emerging markets private equity

fundraising & investment review

| 2009

Emerging Markets Private Equity Association April 2010

About EMPEA
The Emerging Markets Private Equity Association (EMPEA) is an independent, member-based global industry association that promotes 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:
Asia, 14%

Profile of EMPEA’s Membership Headquarter Region
CEE & CIS, 5% MENA, 7% LatAm & Caribbean, 9% Africa, 12%

North America, 34%

• 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.

Western Europe, 19%

Firm Type
3%, Others 13%, Service Providers

23%, Limited Partners

61%, General Partners

1055 Thomas Jefferson Street, NW • Suite 650 • Washington, DC 20007 Phone: +1.202.333.8171 • Fax: +1.202.333.3162 • E-mail: info@empea.net • Web: empea.net

Data and analysis presented in EMPEA publications is derived from EMPEA’s proprietary industry database, 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.

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EM PE 2009 Fundraising and Investment Review

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Contents Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 Multi-Region Funds . . . . . . . . . . . . . . . . . . . . . . . 8 Largest EM PE Funds Raised to Date . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 2009 Fundraising and Investment Summary . . . . . . . . . . . . . . . . . . 13 Deal Sizes . . . 15 Emerging Markets Private Equity Funds with Closes in 2009 Sub-Saharan African Funds . . . . . . . . 9 Investment Investment Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 Investment Concentration . . . . . . . . . . . . . . . . . . . . . . . 16 CEE/CIS Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Fund Sizes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 Asian Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Investments by Region . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 Latin American & Caribbean Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 Fundraising Fundraising By Region . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 PE Penetration in Emerging Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 Profile of Deals in 2009 . . . . . . . . . . . 6 Profile of Funds With Closes in 2009 . . . . . . . . . . . . . 19 MENA Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 EM PE 2009 Fundraising and Investment Review | 3 .

Brazilian Private Equity and Venture Capital Association. excluding funds whose primary mandate is investments in North Africa (Algeria. as well as Algeria. Afghanistan. Infrastructure investments that fit the conventional model. • Central & Eastern Europe (CEE) & Commonwealth of Independent States (CIS): European Union accession countries. South African Venture Capital Association. Palestinian Territories. i. Fundlink. Latin America. Syria and Yemen. including Russia. are not included. Asia Private Equity Review. Central and Eastern Europe (CEE)/Commonwealth of Independent States (CIS). Pakistan. the Middle East and North Africa (MENA) and Sub-Saharan Africa. Morocco. • Middle East and North Africa (MENA): Gulf Cooperation Council (GCC). DEG and FMO. i. Australia or New Zealand. Sudan and Tunisia. VCCircle. Venture Intelligence. excluding funds whose primary mandate is investments in Japan.): Includes Central and South America and the Caribbean region (excluding Puerto Rico). greenfield projects and/or project finance. as well as Commonwealth of Independent States (CIS) countries. For both fundraising and investment data. Preqin. 4 | EM PE 2009 Fundraising and Investment Review . DBSA. Statistics in this publication exclude real estate funds and funds-of-funds. Turkey. Infrastructure funds managed by private equity firms and making private equity-style investments are included in this analysis (i. Asian Venture Capital Journal. Fundraising totals reported herein reflect only official closes (first.g. In the case of global funds. the Baltics and Balkans. EMPEA would also like to acknowledge the information provided by a number of excellent partners and industry sources: AltAssets. Sudan and Tunisia).. second and/or final) as reported in public sources and by the firms themselves. which is made possible with generous support from the following institutions: CDC. Iraq.e. Egypt. EMPEA is not responsible for any decision made or action taken based on information drawn from this report. Private Equity International. • Sub-Saharan Africa: all Africa. Data and analysis presented in this publication is derived from EMPEA’s proprietary industry database. InvestIQ. equity investments in infrastructure-related industries). Libya. • Latin America & Caribbean (LatAm & Carib. Center for Private Equity and Venture Capital Studies at FGV-EAESP. European Bank for Reconstruction and Development. We gratefully acknowledge their contributions. Egypt..Methodology This report provides an overview of trends in fundraising and investment among private equity funds investing in the emerging markets of Asia. Investment totals included in the report reflect total equity amounts for transactions in which financial details have been reported. International Finance Corporation. Capital commitments accruing prior to or between official closes are not included in the totals.e. Jordan. only those funds investing primarily in emerging markets are included in the totals (e. pan-Asia funds with a significant portion of capital intended for investment in China and India). European Venture Capital Association. The statistics presented here are drawn from EMPEA’s database of funds and are based on data from press releases and trade publications as well as communications with industry participants and regional and local venture capital associations. amounts have been confirmed wherever possible through information provided by the fund managers themselves. Zawya and Zero2IPO. Morocco. Libya. although EMPEA does track these vehicles. Regions in this report are defined as: • Asia: all Asia. Iran. Lebanon... EMPEA categorizes funds based on the countries or regions in which fund managers intend to invest.e. EMPEA has taken measures to validate the information presented herein but cannot guarantee the ultimate accuracy or completeness of the data provided. Mexican Private Equity Association. Disclaimer: This information is intended to provide an indication of industry activity based on best information available from public and proprietary sources. The statistics in this report are based on the “market” approach.

2 11. 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. 2004-2009 (%) 30% 26 25% % of Global Total.5 billion raised by 210 funds in 2008.6 26.6 % Annual Change 43% 303% 25% 78% 12% -66% Capital Invested (US$B) 7.5 33.5 22. US$B Funds Raised.6 billion in 2009. 2004–2009 (US$B) $70 $60 $50 Funds Raised Capital Invested 59 53 48 67 US$ Billions $40 $30 $20 12 27 33 35 23 22 $10 $0 7 7 2004 2005 2006 2007 2008 2009 EM PE Fundraising & Investment as a Percent of Global Total. EM PE Fundraising & Investment. Emerging markets captured 26% of global private equity investment. Fundraising plummeted globally—the decline in new emerging market fund commitments was on par with the decrease in developed markets in percentage terms. the first quarter of 2010 has yielded some encouraging signs that investors are returning to the market. Investment in 2009 activity was comparatively robust relative to developed markets. Provided that cash flow pressures continue to ease. Overall transaction volumes in emerging markets were only slightly depressed. with 674 deals totaling US$22.8 22.1 % Annual Change 3% 64% 194% 53% -10% -54% EM PE Fundraising & Investment. valuations continue a reasonable trajectory and exit markets resume. % Global Capital Invested. 2004–2009 (US$B) Funds Raised (US$B) 2004 2005 2006 2007 2008 2009 6. A total of 196 private equity (PE) funds focused on emerging markets raised US$22. That said.2 59.1 billion in 2009.1 47. EMPEA expects more vigorous levels of activity in emerging markets in 2010. a 66% decline from the record-breaking US$66.Summary 2009 Fundraising & Investment Summary 2009 will be remembered as one of the most challenging years on record for the private equity industry.8 34.7 53. a significant increase from a 7% share in 2004. a 54% fall in value but only an 11% drop by number of transactions.2 66. % Global 19 20% 15% 12 9 7 10 11 14 10% 7 4 8 9 5% 0% 2004 2005 2006 2007 2008 2009 EM PE 2009 Fundraising and Investment Review | 5 .

