latin America $1,010

Gavea Investimentos GIF II 2007 Buyout Brazil $778

Middle East & North Africa (MENA)


Fund Size (US$m)

Abraaj Capital Infrastructure and Growth Capital Fund 2007 Buyout MENASA $2,000

Swicorp Swicorp Joussour Fund 2006 Buyout MENA $712

EFG-Hermes Private Equity Horus Private Equity Fund III 2007 Buyout MENA $580

Gulf Capital GC Equity Partners Fund II 2008 Buyout MENA $533

Abraaj Capital Abraaj Buyout Fund II 2005 Buyout MENASA $500

The Carlyle Group Carlyle MENA Partners 2007 Buyout MENA $500

Sub-Saharan Africa


Fund Size (US$m)

Brait Private Equity Brait IV 2006 Buyout South Africa $880

Ethos Private Equity Ethos Private Equity Fund V 2006 Buyout South Africa $750

Emerging Capital Partners ECP Africa Fund II 2005 Growth/Expansion Pan-Africa $523

Lereko Metier Capital Lereko Metier Capital Growth Fund 2006 Growth/Expansion Southern Africa $500

Kingdom Zephyr Africa Mgmt. Company Pan-African Investment Partners II 2008 Growth/Expansion Pan-Africa $492

fundraising has yet to breach the US$1 billion threshold, although a number of African funds in the market in the early months of 2010 are poised to break fundraising records. As of April 2010, the Latin American record had been broken by Advent International’s US$1.65 billion close.

Fundraising


Investment OverviewIn 2009, emerging markets captured US$22.1 billion in PE investment across 674 deals. Falling transaction sizes contrib-uted to a 54% drop in total investment value, while the number of PE transactions fell by only 11%. This compares to a 79% decrease in value and 50% fewer deals in developed markets.

Unlike in 2008, with investment levels fairly even across all four quarters, the sharp drop in investment levels during the first quarter of 2009 (a 65% single quarter decrease) is indicative of the myriad challenges facing investors. The pace of investments picked up slightly in the latter two quarters of 2009, representing 60% of the year’s transactions and 62% of total value.

Six of the 10 largest investments in 2009 in Emerging Asian mar-kets took place in China, with noteworthy deals in the automotive and financial services sectors. Outside of Asia, few deals exceeded US$1 billion in 2009, with notable exceptions being CVC Capital Partner’s purchase of the Central European operations of brewer Anheuser-Busch InBev for US$1.2 billion, and Cairo-based Citadel Capital’s acquisition of Egyptian Refining Company in October.

Q12008

Q22008

Q32008

Q42008

Q12009

Q22009

Q32009

Q42009

US$

Bill

ion

s

No.

of

Dea

ls

$16

$14

$12

$10

$8

$6

$4

$2

$0

13.5 13.2

10.2

3.9 4.45.1

8.611.0

194182

190 189

139 141

191203

Deal value No. of deals

EM PE Deal Volume by Quarter, 2008–2009 (US$B, No. of deals)

Fund Manager, Co-investors Company Name Country Sector

Investment Type

Investment Amount

(US$)Investment

Date

Hopu Investment Mgmt., Temasek China Construction Bank China Financial Services PIPE 4,600 May-09

Kohlberg Kravis Roberts & Co. (KKR), Affinity Equity Partners Oriental Brewery South Korea Food & Beverage Buyout 800 May-09

First Reserve Corporation KrisEnergy Singapore Oil & Gas Buyout 500 Sep-09

Bohai Industrial Investment Fund-led consortium Chery Automobile China Automotive Growth/Exp. 425 Jun-09

Northstar Pacific Partners PT Delta Dunia Petroindo Tbk Indonesia Mining Growth/Exp. 408 Nov-09

Hopu Investment Management China Pacific Insurance (Group) Co. Ltd. China Insurance PIPE 400 Dec-09

Northstar Pacific Partners PT Bakrie & Brothers Tbk Indonesia Infrastructure Growth/Exp. 384 Jan-09

Hopu Investment Management Bank of China China Financial Services PIPE 375 Jan-09

Goldman Sachs Private Equity Geely Automobile Holdings China Automotive Growth/Exp. 334 Sep-09

NewMargin Ventures Chongqing Tongli Heavy Duty Machine Mfg. China Industrial Growth/Exp. 293 Nov-09

Fund Manager, Co-investors Company Name Country Sector

Investment Type

Investment Amount

(US$)Investment

Date

CVC Capital Partners Anheuser-Busch InBev (StarBev) Czech Republic Food & Beverage Buyout 1,231 Oct-09

Citadel Capital Egyptian Refining Company Egypt Oil & Gas Growth/Exp. 1,000 Oct-09

Abraaj Capital Karachi Electric Supply Company (KESC) Pakistan Utilities Buyout 361 Apr-09

Helios Investment Partners, Albright Capital Mgmt., Soros Strategic Part-ners LP, RIT Capital Partners

Helios Towers Africa (HTA) Nigeria Telecom. Growth/Exp. 350 Nov-09

EQT Partners (EQT Funds Mgmt.) CableTel & Eurocom Cable Mgmt. Bulgaria Cable TV Buyout 292 Oct-09

Ethos Private Equity, Old Mutual Private Equity (South Africa) Idwala Industrial Holdings South Africa Metals Buyout 291 Jan-09

HSBC, Is Private Equity Havas Ground Handling Turkey Infrastructure Growth/Exp. 263 Oct-09

The Carlyle Group CVC Brasil Brazil Consumer Buyout 250 Dec-09

Actis Commercial International Bank (CIB) Egypt Banking Buyout 244 Jul-09

TA Associates AVG Technologies Czech Republic Technology Growth/Exp. 200 Oct-09

Largest Known Private Equity Investments in Emerging Asia, 2009

Largest Known Private Equity Investments in Emerging Markets ex-Asia, 2009

Note: The Hopu/Temasek US$4.6B PIPE transaction is not included in EMPEA’s aggregate totals for EM PE investment in 2009 due to its outlier size and the lack of verified information on final transaction amount and equity stake awarded to Hopu.

