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Private Equity Fund Operations

Private Equity Fund Operations

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Evaluation Study
Operations Evaluation Department
Reference Number: SST: REG 2008-17Special Evaluation StudyJuly 2008
Private Equity Fund Operations
 ADB Asian Development BankAIG – American International GroupAISF AIG Indian Sectoral FundAPVL Asia Pacific Ventures LimitedASEAN Association of Southeast Asian NationsCAGR compound annual growth rateCalPERS California Public Employees Retirement SystemCAPE country assistance program evaluationCAPM capital asset pricing modelCLASS comprehensive loan administration and servicing systemCPS country partnership strategyCSP country strategy and programCTL Controller’s DepartmentDMC developing member countryEBRD European Bank for Reconstruction and DevelopmentEMPEA Emerging Markets Private Equity AssociationESHS environmental, social, health, and safetyFDI – foreign direct investmentFIRR financial internal rate of returnGDP gross domestic productHQPV H&Q Philippine Ventures IncorporatedICICI Industrial Credit and Investment Corporation of IndiaICT information and communication technologyIFC – International Finance CorporationIL&FS Infrastructure Leasing & Financial Services LimitedIVCL IL&FS Venture Capital LimitedLAPIC Lombard Asian Private Investment CompanyLNWCEI Liberty New World China Enterprises InvestmentsMDB multilateral development bankNPL nonperforming loanOED Operations Evaluation DepartmentOGC Office of the General CounselOIST Office of Information Systems and TechnologyPAU Project Administration UnitPCR project completion reportPEF private equity fundPPER project performance evaluation reportPPP public–private partnershipPRC People’s Republic of ChinaPRISMS private investment securities management systemPSCM Capital Markets and Financial Sectors DivisionPSDS private sector development strategyPSIM private sector investment managementPSOD Private Sector Operations DepartmentRMU Risk Management UnitRRP report and recommendation of the PresidentRSDD Regional and Sustainable Development DepartmentSMEs small and medium-sized enterprisesSOE state-owned enterprise
 WAAVC Walden AB Ayala Ventures CompanyWACC weighted average cost of capital
Additionality This evaluation parameter consists of two components: (i) the extent towhich ADB finance was a necessary condition for the timely realizationof the project, directly through mobilization of funds and/or indirectly byproviding comfort to other financiers; and (ii) ADB’s contribution to thedesign and functioning of the project to improve development impact.Carried interest A fund manager’s share (typically about 20%) of capital gains oninvestments returned to investors, net of the hurdle rate.Fund Entity in which investor’s funds are heldHurdle rate Preferred return on investment paid first to fund investors beforecalculation of the fund managers’ carried interest (typically about 8%per year)Management fee Annual fee for investment funds calculated on committed or investedcapital (typically 2.0%–2.5% per year)Frontier Countries Developing Member Countries other than India and the People’sRepublic of ChinaFund manager Entity that manages the fund
(i) In this report, "$" refers to US dollars.(ii) For an explanation of rating descriptions used in this evaluation report, see: ADB.2007.
Guidelines for Preparing Performance Evaluation Reports on Nonsovereign Operations 
. Manila.
 Key Words
additionality, asian development bank, business success, country strategy, development impact,financial sector, asia, pacific, investment fund, performance evaluation, private sectoroperations department, private equity, infrastructure, venture capital, small and medium-sizedenterprises, pensions, capital markets, institutional investors, work quality 
Director General
H. S. Rao, Operations Evaluation Department (OED)
R. B. Adhikari, Operations Evaluation Division 2, OED
Team leader
B. A. Finlayson, Senior Evaluation Specialist,Operations Evaluation Division 2, OED
Team members
J. Dimayuga, Evaluation Officer,Operations Evaluation Division 2, OEDM. Tagud, Senior Evaluation Assistant,Operations Evaluation Division 2, OED
Operations Evaluation Department, SS-91

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