2004–2009 (US$B) $40 $35 $30 US$ Billions $25 $20 $15 $10 $5 $0 Emerging Asia 2004 CEE & CIS LatAm & Caribbean 2006 MENA SubSaharan Africa 2008 Multiregion 2009 2004 2005 2006 2007 2008 2009 Δ 2008–2009 EM PE Fundraising Totals by Region.510 3.092 $2.098 2. or 18% of the total. as well as the continued proliferation of new funds. funds focused on the BRIC markets accounted for US$11.800 $15.254 222 1.938 -60% $1.Fundraising Fundraising by Region EM PE Fundraising Totals by Region.559 $1. China-dedicated funds accounted for US$6.461 $2. Country-Dedicated Funds.629 $5.890 14.669 $3. As a group.6 billion in 2008. 2004–2009 (US$m) SubEmerging Asia CEE & CIS LatAm & Caribbean MENA $326 $2.656 $4.660 $15.710 3.241 $964 -57% 2005 2007 The slowdown in fundraising spanned all markets and regions.248 -50% Saharan Africa $340 $791 $2.070 -84% $2. drawing 71% of capital raised. Select Markets.9 billion raised for Emerging Asia. but their share of total capital raised grew from 60% in 2008 to 71% in 2009. to an 84% decrease in new commitments to Middle East/North Africa-dedicated funds.617 -54% LatAm & Caribbean MENA Sub-Saharan Africa Multi-region Emerging Asia’s ascendancy continued in 2009.586 -71% $714 $1.207 $5.777 $2. This growing share is attributable to the larger sizes of many pan-Asian and China. China funds’ share of fundraising grew from 22% of the emerging markets total in 2008 to 29% in 2009.333 $6. from a 50% decline in funds raised for Latin America. 2004–2009 (US$m) Brazil 2004 2005 2006 2007 2008 71 2009 Δ 2008–2009 480 158 2.386 $28.884 4.790 880 455 -48% India 706 2.668 $39.279 3.446 $19. falling from 27% of capital raised in 2004 to only 7% in 2009.6 billion of the US$15.5 billion raised versus US$26.272 $14.272 $2.589 401 -89% Russia/CIS 200 1.999 -48% China 311 2.461 6. 2004–2009 (% of Total) 100% 90% % of Total Value.243 4. Emerging Asia fund commitments fell 60%. India-dedicated funds raised US$4 billion in 2009. up from only 34% of total fundraising in 2004.711 $3.034 $2. The share of new commitments raised by funds focused on Central and Eastern European and CIS markets has declined over the same period.875 $1. EM PE Fundraising Totals by Region and Value.419 $4.741 2.or India-dedicated funds relative to other markets. US$B 80% 70% 60% 50% 40% 30% 20% 10% 0% 2004 Emerging Asia CEE & CIS 2005 2006 2007 2008 2009 34 58 58 48 60 9 5 5 11 14 3 10 5 10 27 8 6 10 8 10 7 9 7 25 3 12 3 10 7 8 4 4 5 10 7 EM PE Fundraising Totals.569 7. 6 | EM PE 2009 Fundraising and Investment Review .

$6. Sector Focus of EM PE Funds with Final Closes. Funds with a single sector focus—e. that number dropped to 30% in 2008 and only 24% in 2009. Telecom) Infrastructure Clean Technology Agribusiness Banking & Financial Services Note: Analysis excludes real estate funds. agribusiness in Brazil. 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.g. and energy. 2009 (No. accounting for 29% of funds with final closes (but only 11% of capital raised). telecom or financial services in Sub-Saharan Africa— a number of sectors appear in fund strategies across the globe.. manufacturing.. Among specialist funds in the 2009 sample. Most Prevalent Sector Strategies among EM PE Generalist Funds. telecommunications. control transactions of mature companies rather than take-privates or the heavily levered transactions common in Western markets. $2.Fundraising Profile of Funds with Closes in 2009 Stage of EM PE Funds with Final Closes by Number of Funds. infrastructure. 2009 (No. Funds with a buyout focus accounted for only 11% of funds reaching a final close in 2009. consumer opportunities in China.. Media. 2009 was.e. Specialist 73. Venture capital funds continue to represent a significant portion of the market.$434) (2.166) (28. $290) (5. focusing on a basket of the most promising sectors given the size of transactions sought. The majority of funds continue to approach emerging markets with a generalist strategy. These include technology. natural resources. not surprisingly. $9. financial services—was slightly less prominent in 2009. US$m) (2. versus 42% in 2008.274) (48. 96 funds reached a final close. of funds. a challenging year for buyout funds. 2007–2009 (%) 100% 90% % of Total Number of Funds 80% 70% 60% 50% 40% 30% 20% 10% 0% 29 15 11 40 42 50 24 4 3 5 1 4 5 29 36 (11. While sector specialist funds accounted for 34% of funds reaching a final close in 2007. representing 50% of the sample. of Funds) 1 1 4 23. While 2007 and 2008 saw the emergence of a number of multi-region and Asian funds focused on buyout transactions.150) Growth/Expansion Venture Capital Buyout Mezzanine Distressed Debt/Special Situations Microfinance 2007 Buyout Growth/Expansion 2008 Venture Capital Mezzanine 2009 Other* *Other includes Distressed Debt/Special Situations and Microfinance funds Growth capital opportunities accounted for an even larger share of strategies among funds with final closes in 2009. EM PE 2009 Fundraising and Investment Review | 7 . While each fund’s strategy is tailored to its investment environment—e. Generalist 13 4 TMT (Technology.g. technology was the most prevalent focus sector. $149) Stage of EM PE Funds with Final Closes by Number of Funds. i. consumer opportunities. Of the 196 funds holding closes in 2009.