250

200

150

100

50

0

Investment


Investment by RegionOverall investment volume decreased in every region, attributable to the decline in transactions and sliding valuations. Investment levels in Emerging Asia dropped by 51% versus 2008, but deal activity measured by number of transactions fell by only 5%.

The slowdown in investment volume was equally pronounced out-side of Asia, with deal volume falling 34%, 48%, 52% and 81% in MENA, CEE, Sub-Saharan Africa and Latin America, respectively. However, transaction volume by number remained comparatively strong, with transactions ex-Emerging Asia down 21%, versus a drop by 50% or more in developed private equity markets.

EM PE Investment by Region and Value, 2004–2009 (% of Total)

2004 2005 2006 2007 2008

2008

N=500

2009

2009

N=473

Sub-Saharan Africa

Other*

MENA

Southeast Asia

LatAm & Caribbean

CEE & CIS

India

Emerging Asia

China

% o

f To

tal C

apit

al In

vest

ed

% o

f To

tal C

apit

al In

vest

ed

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

60 65 6557 59

63

4

5 7 7 10

14 714

16 1315

8 9

1214 15 6

16 154 6 6 6

Emerging Asia

CEE & CIS

LatAm & Caribbean MENA

Sub-Saharan Africa

2004 $4,316 $986 $609 $137 $1,154

2005 $7,692 $842 $1,015 $524 $1,723

2006 $22,468 $4,903 $4,264 $1,751 $1,292

2007 $30,370 $8,345 $7,545 $3,526 $3,362

2008 $28,270 $6,344 $6,962 $3,370 $2,889

2009 $13,867 $3,323 $1,318 $2,214 $1,383

Δ 2008–2009 -51% -48% -81% -34% -52%

EM PE Investment Totals by Region, 2004–2009 (US$m)

EM PE Investment Totals by Region, 2004–2009 (US$B)

US$

Bill

ion

s

$35

$30

$25

$20

$15

$10

$5

$0

Emerging Asia

CEE & CIS LatAm & Caribbean


1

32

45

26

29

22

13

2013

Emerging Asia PE Investment by Value, 2008–2009 (% of Total) Emerging Asian markets captured 63% of investments by value,

and 70% of emerging market private equity transactions by num-ber in 2009, with China accounting for US$6.3 billion and India capturing US$4 billion. Robust activity in Emerging Asia offset declines in other markets.

Within Asia, China’s share of investment activity grew, from 32% to 45% of value (rising from 44% to 49% of transactions). India captured a larger share of investment volume ($), rising from 26% to 29%, but a slightly smaller proportion of transactions, falling from 41% to 37%. This suggests slightly higher deal values on aver-age in India relative to China in 2009.

2004 2005 2006 2007 2008 2009

*Other includes Mongolia, South Korea and Taiwan

Investment


EM PE Investment Totals for Select Markets, 2004–2009 (US$m)

Investment Concentration

A handful of markets accounted for more than half (55%) of capital invested and a staggering 70% of transactions com-pleted in 2009. Most notably, China and India alone counted 509 deals between them, or 61% of the total, and US$10.2 bil-lion, or 47% of total capital invested. Brazil, Russia and South Africa each represented 3% of transactions and between 1 and 4% of total investment volume ($).

Brazil

China

India

Russia/CIS

South Africa

Other EM Countries

$989 (20)

$6,288 (233)

$4,011 (176)

$217 (20)$748 (21)

$9,851 (204)

EM PE Investment Concentration by Value, 2009 (US$m, Number of Deals)

CountryCapital Invested (US$m) No. of Deals

Brazil $989 20

China $6,288 233

India $4,011 176

Russia/CIS $217 20

South Africa $748 21

BRICSA Total $12,253 470

EM Total $22,104 674

BRICSA % of EM Total 55% 70%

Brazil Russia/CIS India China South Africa

2004 $120 $240 $1,272 $1,389 $1,154

2005 $474 $240 $1,377 $2,991 $774

2006 $1,342 $402 $5,687 $8,200 $895

2007 $5,285 $805 $9,905 $9,458 $3,362

2008 $3,020 $2,647 $7,483 $8,994 $2,019

2009 $989 $217 $4,011 $6,288 N/A

Δ 2008–2009 -67% -92% -46% -30% N/A

Investment


Profile of Deals in 2009Emerging markets private equity investments continued to be pri-marily growth capital, with two-thirds (67%) of transactions in 2009 falling into this category versus 55% in 2008.

