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Annual LP Report 2009 - Private Equity Emerging

Annual LP Report 2009 - Private Equity Emerging

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Published by tridevyataya

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Published by: tridevyataya on Apr 09, 2009
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07/30/2013

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investors’ views of Privateequity in emerging markets
 erging markt Privat equity survy
2009
 
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2
EMPEA/Coller Capital
EmergingMarkets Private Equity Survey 
The
Survey 
is a snapshot o private equity trends in emergingeconomies and provides an annual overview o investors’ (LimitedPartners’) plans and opinions in relation to emerging markets.This 5
th
edition o the
Survey 
captures the views o 156 privateequity investors rom around the world. The indings are globallyrepresentative o the LP population by:Investor locationType o investing organizationTotal assets under management
Contents
Key topics in this edition o the
Survey 
include: LPs’ appetite or emerging markets private equity LPs’ returns expectations First-time investor plans or emerging markets private equity Emerging markets private equity risk and risk premiums Attractive areas or GP investment
Abbreviations
 Limited Partners (LPs) are investors in private equity unds General Partners (GPs) are private equity und managers Private equity (PE) is used as a generic term covering venturecapital, growth capital, buyout and mezzanine investments Emerging markets private equity (EM PE) reers to private equity inthe emerging economies o Arica, Asia, Central & Eastern Europe,Russia/CIS, Latin America and the Middle East
 
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3
2009
Survey 
highlights
 LPs believe emerging markets will continue to present attractiveinvestment opportunities over the next year (
Page 9 
). Investors believe that recent-vintage EM PE unds will outperormequivalent developed market unds because o a lower relianceon debt to fnance transactions and continuing – albeit slowing– economic growth (
Page 4 
). LPs with current EM PE exposure plan to commit toadditional geographies and/or additional managers over the nextew years, despite cash constraints and heightened riskconcerns (
Page 4 
). New investors will enter emerging markets more slowly in 2009;those holding back cite concerns about EM PE risk and claim theyhave insufcient internal resources to evaluate managers (
Page 7 
). The average risk premium or EM PE unds has risen to 7.2%rom 6.7% in 2008 (
Page 8 
). Brazil is ranked by LPs as the second most attractive emergingmarket or private equity investment over the next year, aterChina. Russia/CIS is ranked as the least attractive (
Page 9 
).

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