The Carlyle Group IDFC Project Equity Actis India Value Fund Advisors Private Ltd.600 $1. 2007–2009 (%) 100% 90% 14 9 23 11 12 14 4 5 9 23 Funds under US$250 million (i.852 9. from US$143 million in 2008 to US$83 million.040 $927 $751 $725 $627 $500 $440 $416 Analysis of fund sizes reflects those funds achieving a final close in the year indicated. The first few months of 2010 indicate that appetite for name brand US$1 billion+ funds may once again be on the rise. with India-dedicated funds taking #4.530 6.457 3.790 7..306 18. 2007–2009 2007 No. Average funds sizes in 2009 fell by half. Siguler Guff & Company. LLC The Carlyle Group Jacob Ballas Capital India Development Partners International Fund Name MBK Partners II CITIC Mianyang Private Equity Fund Carlyle Asia Growth Partners IV India Infrastructure Fund (IIF) Actis Infrastructure 2 India Value Fund IV Russia Partners III Carlyle MENA Partners New York Life Investment Management India Fund III African Development Partners I Fund Type Buyout Growth/Expansion Growth/Expansion Growth/Expansion Buyout Growth/Expansion Growth/Expansion Buyout Growth/Expansion Growth/Expansion Geographic Focus Pan-Asia China Pan-Asia India Multi-region India Russia MENA India Sub-Saharan Africa Total Capital Raised (US$m) $1. Of the 196 funds holding closes in 2009. versus 23% in 2008 and in 2007. 8 | EM PE 2009 Fundraising and Investment Review .022 3. 80% 70% 60% 50% 40% 30% 20% 10% 0% 29 25 58 29 34 2007 <US$100m US$100m-US$249m US$250m-US$499m 2008 2009 US$500m-US$999m >US$1 billion Size Distribution Among EM PE Funds with Final Closes.147 3.042 29. of Funds 56 22 9 5 4 96 Median Size of EM PE Funds with Final Closes.318 $1. The smaller size funds being raised for emerging markets reflect adaptation to lower entry valuations. Asian funds held 6 of the 10 slots. The 10 largest funds closed in 2009 accounted for 37% of the total capital raised. particularly for those markets most attractive to LPs. #6 and #9 rankings. Median fund sizes fell by 42% in 2009.390 54.949 5. Funds reaching a final close at US$500 million or more accounted for only 9% of the 2009 sample. 2007–2009 (US$m) $250 $200 US$ millions $150 $100 $50 $0 2007 2008 2009 200 143 83 Total Capital Raised (US$m) 1. of Funds <US$100m US$100m-US$249m US$250m-US$499m US$500m-US$999m >US$1 billion TOTAL 35 30 27 11 17 120 2008 No.234 10.405 Total Capital Raised (US$m) 2. % of Total Number of Funds Size Distribution of EM PE Funds with Final Closes by Number of Funds. 96 funds reached a final close. versus only 54% of the sample in 2007. of Funds 47 40 20 16 15 138 2009 No. although the healthy rebound in listed equities may spill into “hot market” valuations once more. making equity investments ranging from US$10–30 million) represented 81% of the sample in 2009.373 6.497 34. 2009 Fund Manager MBK Partners CITIC Private Equity Funds Management Co.461 Ten Largest Emerging Markets-Focused PE Funds with Final Closes.e. Only 3 of the top 10 funds closed at more than US$1 billion. driven both by the disappearance of large funds and the rise of more modestly sized vehicles reflective of GP expectations of lower entry valuations.724 Total Capital Raised (US$m) 1. versus 10 of 10 in 2008.382 4.Fundraising Fund Sizes The trend towards US$1 billion-plus funds began to slow in the latter half of 2008.620 56. namely Asia and Latin America.

In Sub-Saharan Africa. As of April 2010. are not included in EMPEA's industry statistics under 2009 methodology. with the largest 5 funds raised as of December 2009 each topping the US$2 billion mark. although a number of African funds in the market in the early months of 2010 are poised to break fundraising records. fundraising has yet to breach the US$1 billion threshold.65 billion close.8 *The Bohai IIF is included in EMPEA's industry statistics under the 2006 methodology. Bohai Industrial Investment Fund Mgmt.100 $1.0 $2. the Latin American record had been broken by Advent International’s US$1.000 $712 $580 $533 $500 $500 Sub-Saharan Africa Fund Manager Brait Private Equity Ethos Private Equity Emerging Capital Partners Lereko Metier Capital Kingdom Zephyr Africa Mgmt.300 $1. but more recent Chinese state-backed funds. CEE & CIS Fund Manager Mid Europa Partners Advent International Baring Vostok Capital Partners Enterprise Investors PineBridge Investments Fund Name Mid Europa Fund III Advent Central & Eastern Europe IV Baring Vostok Private Equity Fund IV Polish Enterprise Fund VI PineBridge New Europe Partners II Vintage Year 2007 2008 2007 2006 2007 Fund Type Buyout Buyout Buyout Buyout Growth/Expansion Geographic Focus Central Europe CEE.574 $1.1 $4. Largest EM PE Funds Raised to Date by Region (Closed Funds) Emerging Asia Fund Manager Texas Pacific Group Capital CVC Capital Partners Kohlberg Kravis Roberts & Co.100 $836 $709 Latin America & Caribbean Fund Manager Gavea Investimentos GP Investments Advent International EMP Global Gavea Investimentos Fund Name GIF III GP Capital Partners IV Latin American Private Equity Fund IV AIG-GE Capital Latin American Infrastructure Fund GIF II Vintage Year 2008 2007 2007 1996 2007 Fund Type Buyout Growth/Expansion Buyout Infrastructure Buyout Geographic Focus Brazil Brazil Latin America Latin America Brazil Fund Size (US$m) $1.9B) and Shanghai Financial IIF (US$2.3 $4. like Tianjin Shipping IIF (US$2.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.9 $2. CIS CEE CEE Fund Size (US$m) $2.010 $778 Middle East & North Africa (MENA) Fund Manager Abraaj Capital Swicorp EFG-Hermes Private Equity Gulf Capital Abraaj Capital The Carlyle Group Fund Name Infrastructure and Growth Capital Fund Swicorp Joussour Fund Horus Private Equity Fund III GC Equity Partners Fund II Abraaj Buyout Fund II Carlyle MENA Partners Vintage Year 2007 2006 2007 2008 2005 2007 Fund Type Buyout Buyout Buyout Buyout Buyout Buyout Geographic Focus MENASA MENA MENA MENA MENASA MENA Fund Size (US$m) $2.300 $1. Affinity Equity Partners Fund Name TPG Asia V CVC Capital Partners Asia Pacific Fund III KKR Asian Fund Bohai Industry Investment Fund Affinity Asia Pacific Fund III Vintage Year 2008 2008 2007 2006 2007 Fund Type Buyout Buyout Buyout Growth/Expansion Buyout Geographic Focus Asia Asia Asia China Asia Fund Size (US$B) $4.9B). Ukraine Russia. Company Fund Name Brait IV Ethos Private Equity Fund V ECP Africa Fund II Lereko Metier Capital Growth Fund Pan-African Investment Partners II Vintage Year 2006 2006 2005 2006 2008 Fund Type Buyout Buyout Growth/Expansion Growth/Expansion Growth/Expansion Geographic Focus South Africa South Africa Pan-Africa Southern Africa Pan-Africa Fund Size (US$m) $880 $750 $523 $500 $492 EM PE 2009 Fundraising and Investment Review | 9 .302 $1.