Buyouts, i.e., a complete transfer of equity ownership, remain few in number and were all the scarcer in 2009. Only 11% of the 2009 sample could be termed buyout transactions, versus 19% in 2008. The so-called Equity Buyout model (EBO) is gaining popular-ity among Western-focused managers suddenly forced to adapt to a world without leverage, but in emerging markets, all-equity transactions remain the norm rather than the exception.

In 2008 and 2009, PIPE (private investment in public equities) transactions became more prevalent in a handful of countries — most notably India. By 2009, PIPE deals accounted for 10% of Indian PE transactions. Though venture capital deals in China and India fell in 2009 as a percentage of PE deals, venture capital is still a vibrant and integral sector of both PE markets, thanks to their highly educated and skilled workforce and well-developed entre-preneurial cultures.

The dearth of buyout transactions in China and India is a reflection of markets that, generally speaking, lack sufficiently mature com-panies or industries appropriate for a buyout strategy. In markets

Industrials & Manufacturing

Energy & Natural Resources

Consumer

Infrastructure

Media & Telecom

Banking & Financial Services

Technology

Agribusiness

($5,742, 132)

($3,981, 58)

($3,276, 138)

($2,315, 78)

($2,169, 44)

($2,362, 60)

($1,595, 136)($666, 28)

EM PE Investment Sector Breakdown by Value, 2009 (US$m, No. of Deals)

2008N=319

2009N=674

PIPE

Buyout

Venture Capital

Growth/Expansion

% o

f To

tal N

um

ber

of

Dea

ls

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

55

67

22

17

19 114 5

EM PE Investment Stage Breakdown by Number of Deals, 2008–2009 (%)

EM PE Investment Stage Breakdown by Number of Deals, 2008–2009 (%)

2008N=24

2008N=62

2008N=83

2009N=20

2009N=233

2009N=176

IndiaChinaBrazil

PIPE

Buyout

Venture Capital

Growth/Expansion

% o

f To

tal N

umb

er o

f D

eals

100%

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%

58

47

6353

8080

13 37

33

36

1021

151

1215

8 23

8 105

*Analysis based on sample of transactions for which invest-ment stage is verifiable.

In 2009, the consumer sector and infrastructure gained in prom-inence. Industrial and manufacturing companies continue to draw the greatest share of capital across the emerging markets, repre-senting US$5.7 billion or roughly one-quarter (26%) of the total value in 2009. Companies in the energy and natural resources space, and consumer sector companies followed, with 18% and 15% of the total by value, respectively.

Agribusiness is emerging as a distinct sector of interest, mov-ing from US$436 million in 2008 to US$666 million in 2009, the only sector drawing an increase in investment ($) year over year.

such as Brazil where multi-generational family-owned companies are more prevalent, change of control transactions are increasingly feasible as the market’s understanding of the value of a private equity partner becomes clearer, helped in part by the successful listings of several private equity-backed companies on the Bovespa.

Investment


Deal Sizes

Average deal sizes fell in 2009 in every region with the exception of MENA, with the overall drop for emerging markets from US$77 million to US$45 million, a decrease of 41%. Perhaps more telling, however, is the shift in median deal sizes, which decreased 38% in emerging markets overall, from US$20 million to US$13 million. The shift in median deal size was most pronounced in MENA and Latin America, which each saw a 62% decline (whereas the average MENA deal value actually increased by 9%). Emerging Asia, Sub-Saharan Africa and CEE/CIS markets saw median deal amounts fall by 39%, 38% and 25%, respectively.

Region 2008 2009 Δ 2008–2009

Emerging Asia 63 37 -41%

CEE/CIS 92 68 -26%

LatAm & Caribbean 156 49 -69%

MENA 136 148 9%

Sub-Saharan Africa 136 49 -64%

Emerging Markets 77 45 -41%

*For transactions with disclosed investment values

Average Size of EM PE Investments by Region, 2008–2009 (US$m)*

Region 2008 2009 Δ 2008–2009

Emerging Asia 18 11 -39%

CEE/CIS 20 15 -25%

LatAm & Caribbean 78 30 -62%

MENA 70 27 -62%

Sub-Saharan Africa 30 19 -38%

Emerging Markets 20 13 -37%

*For transactions with disclosed investment values

Median Size of EM PE Investments by Region, 2008–2009 (US$m)*

An analysis of deal size distributions shows that the range in transaction sizes varies widely by market, with the middle two quartiles sig-nificantly tighter in Emerging Asia, and with MENA in particular demonstrating the broadest range. The range in deal sizes in Sub-Saharan African markets compressed dramatically in 2009, evidence of the disappearance of very large transactions from more developed private equity markets like South Africa.

Emerging Asia

CEE/CIS LatAm & Caribbean


Emerging Markets

US$

mill

ion

s

$180

$160

$140

$120

$100

$80

$60

$40

$20

$0

20082009

63

37

92

68

156

49

136148

86

49

77

45

Average Size of EM PE Investments by Region, 2008–2009 (US$m)

Median Size of EM PE Investments by Region, 2008–2009 (US$m)

Emerging Asia

CEE/CIS LatAm & Caribbean


Emerging Markets

US$

mill

ion

s

$200

$180

$160

$140

$120

$100

$80

$60

$40

$20

$0

1811

2015

78

3027

30

1920

13

70

2nd & 3rd Quartile Range

(w/ median)

2008 2009

Investment


PE Penetration in Emerging Markets2009 was an anomaly year by any estimation, marked by dra-matic slowdowns in even the most developed PE markets. However, even in a bad year for PE, the United Kingdom and the United States each boasted PE penetration (as measured by investment ($) relative to GDP) of 0.30% or better, with Israel’s as high as 0.52%, thanks to one of the world’s most robust ven-ture capital industries.