This compares to a 79% decrease in value and 50% fewer deals in developed markets. Buyout Growth/Exp.5 194 182 13. Investment Amount (US$) 1. Buyout Buyout Growth/Exp. Idwala Industrial Holdings Havas Ground Handling CVC Brasil Commercial International Bank (CIB) AVG Technologies Country Czech Republic Egypt Pakistan Nigeria Bulgaria South Africa Turkey Brazil Egypt Czech Republic Sector Food & Beverage Oil & Gas Utilities Telecom. The pace of investments picked up slightly in the latter two quarters of 2009. Growth/Exp. and Cairo-based Citadel Capital’s acquisition of Egyptian Refining Company in October. No. 2009 Fund Manager. Falling transaction sizes contributed to a 54% drop in total investment value. Investment Amount (US$) 4. 2008–2009 (US$B. Unlike in 2008. PIPE Growth/Exp. Outside of Asia. 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.600 800 500 425 408 400 384 375 334 293 Investment Date May-09 May-09 Sep-09 Jun-09 Nov-09 Dec-09 Jan-09 Jan-09 Sep-09 Nov-09 Largest Known Private Equity Investments in Emerging Markets ex-Asia. few deals exceeded US$1 billion in 2009. (KKR). PIPE Growth/Exp.9 13.Investment Investment Overview In 2009.4 50 0 Deal value No..6 100 4. Ltd. Is Private Equity The Carlyle Group Actis TA Associates Company Name Anheuser-Busch InBev (StarBev) Egyptian Refining Company Karachi Electric Supply Company (KESC) Helios Towers Africa (HTA) CableTel & Eurocom Cable Mgmt.000 361 350 292 291 263 250 244 200 Investment Date Oct-09 Oct-09 Apr-09 Nov-09 Oct-09 Jan-09 Oct-09 Dec-09 Jul-09 Oct-09 Note: The Hopu/Temasek US$4. Soros Strategic Partners LP. 2009 Fund Manager. Old Mutual Private Equity (South Africa) HSBC. RIT Capital Partners EQT Partners (EQT Funds Mgmt. Six of the 10 largest investments in 2009 in Emerging Asian markets took place in China. Albright Capital Mgmt.231 1. Temasek Kohlberg Kravis Roberts & Co. PT Bakrie & Brothers Tbk Bank of China Geely Automobile Holdings Chongqing Tongli Heavy Duty Machine Mfg. of deals) $16 $14 $12 $10 $8 $6 $4 $2 $0 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 3. US$ Billions EM PE Deal Volume by Quarter.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.. with noteworthy deals in the automotive and financial services sectors.1 billion in PE investment across 674 deals. Co-investors Hopu Investment Mgmt.2 billion. of deals Largest Known Private Equity Investments in Emerging Asia. 10 | EM PE 2009 Fundraising and Investment Review No.2 190 10. Country China South Korea Singapore China Indonesia China Indonesia China China China Sector Financial Services Food & Beverage Oil & Gas Automotive Mining Insurance Infrastructure Financial Services Automotive Industrial Investment Type PIPE Buyout Buyout Growth/Exp. Growth/Exp. Co-investors CVC Capital Partners Citadel Capital Abraaj Capital Helios Investment Partners. Affinity Equity Partners First Reserve Corporation Bohai Industrial Investment Fund-led consortium Northstar Pacific Partners Hopu Investment Management Northstar Pacific Partners Hopu Investment Management Goldman Sachs Private Equity NewMargin Ventures Company Name China Construction Bank Oriental Brewery KrisEnergy Chery Automobile PT Delta Dunia Petroindo Tbk China Pacific Insurance (Group) Co. while the number of PE transactions fell by only 11%. emerging markets captured US$22.) Ethos Private Equity. representing 60% of the year’s transactions and 62% of total value. Cable TV Metals Infrastructure Consumer Banking Technology Investment Type Buyout Growth/Exp. with notable exceptions being CVC Capital Partner’s purchase of the Central European operations of brewer Anheuser-Busch InBev for US$1. Buyout Buyout Growth/Exp.0 139 141 5.2 189 11.1 191 203 250 200 150 8. of Deals .

respectively.545 $6. This suggests slightly higher deal values on average in India relative to China in 2009. attributable to the decline in transactions and sliding valuations. with transactions ex-Emerging Asia down 21%.889 $1. with China accounting for US$6. 2004–2009 (US$B) $35 $30 $25 US$ Billions $20 $15 $10 $5 $0 Emerging Asia 2004 2005 CEE & CIS 2006 LatAm & Caribbean 2007 MENA 2008 Sub-Saharan Africa 2009 % of Total Capital Invested 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2004 2005 2006 2007 2008 2009 60 65 65 57 59 63 16 8 14 1 15 4 9 7 Overall investment volume decreased in every region. Sub-Saharan Africa and Latin America.962 $1.751 $3. but deal activity measured by number of transactions fell by only 5%.264 $7. South Korea and Taiwan 26 22 29 20 13 13 China India Southeast Asia Other* Emerging Asian markets captured 63% of investments by value.370 $28.867 -51% CEE & CIS $986 $842 $4. EM PE 2009 Fundraising and Investment Review | 11 .370 $2.154 $1. and 70% of emerging market private equity transactions by number in 2009.3 billion and India capturing US$4 billion.344 $3.692 $22. from 32% to 45% of value (rising from 44% to 49% of transactions). EM PE Investment by Region and Value.362 $2. with deal volume falling 34%. The slowdown in investment volume was equally pronounced outside of Asia.345 $6. versus a drop by 50% or more in developed private equity markets.270 $13. CEE.383 -52% Emerging Asia CEE & CIS LatAm & Caribbean MENA Sub-Saharan Africa Emerging Asia PE Investment by Value. rising from 26% to 29%.723 $1. China’s share of investment activity grew.015 $4.214 -34% SubSaharan Africa $1. 52% and 81% in MENA. 2004–2009 (% of Total) 4 5 12 14 16 13 6 7 14 6 7 15 6 10 6 15 EM PE Investment Totals by Region. Investment levels in Emerging Asia dropped by 51% versus 2008. However.468 $30.316 $7. 2008–2009 (% of Total) 100% 90% % of Total Capital Invested 80% 70% 60% 50% 40% 30% 20% 10% 0% 2008 N=500 2009 N=473 45 32 *Other includes Mongolia. Within Asia. India captured a larger share of investment volume ($).318 -81% MENA $137 $524 $1. 2004–2009 (US$m) Emerging Asia 2004 2005 2006 2007 2008 2009 Δ 2008–2009 $4. Robust activity in Emerging Asia offset declines in other markets.526 $3.903 $8. 48%. falling from 41% to 37%. transaction volume by number remained comparatively strong.Investment Investment by Region EM PE Investment Totals by Region.323 -48% LatAm & Caribbean $609 $1.292 $3. but a slightly smaller proportion of transactions.

377 $5.019 N/A N/A 12 | EM PE 2009 Fundraising and Investment Review .687 $9.154 $774 $895 $3.362 $2.288 -30% South Africa $1.285 $3.2 billion.991 $8. or 47% of total capital invested.994 $6. 2009 (US$m. Russia and South Africa each represented 3% of transactions and between 1 and 4% of total investment volume ($).011 -46% China $1.200 $9.Investment Investment Concentration EM PE Investment Concentration by Value. China and India alone counted 509 deals between them.483 $4.011 (176) EM Total BRICSA % of EM Total Capital Invested (US$m) $989 $6.020 $989 -67% Russia/CIS $240 $240 $402 $805 $2.458 $8.253 $22.647 $217 -92% India $1. of Deals 20 233 176 20 21 470 674 70% $748 (21) $217 (20) Brazil China India Russia/CIS South Africa Other EM Countries A handful of markets accounted for more than half (55%) of capital invested and a staggering 70% of transactions completed in 2009. Brazil.288 $4. Number of Deals) $989 (20) Country Brazil China $6.104 55% No. 2004–2009 (US$m) Brazil 2004 2005 2006 2007 2008 2009 Δ 2008–2009 $120 $474 $1. and US$10.272 $1.851 (204) India Russia/CIS South Africa BRICSA Total $4.905 $7. Most notably.288 (233) $9.011 $217 $748 $12. EM PE Investment Totals for Select Markets. or 61% of the total.342 $5.389 $2.

the consumer sector and infrastructure gained in prominence. Industrial and manufacturing companies continue to draw the greatest share of capital across the emerging markets. thanks to their highly educated and skilled workforce and well-developed entrepreneurial cultures. 136) ($666.Investment Profile of Deals in 2009 Emerging markets private equity investments continued to be primarily growth capital. but in emerging markets.981. 2008–2009 (%) 100% % of Total Number of Deals 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2008 N=319 2009 N=674 55 67 4 19 5 11 17 22 Growth/Expansion Venture Capital Buyout PIPE EM PE Investment Stage Breakdown by Number of Deals. ($3. of Deals) ($1. venture capital is still a vibrant and integral sector of both PE markets. and consumer sector companies followed. 138) EM PE 2009 Fundraising and Investment Review | 13 . Companies in the energy and natural resources space. with 18% and 15% of the total by value. The so-called Equity Buyout model (EBO) is gaining popularity among Western-focused managers suddenly forced to adapt to a world without leverage.315. respectively. EM PE Investment Stage Breakdown by Number of Deals. lack sufficiently mature companies or industries appropriate for a buyout strategy. 44) ($2. Buyouts.169.595. all-equity transactions remain the norm rather than the exception. 132) Energy & Natural Resources Consumer Infrastructure Media & Telecom Banking & Financial Services Technology Agribusiness In 2009. 58) ($5. 80 8 21 13 5 15 2 15 33 36 37 3 1 8 2 10 10 Growth/Expansion 1 Venture Capital Buyout PIPE Brazil 2009 N=20 2008 N=62 China 2009 N=233 2008 N=83 India 2009 N=176 EM PE Investment Sector Breakdown by Value. with two-thirds (67%) of transactions in 2009 falling into this category versus 55% in 2008. Though venture capital deals in China and India fell in 2009 as a percentage of PE deals. Agribusiness is emerging as a distinct sector of interest. 28) Industrials & Manufacturing ($2. No.e.276. 78) ($2. versus 19% in 2008. 60) ($3. change of control transactions are increasingly feasible as the market’s understanding of the value of a private equity partner becomes clearer.362. In markets such as Brazil where multi-generational family-owned companies are more prevalent. PIPE (private investment in public equities) transactions became more prevalent in a handful of countries — most notably India. representing US$5. The dearth of buyout transactions in China and India is a reflection of markets that. 2008–2009 (%) 100% % of Total Number of Deals 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2008 N=24 58 47 80 63 53 *Analysis based on sample of transactions for which investment stage is verifiable. 2009 (US$m. generally speaking. the only sector drawing an increase in investment ($) year over year. remain few in number and were all the scarcer in 2009. In 2008 and 2009. Only 11% of the 2009 sample could be termed buyout transactions. By 2009. i. helped in part by the successful listings of several private equity-backed companies on the Bovespa. PIPE deals accounted for 10% of Indian PE transactions. moving from US$436 million in 2008 to US$666 million in 2009. a complete transfer of equity ownership..7 billion or roughly one-quarter (26%) of the total value in 2009.742.