By contrast, only India and South Africa approached Western mar-ket penetration levels, with 0.32% and 0.27%, respectively. China saw investment in 2009 totaling only 0.13% of GDP. When pen-etration levels at PE’s peak in 2008 are taken into account, the penetration gap becomes more pronounced, with PE investment

Israel United Kingdom

India United States

South Africa

South Korea

Sub-Saharan Africa

MENA Turkey Brazil Japan RussiaChina Poland Mexico

PE In

vest

men

t/G

DP(

%)

1.6%

1.4%

1.2%

1.0%

0.8%

0.6%

0.4%

0.2%

0.0%

EM PE Investment as Percentage of GDP, 2009 (%)

2008

2009

in the United States at 1.42% of GDP and in the UK at 1.06%; most emerging markets were well under one-half of one percent of GDP in 2008.

In a challenging year around the world for private equity, the emerging markets grabbed a larger share of global PE investment than ever before, with 26% of the total versus only 7% in 2004. The level of investment activity in 2009 indicates that managers of flexible pools of capital (i.e., global funds) saw greater oppor-tunities in emerging markets than elsewhere. Additionally, the growth capital orientation of the emerging markets PE model, where leverage is seldom requisite to a transaction, translated to a greater proportion of a shrinking global total.

1.03 1.06

0.34

0.52

1.42

0.32

0.62

0.40

0.300.38

0.27 0.290.21 0.21

0.15 0.15

0.32

0.170.27

0.160.09

0.040.010.010.020.060.070.080.110.13

Investment

2004 2005 2006 2007 2008 2009

% o

f G

lob

al T

ota

l, U

S$B

30%

25%

20%

15%

10%

5%

0%

EM PE Fundraising & Investment as a Percent of Global Total, 2004-2009 (%)

Funds Raised, % Global

Capital Invested, % Global

4

78

12

7

910

19

11

14

9

26


Emerging Markets Private Equity Funds with Closes in 2009

Fund Manager Fund Name (vintage, status) Fund TypeGeographic

Focus

Fund Target, US$m

Sub-Saharan African Funds

African Capital Alliance Capital Alliance Private Equity (CAPE) Fund III (2009, Fundraising) Growth/Expansion West Africa, Nigeria

350 200

Aureos Capital Aureos Africa Fund (2008, Closed) Growth/Expansion Sub-Sah. Africa 400 381

Aureos Capital Health in Africa Fund (2009, Fundraising) Growth/Expansion Sub-Sah. Africa 110 57

Development Partners International African Development Partners I (2008, Closed) Growth/Expansion Sub-Sah. Africa 600 416

Greylock Capital Mgmt. Greylock Africa Opportunity Fund (2009, Fundraising) Mezzanine Sub-Sah. Africa 200 78

GroFin Capital GroFin Africa Fund (2008, Closed) Multi-Stage Sub-Sah. Africa 160 170

Helios Investment Partners Helios Investors 2 (2009, Fundraising) Buyout Sub-Sah. Africa 650 400

InReturn Capital InReturn East Africa Fund I (2009, Fundraising) Growth/Expansion East Africa 23 6

Inspired Evolution Investment Mgmt. Evolution One Fund (2008, Closed) Growth/Expansion Sub-Sah. Africa 146 103

China-dedicated Funds

Baird Capital Partners Asia (BCPA) Baird Capital Partners Asia I (2008, Fundraising) Growth/Expansion China 100 65

Bengbu Zhongcheng Venture Investment (Government of Anhui Province-backed)

Bengbu Zhongcheng VC Investment Company (2009, Closed) Growth/Expansion China N/A 18

Capital Today Capital Today China Growth Fund II (2009, Fundraising) Growth/Expansion China 400 183

CCB International Ltd. (CCBI) CCBI Healthcare Fund (2009, Fundraising) Growth/Expansion China 356 234

CDH Investments CDH Fund IV (2009, Fundraising) Growth/Expansion China 1,400 1,030

Changzhou Pride Venture Investment LP Changzhou Pride Venture Investment LP (2009, Closed) Growth/Expansion China 25 25

China Everbright / Wuxi Guolian Investment Group Co.

Everbright Guolian Capital Fund (2009, Closed) Venture Capital China 73 73

China Science & Merchants Capital Mgmt. (CSM / CSMVC) Group

Beijing Zhongke Fangshan Venture Investment Fund (2009, Closed) Growth/Expansion China 73 73

China Science & Merchants Capital Mgmt. (CSM / CSMVC) Group

CSM Zhongke Baiyun Equity Investment Fund (2009, Fundraising) Growth/Expansion China 734 117

China Soft Investment Corporation Zhonghua Software Investment Fund (2009, Fundraising) Venture Capital China 29 15

CID Group CID Greater China Venture Capital Fund III (2009, Fundraising) Venture Capital China 200 34

CITIC Capital CITIC Capital China Partners II (CCCP II) (2009, Closed) Buyout China 500 925

CITIC Private Equity Funds Mgmt. Co. (CITIC Securities)

CITIC Mianyang Private Equity Fund (2009, Closed) Growth/Expansion China 1,321 1,318

CTC Capital CTC Li Yang (Yangzhou) VC Cooperation Fund (LYVCCF) (2009, Closed) Venture Capital China 44 44

DBS Private Equity DBS Private Equity China Fund (2009, Closed) Growth/Expansion China 100 100

Envision Capital Envision High Growth Fund (2009, Closed) Growth/Expansion China 73 73

Everbright Venture Investment Mgmt. Co. Ltd. China Everbright Venture Investment Jiangyin Co., Ltd. (2009, Closed) Growth/Expansion China 73 73

Foshan Venture Capital Foshan Venture Capital Fund (2009, Closed) Venture Capital China 7 7

Fujian Provincial Investment Develop-ment Group (FPIDG)

Fujian Province Venture Investment Fund (2009, Closed) Venture Capital China 88 88

Grand Asia Tonglu Value Investment (Xi'an) Company, LP

Grand Asia Tonglu Value Investment (Xi'an) Company, LP (2009, Closed)

Venture Capital China 23 22

GSR Ventures GSR Ventures III (2009, Closed) Venture Capital China 383 383

Hubei Hi-tech Industrial Investment (HHII) / Daiwa SMBC Capital

HHII / Daiwa SMBC Hubei Gaohe VC Investment Fund (2009, Closed)

Venture Capital China 59 59

Innovation Works Innovation Works Fund (2009, Closed) Venture Capital China N/A 115

Jiangsu Top-Bridge Capital Co., Ltd. (Top-Bridge)

Jiangsu Chenghui Capital Co. (Top-Bridge) Fund (2009, Closed) Growth/Expansion China 29 29

Keytone Ventures Keytone Ventures China Fund (2008, Closed) Venture Capital China 200 200

Nanjing Hi-Tech Venture Capital Co. Nanjing Hi-Tech Zhongcheng VC Investment Fund (2009, Closed) Growth/Expansion China 56 55

New Horizon Capital New Horizon Capital China Fund (2009, Closed) Growth/Expansion China 137 146

Peony Jiangnan Venture Investment Co., Ltd. Peony Jiangnan Venture Investment Co., Ltd. Fund (2009, Closed) Growth/Expansion China 44 44

Prax Capital Mgmt. Co. Prax Capital (Tianjin) Growth Capital Fund (2009, Closed) Growth/Expansion China 73 82

Shaanxi Tiandi Tourism Venture Investment Enterprise

Shaanxi Tiandi Tourism Venture Investment Enterprise Fund (2009, Fundraising)

Growth/Expansion China 220 15

Shandong Technology Venture Capital Co., Ltd.

Shandong Technology Venture Capital Co., Ltd. (2009, Closed) Venture Capital China 15 15

Shanxi Jinfeng Huizhi Venture Investment Co. Shanxi Jinfeng Huizhi Venture Investment Company (2009, Closed) Venture Capital China 44 44

Shenzhen Capital Group Co., Ltd. (SCGC) Changzhou Hongtu VC Fund (2009, Closed) Venture Capital China 20 20

Closes as of Dec 31,

2009, US$m




Focus

Fund Target, US$m

Shenzhen CDF-Capital / Wuhu Construc-tion Investment / Shanshan Enterprise

Shenzhen CDF-Capital Anhong Investment Fund (2009, Closed) Venture Capital China 7 7

Shenzhen Cowin Venture Capital Co. Shenzhen Cowin Nanhai Growth Fund III (2009, Closed) Venture Capital China 73 73

Shenzhen GTJA Investment Group Co., Ltd. Shenzhen GTJA Huifu Investment Fund II (2009, Closed) Mezzanine China N/A 18

Shenzhen GTJA Investment Group Co., Ltd. Shenzhen GTJA Huifu Investment L.P. (2009, Closed) Mezzanine China 27 15

Silicon Paradise Venture Investment Co. Ltd. Shanghai Silicon Paradise Sunshine Venture Investment Co. Ltd. (2009, Closed) Growth/Expansion China 15 15

Silicon Paradise Venture Investment Co. Ltd. Shenzhen Silicon Paradise Sunshine Venture Investment Co. Ltd. (2009, Closed) Growth/Expansion China 15 15

Silicon Paradise Venture Investment Co. Ltd. Wuhan Silicon Paradise Sunshine Venture Investment Co. Ltd. (2009, Closed) Growth/Expansion China 15 15

Simon Murray & Co. / Wuxi Guolian Financial Investment Group Co. Ltd.

Simon Murray & Co. Guolian Renminbi Fund (2009, Closed) Venture Capital China 15 15

Softbank China Venture Capital (SB China Venture Capital / SBCVC)

Softbank China Venture Capital III (2009, Closed) Venture Capital China 293 315

Spring Capital Asia Spring Capital Asia Fund One (2009, Fundraising) Growth/Expansion China 200 151

State Development and Investment Corp. (SDIC)

SDIC Innovation (Beijing) Investment Fund Co., Ltd. (2009, Closed) Growth/Expansion China 95 95

Tembusu Partners Tembusu China Growth Fund (2009, Fundraising) Growth/Expansion China 80 20

Tembusu Partners / Nanjing Hi-Tech Venture Capital Co.