Emerging Asia. from US$20 million to US$13 million. however. 2008–2009 (US$m) $200 $180 $160 $140 US$ millions $120 $100 $80 $60 $40 $20 18 $0 30 20 11 15 78 2nd & 3rd Quartile Range (w/ median) 2008 2009 Median Size of EM PE Investments by Region. The range in deal sizes in Sub-Saharan African markets compressed dramatically in 2009. SubSaharan Africa and CEE/CIS markets saw median deal amounts fall by 39%. The shift in median deal size was most pronounced in MENA and Latin America. 14 | EM PE 2009 Fundraising and Investment Review . 2008–2009 (US$m) $180 $160 $140 US$ millions $120 $100 $80 $60 $40 $20 $0 Emerging Asia CEE/CIS LatAm & Caribbean MENA Sub-Saharan Emerging Africa Markets 63 37 92 68 49 49 86 156 136 2008 2009 148 Average Size of EM PE Investments by Region. Median Size of EM PE Investments by Region.Investment Deal Sizes Average Size of EM PE Investments by Region. and with MENA in particular demonstrating the broadest range. which each saw a 62% decline (whereas the average MENA deal value actually increased by 9%). 2008–2009 (US$m)* Region Emerging Asia 70 CEE/CIS LatAm & Caribbean 30 27 MENA 20 19 Sub-Saharan Africa 13 Emerging Markets 2008 18 20 78 70 30 20 2009 11 15 30 27 19 13 Δ 2008–2009 -39% -25% -62% -62% -38% -37% Emerging Asia *For transactions with disclosed investment values CEE/CIS LatAm & Caribbean MENA Sub-Saharan Africa Emerging Markets An analysis of deal size distributions shows that the range in transaction sizes varies widely by market. Perhaps more telling. is the shift in median deal sizes. 38% and 25%. respectively. 2008–2009 (US$m)* Region Emerging Asia 77 45 CEE/CIS LatAm & Caribbean MENA Sub-Saharan Africa Emerging Markets 2008 63 92 156 136 136 77 2009 37 68 49 148 49 45 Δ 2008–2009 -41% -26% -69% 9% -64% -41% *For transactions with disclosed investment values Average deal sizes fell in 2009 in every region with the exception of MENA. evidence of the disappearance of very large transactions from more developed private equity markets like South Africa. which decreased 38% in emerging markets overall. a decrease of 41%. with the middle two quartiles significantly tighter in Emerging Asia. with the overall drop for emerging markets from US$77 million to US$45 million.

40 0.6% 0. the United Kingdom and the United States each boasted PE penetration (as measured by investment ($) relative to GDP) of 0. thanks to one of the world’s most robust venture capital industries. However. respectively.52%.06%.13% of GDP. marked by dramatic slowdowns in even the most developed PE markets.29 0.07 0.09 0.06 1.52 0. By contrast.0% Israel United Kingdom India United States South Africa South Korea SubSaharan Africa China MENA Turkey Brazil 0.42% of GDP and in the UK at 1.04 1.02 Russia 0. with 26% of the total versus only 7% in 2004.15 0. the growth capital orientation of the emerging markets PE model.8% 0. global funds) saw greater opportunities in emerging markets than elsewhere.03 1. Additionally. % Global 19 20% 15% 12 9 7 10 11 14 10% 7 4 8 9 5% 0% 2004 2005 2006 2007 2008 2009 EM PE 2009 Fundraising and Investment Review | 15 .27 0. 2004-2009 (%) 30% 26 25% % of Global Total. translated to a greater proportion of a shrinking global total.30 0. only India and South Africa approached Western market penetration levels.4% PE Investment/GDP(%) 1. % Global Capital Invested..13 0. with Israel’s as high as 0.Investment PE Penetration in Emerging Markets 2009 was an anomaly year by any estimation. 2009 (%) 1.34 0.32% and 0.4% 0.2% 1.01 Mexico EM PE Fundraising & Investment as a Percent of Global Total.21 0.06 Japan 0. even in a bad year for PE.0% 0. US$B Funds Raised.08 0.e.6% 1. with PE investment in the United States at 1.27%.32 0. In a challenging year around the world for private equity. When penetration levels at PE’s peak in 2008 are taken into account.32 0.15 0.11 0.16 0. EM PE Investment as Percentage of GDP.2% 0.27 0. the penetration gap becomes more pronounced.01 Poland 0.21 0. most emerging markets were well under one-half of one percent of GDP in 2008. the emerging markets grabbed a larger share of global PE investment than ever before.38 0.17 0. with 0.30% or better. where leverage is seldom requisite to a transaction. The level of investment activity in 2009 indicates that managers of flexible pools of capital (i.42 2008 2009 0.62 0. China saw investment in 2009 totaling only 0.