Nanjing Growth Fund (He Ding Investment) (2009, Closed) Growth/Expansion China 80 80

Tiantu Xingye Venture Capital Co., Ltd. (Tiantu Capital)

Shenzhen Tiantu Xingrui Venture Capital Co., Ltd. (2009, Closed) Venture Capital China N/A 44

Tsing Capital Yiyun Clean Technology Fund (2009, Fundraising) Growth/Expansion China 73 51

Yiyi International Film & TV Culture and Media (Beijing) Co., Ltd.

Yiyi Film & TV Cultural Equity Investment Fund (2009, Fundraising) Growth/Expansion China 73 15

Zhangiang Biomedical Industrial Fund Mgmt. Zhangjiang Biomedical Industrial Fund (2009, Closed) Growth/Expansion China 147 147

Zhejiang Haiyue Venture Capital Co., Ltd. Zhejiang Haiyue Venture Capital Fund (2009, Closed) Venture Capital China 15 15

Zhejiang Sinowisdom Investment Mgmt. Co., Ltd. (Sinowisdom)

Sinowisdom Haiyue Investment Co. Ltd. (2009, Closed) Growth/Expansion China 73 73

Zhejiang Tianyue Venture Capital Co., Ltd. Zhejiang Tianyue Venture Investment Fund (2009, Closed) Venture Capital China 15 15

Zhejiang Xinganxian Media Investment Co., Ltd.

Dongfang Xingkong Cultural Fund (Oriental Star Sky Cultural Fund) (2009, Closed)

Growth/Expansion China 37 37

Zhengzhou Henghe Venture Investment Co. Ltd.

Zhengzhou Henghe Venture Investment Co. Ltd. (2009, Closed) Growth/Expansion China N/A 16

India-dedicated Funds

Ambit Pragma Ventures Ambit Pragma Ventures (2008, Closed) Growth/Expansion India 100 65

Avigo Capital Partners Ltd. Avigo SME Fund III (2009, Fundraising) Growth/Expansion India 250 150

Berkeley Energy Berkeley Renewable Energy Asia Fund (REAF) (2009, Fundraising) Growth/Expansion India N/A 75

Caspian Advisors India Financial Inclusion Fund (IFIF) (2008, Closed) Microfinance India 100 89

Catamaran Venture Fund Catamaran Venture Fund (2009, Closed) Venture Capital India N/A 128

CX Partners CX Partners Fund Alpha Ltd. (2009, Fundraising) Growth/Expansion India 500 220

Edelweiss Capital Ltd Edelweiss Special Opportunities Fund (ESOF) (2009, Fundraising) Distressed Debt/Special Situations

India 200 105

Forum Synergies (India) PE Fund Managers Ltd.

India Knowledge-Manufacturing Fund I (IKMF-I) (2009, Fundraising) Growth/Expansion India 250 135

Hyderabad Information Technology Venture Enterprises Ltd

HIVE Fund II (2009, Closed) Venture Capital India 25 25

ICICI Venture Funds Mgmt. India Advantage Fund Series III (2009, Fundraising) Growth/Expansion India 500 350

ICICI Venture Funds Mgmt. India Advantage Fund VII (Mezzanine Fund I) (2007, Closed) Mezzanine India 113 95

IDFC Project Equity India Infrastructure Fund (IIF) (2008, Closed) Growth/Expansion India 1,000 927

India Value Fund Advisors Private Ltd. (formerly GW Capital)

India Value Fund IV (2009, Closed) Growth/Expansion India 700 725

Jacob Ballas Capital India New York Life Investment Mgmt. India Fund III (2008, Closed) Growth/Expansion India 500 440

Kotak Private Equity Group (KPEG) (PE arm of Kotak Mahindra Bank)

Kotak India Private Equity Fund (2009, Fundraising) Growth/Expansion India 250 76

Lighthouse Funds India 2020 Opportunity Fund (2008, Closed) Venture Capital India 125 104

Macquarie Group / State Bank of India (SBI) Macquarie-SBI Infrastructure Fund (MSIF) (2009, Fundraising) Growth/Expansion India 2,000 1,037

NASSCOM / ICICI Knowledge Park NASSCOM / ICICI Knowledge Park Innovation Fund (NIIF) (2009, Fundraising) Venture Capital India 42 9

Rajasthan Asset Mgmt. Company Pvt. Ltd. Rajasthan Venture Capital Fund II (RVCF II) (2009, Closed) Venture Capital India 100 20


2009, US$m




Focus

Fund Target, US$m

Sage Capital India Sage Capital Value Fund (2009, Closed) Distressed Debt/Special Situations

India 200 90

Seed Advisors Pvt. Ltd. (Seedfund) Seedfund II (2009, Fundraising) Venture Capital India 50 35

Singularity Ventures Singularity Ventures (2009, Fundraising) Venture Capital India 10 3

Tata Capital Tata Capital Special Situations Fund (2009, Fundraising) Distressed Debt/Special Situations

India N/A 151

TVS Capital TVS Shriram Growth Fund (2009, Closed) Growth/Expansion India 230 125

UTI Ventures Funds Mgmt. Co Ltd UTI Ventures Ascent India Fund III (2009, Closed) Growth/Expansion India 350 350

Zephyr Mgmt., L.P. Zephyr Peacock India Fund II (ZPII) (2009, Fundraising) Growth/Expansion India 75 24

Other Asian and Regional Funds

AMP Capital Investors Asian Giants Infrastructure Fund (2009, Fundraising) Growth/Expansion China, India 750 95

Challenger MBK Fund Mgmt. Challenger Mitsui Emerging Markets Infrastructure Fund (2009, Fundraising) Growth/Expansion Pan-Asia 650 238

Daiwa Quantum Capital Daiwa Quantum Capital Partners I L.P. (2009, Fundraising) Growth/Expansion Pan-Asia 300 80

Entropy Ventures LLC Amadeus Asian Clean Energy Fund (2008, Fundraising) Growth/Expansion Pan-Asia 100 35

Extream Ventures Extream Venture Fund I (2009, Closed) Venture Capital Singapore 21 15

H&Q Asia Pacific H&Q AP Greater China Growth Fund (2009, Closed) Growth/Expansion Pan-Asia 40 40

Henderson Equity Partners Henderson Asia Pacific Equity Partners II (2009, Closed) Growth/Expansion Pan-Asia 200 85

IL&FS Investment Managers Ltd. Standard Chartered IL&FS Asia Infrastructure Growth Fund (SCI Asia Fund) (2008, Fundraising)

Growth/Expansion China, India 800 658

Impax Asset Mgmt. Impax Asian Environmental Markets PLC (2009, Closed) Growth/Expansion Pan-Asia 174 174

Industrial Bank of Korea / SK Securities Software (SW) M&A Fund (2009, Closed) Buyout South Korea 33 36

Innosight Ventures Pte Ltd Incubator for Disruptive Enterprise and Start-ups (IDEAS) Fund (2009, Closed) Venture Capital Singapore 12 8

Korea Technology Investment Corpora-tion / Benex Investment / SBI Holdings

Green Growth Fund (2009, Closed) Growth/Expansion South Korea 80 130

Kuwait Finance House (Malaysia) Berhad Group / Al-Aman KSCC

Al Faiz Fund I (2009, Closed) Growth/Expansion Pan-Asia 150 98

MBK Partners MBK Partners II (2009, Closed) Buyout Pan-Asia 3,000 1,600

Olympus Capital Holdings Asia Asia Environmental Partners LP (2009, Closed) Growth/Expansion China, India 250 250

Questmark Asset Mgmt. QMA Capital Sdn. Bhd (2009, Closed) Growth/Expansion Pan-Asia 9 9

SkyLake Incuvest & Co. Ltd. SkyLake Global Incuvest 4 (2009, Fundraising) Growth/Expansion South Korea 80 86

South East Asia Venture Investment (SEAVI) Advent

SEAVI Advent Equity Fund V (2009, Closed) Buyout China, Singapore

200 178

Spice Finance / 3 Degrees Asset Mgmt. Pte Ltd

Spice 3 Degrees Special Opportunities Fund (2009, Fundraising) Distressed Debt/Special Situations

South Asia 150 21

STIC Investments Inc. ORYX-STIC Fund II (2009, Fundraising) Buyout China, South Korea

500 300

The Carlyle Group Carlyle Asia Growth Partners IV (2008, Closed) Growth/Expansion Pan-Asia 1,000 1,040

The Carlyle Group Carlyle Asia Partners III (2008, Closed) Buyout Pan-Asia 4,000 N/A

Walden International Seed Ventures IV (2009, Closed) Venture Capital Singapore 13 13

Southeast Asian Funds

Astra Partners Sdn Bhd Astra Capital Sdn Bhd (2009, Closed) Growth/Expansion Southeast Asia 9 9

CIMB Standard Strategic Asset Advisors Sdn Bhd

Islamic Infrastructure Fund (IIF) (2009, Fundraising) Growth/Expansion South and Southeast Asia

500 262

Daiwa SMBC / SSI Asset Mgmt. DSCAP-SSIAM (Daiwa SMBC / SSI) Vietnam Growth Investment Fund (2009, Fundraising)

Growth/Expansion Vietnam 55 9

Emerging Markets Investments Pte. Ltd. Cambodia-Laos Development Fund (2009, Fundraising) Growth/Expansion Cambodia, Laos N/A 10

Leopard Capital Leopard Cambodia Fund (2008, Closed) Growth/Expansion Cambodia 100 34

Navis Capital Partners Navis Asia Fund VI (2009, Fundraising) Growth/Expansion South and South-east Asia

1,000 450

Saratoga Capital Group Saratoga Asia Fund II (2007, Closed) Buyout Southeast Asia 330 152

Central & Eastern Europe Funds

ARX Equity Partners ARX CEE III (DBG Eastern Europe III) (2008, Fundraising) Buyout CEE 188 138

Baltcap Mgmt. BaltCap Private Equity Fund (2007, Closed) Growth/Expansion Baltics 132 92

Central-Fund Mgmt. Central Fund (2009, Fundraising) Growth/Expansion Hungary 61 26

CRG Capital, LLC CRG Central European Special Situations Fund I (2009, Fundraising) Distressed Debt/Special Situations

CEE 300 54


2009, US$m




Focus

Fund Target, US$m

East Capital East Capital Special Opportunities Fund (2009, Fundraising) Distressed Debt/Special Situations

CEE 140 84

Genesis Capital Limited Genesis Private Equity Fund II (2009, Fundraising) Growth/Expansion CEE 85 56