. Shenzhen Capital Group Co. (SCGC) Baird Capital Partners Asia I (2008.. Shaanxi Tiandi Tourism Venture Investment Enterprise Shandong Technology Venture Capital Co. Closed) Peony Jiangnan Venture Investment Co. Fundraising) African Development Partners I (2008. Closed) Growth/Expansion Growth/Expansion Growth/Expansion Growth/Expansion Growth/Expansion Growth/Expansion Venture Capital Growth/Expansion Growth/Expansion Venture Capital Venture Capital Buyout Growth/Expansion Venture Capital Growth/Expansion Growth/Expansion Growth/Expansion Venture Capital Venture Capital Venture Capital Venture Capital Venture Capital Venture Capital Growth/Expansion Venture Capital Growth/Expansion Growth/Expansion Growth/Expansion Growth/Expansion Growth/Expansion Venture Capital Venture Capital Venture Capital China China China China China China China China China China China China China China China China China China China China China China China China China China China China China China China China China 100 N/A 400 356 1.. Ltd. Closed) Shanxi Jinfeng Huizhi Venture Investment Company (2009. GroFin Capital Helios Investment Partners InReturn Capital Inspired Evolution Investment Mgmt. Africa Sub-Sah. (CSM / CSMVC) Group China Soft Investment Corporation CID Group CITIC Capital CITIC Private Equity Funds Mgmt. New Horizon Capital Peony Jiangnan Venture Investment Co.. Ltd. Africa Sub-Sah. Closed) Greylock Africa Opportunity Fund (2009. Closed) Capital Today China Growth Fund II (2009. Fundraising) CID Greater China Venture Capital Fund III (2009. Closed) DBS Private Equity China Fund (2009.400 25 73 73 734 29 200 500 1. Closed) Helios Investors 2 (2009. Fundraising) Bengbu Zhongcheng VC Investment Company (2009. Ltd. (2009. Closed) Keytone Ventures China Fund (2008. Fundraising) Evolution One Fund (2008. Closed) CITIC Mianyang Private Equity Fund (2009. Closed) Prax Capital (Tianjin) Growth Capital Fund (2009. (Top-Bridge) Fund (2009. Ltd.. Closed) Shaanxi Tiandi Tourism Venture Investment Enterprise Fund (2009. Foshan Venture Capital Fujian Provincial Investment Development Group (FPIDG) Grand Asia Tonglu Value Investment (Xi'an) Company. Fundraising) CDH Fund IV (2009. Closed) Growth/Expansion Growth/Expansion Growth/Expansion Growth/Expansion Mezzanine Multi-Stage Buyout Growth/Expansion Growth/Expansion West Africa. Africa Sub-Sah. Closed) Envision High Growth Fund (2009. Capital Alliance Private Equity (CAPE) Fund III (2009. Closed) Nanjing Hi-Tech Zhongcheng VC Investment Fund (2009. US$m Sub-Saharan African Funds African Capital Alliance Aureos Capital Aureos Capital Development Partners International Greylock Capital Mgmt. Ltd. Africa Sub-Sah. Fundraising) Zhonghua Software Investment Fund (2009. Closed) Foshan Venture Capital Fund (2009. Fundraising) CCBI Healthcare Fund (2009. Co. Fundraising) GroFin Africa Fund (2008. Africa Sub-Sah. Fundraising) Aureos Africa Fund (2008. Closed) Health in Africa Fund (2009.. Closed) HHII / Daiwa SMBC Hubei Gaohe VC Investment Fund (2009. Closed) Beijing Zhongke Fangshan Venture Investment Fund (2009. of Dec 31. Fundraising) CITIC Capital China Partners II (CCCP II) (2009. Shanxi Jinfeng Huizhi Venture Investment Co.030 25 73 73 117 15 34 925 1. Fund (2009.321 44 100 73 73 7 88 23 383 59 N/A 29 200 56 137 44 73 220 15 44 20 65 18 183 234 1. Closed) Fujian Province Venture Investment Fund (2009. Nigeria Sub-Sah. Closed) Innovation Works Fund (2009. Closed) New Horizon Capital China Fund (2009. (CITIC Securities) CTC Capital DBS Private Equity Envision Capital Everbright Venture Investment Mgmt. Closed) GSR Ventures III (2009. Closed) Everbright Guolian Capital Fund (2009. Closed) CTC Li Yang (Yangzhou) VC Cooperation Fund (LYVCCF) (2009. (2009. (Top-Bridge) Keytone Ventures Nanjing Hi-Tech Venture Capital Co. China Science & Merchants Capital Mgmt. Africa 350 400 110 600 200 160 650 23 146 200 381 57 416 78 170 400 6 103 China-dedicated Funds Baird Capital Partners Asia (BCPA) Bengbu Zhongcheng Venture Investment (Government of Anhui Province-backed) Capital Today CCB International Ltd. (CSM / CSMVC) Group China Science & Merchants Capital Mgmt. Closed) Grand Asia Tonglu Value Investment (Xi'an) Company. Ltd. Closed) CSM Zhongke Baiyun Equity Investment Fund (2009. Ltd. Closed) Changzhou Hongtu VC Fund (2009. (CCBI) CDH Investments Changzhou Pride Venture Investment LP China Everbright / Wuxi Guolian Investment Group Co. Fundraising) Changzhou Pride Venture Investment LP (2009. Africa East Africa Sub-Sah. Fundraising) Shandong Technology Venture Capital Co. Closed) China Everbright Venture Investment Jiangyin Co. status) Fund Type Geographic Focus Fund Closes as Target. LP GSR Ventures Hubei Hi-tech Industrial Investment (HHII) / Daiwa SMBC Capital Innovation Works Jiangsu Top-Bridge Capital Co.318 44 100 73 73 7 88 22 383 59 115 29 200 55 146 44 82 15 15 44 20 16 | EM PE 2009 Fundraising and Investment Review . Co. Prax Capital Mgmt. Co. Fundraising) InReturn East Africa Fund I (2009. Ltd.Emerging Markets Private Equity Funds with Closes in 2009 Fund Manager Fund Name (vintage.. Closed) Jiangsu Chenghui Capital Co. LP (2009. US$m 2009.