Innova Capital Innova V L.P. (2008, Closed) Buyout CEE 525 392

Resource Partners Sp. z.o.o. Resource Eastern European Equity Partners LP I (2009, Fundraising) Buyout CEE 280 74

Small Enterprise Assistance Funds (SEAF) SEAF South Balkan Fund (2006, Closed) Growth/Expansion Balkans 13 21

Syntaxis Capital Syntaxis Mezzanine Fund II (2009, Fundraising) Mezzanine CEE 375 205

Russia & CIS Funds

Macquarie Bank / Renaissance Capital Macquarie Renaissance Infrastructure Fund (2009, Fundraising) Growth/Expansion CIS countries 1,000 530

Marshall Capital Partners Marshall Capital I (MarCap I) (2008, Closed) Growth/Expansion Russia 500 300

Quadro Capital Partners Quadro TBD Fund I (2009, Fundraising) Distressed Debt/Special Situations

Russia 350 200

Siguler Guff & Company, LLC Russia Partners III (2007, Closed) Growth/Expansion Russia N/A 627

UFG Private Equity UFG Private Equity Fund II (2009, Fundraising) Growth/Expansion CIS countries 200 150

Latin American & Caribbean Funds

ACON Investments, LLC ACON Latin America Opportunities Fund (2009, Fundraising) Buyout LatAm & Carib. 400 100

Alothon Group Alothon Fund II (2008, Closed) Buyout LatAm & Carib. 300 80

Alta Growth Capital Alta Growth Capital Mexico Fund (2007, Closed) Growth/Expansion Mexico 150 75

Altra Investments Altra FCP I (APEF I) (2008, Closed) Buyout Colombia, Peru 110 105

Aureos Capital Aureos Latin America Fund (ALAF) (2008, Closed) Growth/Expansion LatAm & Carib-bean (ex-Brazil)

300 182

Brookfield Asset Mgmt. Brookfield Colombia Infrastructure Fund (2009, Fundraising) Growth/Expansion Colombia 400 320

Clifftop Capital Clifftop Capital I (2009, Closed) Distressed Debt/Special Situations

Mexico, Colom-bia, Peru

200 200

Companhia de Participacoes (CRP) Brazilian Middle Market Growth Fund (CRP VII) (2009, Fundraising) Growth/Expansion Brazil 150 118

Diligo / Nexus Capital Partners ND Latin America Infrastructure Fund I (2009, Fundraising) Growth/Expansion Colombia 150 54

EMP Global EMP Central America Mezzanine Infrastructure Fund (2009, Closed) Mezzanine Central America 155 150

IGNIA Partners, LLC IGNIA Social Venture Fund I (2008, Fundraising) Venture Capital LatAm & Carib. 75 47

Performa Investimentos Performa Investimentos SC-1 (2009, Closed) Venture Capital Brazil 8 8

TMG Capital Partners TMG Private Equity Fund II (2009, Closed) Venture Capital Brazil 400 275

TribeCapital Partners Tribeca Fund I (2007, Closed) Buyout Colombia 150 132

WAMEX Private Equity Mgmt. Multinational Industrial Fund II (2009, Fundraising) Growth/Expansion Mexico 150 55

MENA Funds

Beltone Private Equity Beltone Midcap Fund (2009, Fundraising) Growth/Expansion MENA 200 30

Byblos Ventures Byblos Private Equity Fund (2009, Fundraising) Growth/Expansion Lebanon 40 20

Capital Trust SA EuroMena II (2009, Closed) Growth/Expansion MENA 150 150

Gulf Capital Gulf Capital Equity Partners II (2008, Fundraising) Buyout Middle East 500 475

NBK Capital NBK Mezzanine Fund I (2009, Closed) Mezzanine MENA 200 156

Saffar Capital Saffar Financial Infrastructure Fund (2009, Fundraising) Growth/Expansion MENA 150 20

Sphinx Capital / Citadel Capital Sphinx Distressed Turnaround Fund (2009, Fundraising) Distressed Debt/Special Situations

Egypt 100 52

The Carlyle Group Carlyle MENA Partners (2007, Closed) Buyout MENA 500 500

UBS Asset Mgmt. / Invest AD Invest AD-UBS Infrastructure Fund I (2009, Fundraising) Growth/Expansion MENA, Turkey 600 250

Multi-Region Funds

Actis Actis Infrastructure 2 (2008, Closed) Buyout South and Southeast Asia, Sub-Sah. Africa

1,000 751

Cartica Capital Emerging Markets Corporate Governance Fund (2009, Fundraising) Growth/Expansion Pan-EM N/A 200

Developing World Markets DWM Microfinance Equity Fund I (2009, Fundraising) Microfinance Pan-EM N/A 82

Leapfrog Investments Leapfrog Microfinance Fund (2009, Fundraising) Microfinance India, Indonesia, Philippines,

Pakistan, Uganda, South Africa

100 50

MicroVest Microvest II (2009, Closed) Microfinance Pan-EM 70 60

Wolfensohn Capital Partners Wolfensohn Capital Partners Private Equity Fund (2007, Closed) Growth/Expansion Pan-EM 500 250


2009, US$m

china empea 2009 report

Documents

emerging markets of

emerging markets of

mena funds

profile of funds

asian funds

empeas database of funds

largest em pe funds

saharan african funds