Closed) Kotak India Private Equity Fund (2009. (2009. Closed) CX Partners Fund Alpha Ltd. Zhangiang Biomedical Industrial Fund Mgmt. Ltd. Berkeley Energy Caspian Advisors Catamaran Venture Fund CX Partners Edelweiss Capital Ltd Forum Synergies (India) PE Fund Managers Ltd.. Ltd. Fundraising) Rajasthan Venture Capital Fund II (RVCF II) (2009. (SDIC) Tembusu Partners Tembusu Partners / Nanjing Hi-Tech Venture Capital Co. Fundraising) India 2020 Opportunity Fund (2008. (Tiantu Capital) Tsing Capital Yiyi International Film & TV Culture and Media (Beijing) Co.. Zhejiang Sinowisdom Investment Mgmt. Closed) New York Life Investment Mgmt. Closed) Dongfang Xingkong Cultural Fund (Oriental Star Sky Cultural Fund) (2009. Zhejiang Haiyue Venture Capital Co. Closed) India Advantage Fund Series III (2009. Ltd. US$m 2009. Fundraising) Berkeley Renewable Energy Asia Fund (REAF) (2009. Closed) Macquarie-SBI Infrastructure Fund (MSIF) (2009. Fundraising) India Knowledge-Manufacturing Fund I (IKMF-I) (2009. status) Shenzhen CDF-Capital Anhong Investment Fund (2009. Closed) Fund Type Venture Capital Venture Capital Mezzanine Mezzanine Growth/Expansion Growth/Expansion Growth/Expansion Venture Capital Venture Capital Growth/Expansion Growth/Expansion Growth/Expansion Growth/Expansion Venture Capital Growth/Expansion Growth/Expansion Growth/Expansion Venture Capital Growth/Expansion Venture Capital Growth/Expansion Growth/Expansion Geographic Focus China China China China China China China China China China China China China China China China China China China China China China Fund Closes as Target. Fundraising) Edelweiss Special Opportunities Fund (ESOF) (2009. Closed) Growth/Expansion Growth/Expansion Growth/Expansion Microfinance Venture Capital Growth/Expansion Distressed Debt/ Special Situations Growth/Expansion Venture Capital Growth/Expansion Mezzanine Growth/Expansion Growth/Expansion Growth/Expansion Growth/Expansion Venture Capital Growth/Expansion Venture Capital Venture Capital India India India India India India India India India India India India India India India India India India India 100 250 N/A 100 N/A 500 200 250 25 500 113 1. Fundraising) Yiyi Film & TV Cultural Equity Investment Fund (2009. Softbank China Venture Capital (SB China Venture Capital / SBCVC) Spring Capital Asia State Development and Investment Corp. Silicon Paradise Venture Investment Co. (2009. Ltd. Tiantu Xingye Venture Capital Co. of Dec 31. Ltd. Ltd.. Ltd.. Ltd. Ltd. Closed) India Infrastructure Fund (IIF) (2008. / Wuxi Guolian Financial Investment Group Co.037 9 20 EM PE 2009 Fundraising and Investment Review | 17 .. Shenzhen GTJA Investment Group Co. Closed) Spring Capital Asia Fund One (2009. (Sinowisdom) Zhejiang Tianyue Venture Capital Co. Zhejiang Xinganxian Media Investment Co. Closed) India Value Fund IV (2009.Emerging Markets Private Equity Funds with Closes in 2009 Fund Manager Shenzhen CDF-Capital / Wuhu Construction Investment / Shanshan Enterprise Shenzhen Cowin Venture Capital Co. Company Pvt.. Co. Ltd. Fundraising) Zhangjiang Biomedical Industrial Fund (2009.. Simon Murray & Co. Closed) Catamaran Venture Fund (2009.. Closed) . Ltd. Fundraising) NASSCOM / ICICI Knowledge Park Innovation Fund (NIIF) (2009. Fundraising) SDIC Innovation (Beijing) Investment Fund Co. Ltd.. Ltd. Ltd. Fundraising) India Advantage Fund VII (Mezzanine Fund I) (2007.. Closed) Shenzhen GTJA Huifu Investment L. Silicon Paradise Venture Investment Co. Closed) Sinowisdom Haiyue Investment Co. Ambit Pragma Ventures (2008. (2009. Closed) Tembusu China Growth Fund (2009.000 42 100 65 150 75 89 128 220 105 135 25 350 95 927 725 440 76 104 1. Fund Name (vintage. (2009. Fundraising) India Financial Inclusion Fund (IFIF) (2008. Closed) Shenzhen GTJA Huifu Investment Fund II (2009. India Fund III (2008. Guolian Renminbi Fund (2009. Ltd. Shanghai Silicon Paradise Sunshine Venture Investment Co. Zhengzhou Henghe Venture Investment Co. Ltd. Closed) Zhengzhou Henghe Venture Investment Co. Shenzhen GTJA Investment Group Co. ICICI Venture Funds Mgmt. (2009. IDFC Project Equity India Value Fund Advisors Private Ltd. Closed) Simon Murray & Co. Ltd. Closed) Softbank China Venture Capital III (2009. (2009. Fundraising) Nanjing Growth Fund (He Ding Investment) (2009.000 700 500 250 125 2. Closed) Shenzhen Cowin Nanhai Growth Fund III (2009. Closed) Shenzhen Silicon Paradise Sunshine Venture Investment Co. (formerly GW Capital) Jacob Ballas Capital India Kotak Private Equity Group (KPEG) (PE arm of Kotak Mahindra Bank) Lighthouse Funds Macquarie Group / State Bank of India (SBI) NASSCOM / ICICI Knowledge Park Rajasthan Asset Mgmt. Closed) Shenzhen Tiantu Xingrui Venture Capital Co. Closed) Avigo SME Fund III (2009. Fundraising) HIVE Fund II (2009. Closed) Wuhan Silicon Paradise Sunshine Venture Investment Co. Ltd.P (2009. Hyderabad Information Technology Venture Enterprises Ltd ICICI Venture Funds Mgmt. (2009. (2009. Closed) Zhejiang Tianyue Venture Investment Fund (2009. Closed) Zhejiang Haiyue Venture Capital Fund (2009. Ltd. US$m 7 73 N/A 27 15 15 15 15 293 200 95 80 80 N/A 73 73 147 15 73 15 37 N/A 7 73 18 15 15 15 15 15 315 151 95 20 80 44 51 15 147 15 73 15 37 16 India-dedicated Funds Ambit Pragma Ventures Avigo Capital Partners Ltd. Ltd. Silicon Paradise Venture Investment Co. Closed) Yiyun Clean Technology Fund (2009. Ltd.

L. Closed) Standard Chartered IL&FS Asia Infrastructure Growth Fund (SCI Asia Fund) (2008.040 N/A 13 Southeast Asian Funds Astra Partners Sdn Bhd CIMB Standard Strategic Asset Advisors Sdn Bhd Daiwa SMBC / SSI Asset Mgmt. Closed) MBK Partners II (2009. India Pan-Asia South Korea Singapore South Korea Pan-Asia Pan-Asia China. Closed) Incubator for Disruptive Enterprise and Start-ups (IDEAS) Fund (2009. Fundraising) Carlyle Asia Growth Partners IV (2008. Fundraising) Fund Type Distressed Debt/ Special Situations Venture Capital Venture Capital Distressed Debt/ Special Situations Growth/Expansion Growth/Expansion Growth/Expansion Geographic Focus India India India India India India India Fund Closes as Target.P (2009. Fundraising) Singularity Ventures (2009. Fundraising) Tata Capital Special Situations Fund (2009. Bhd (2009.000 250 9 80 200 150 500 1. Closed) Seedfund II (2009. Closed) Islamic Infrastructure Fund (IIF) (2009. Ltd.Emerging Markets Private Equity Funds with Closes in 2009 Fund Manager Sage Capital India Seed Advisors Pvt.P . Industrial Bank of Korea / SK Securities Innosight Ventures Pte Ltd Korea Technology Investment Corporation / Benex Investment / SBI Holdings Kuwait Finance House (Malaysia) Berhad Group / Al-Aman KSCC MBK Partners Olympus Capital Holdings Asia Questmark Asset Mgmt. Laos Cambodia South and Southeast Asia Southeast Asia 9 500 55 N/A 100 1. The Carlyle Group The Carlyle Group Walden International Asian Giants Infrastructure Fund (2009. India Pan-Asia Pan-Asia Pan-Asia Singapore Pan-Asia Pan-Asia China. Closed) Carlyle Asia Partners III (2008. Fundraising) DSCAP-SSIAM (Daiwa SMBC / SSI) Vietnam Growth Investment Fund (2009. Fundraising) Cambodia-Laos Development Fund (2009. Fundraising) Leopard Cambodia Fund (2008. Fund Name (vintage. Co Ltd Zephyr Mgmt. Closed) Growth/Expansion Growth/Expansion Growth/Expansion Growth/Expansion Growth/Expansion Growth/Expansion Buyout Southeast Asia South and Southeast Asia Vietnam Cambodia. Fundraising) Daiwa Quantum Capital Partners I L. South East Asia Venture Investment (SEAVI) Advent Spice Finance / 3 Degrees Asset Mgmt.. Pte Ltd STIC Investments Inc. SkyLake Incuvest & Co. Closed) Asia Environmental Partners LP (2009. Closed) Seed Ventures IV (2009.600 250 9 86 178 21 300 1. Fundraising) Challenger Mitsui Emerging Markets Infrastructure Fund (2009. Emerging Markets Investments Pte. Closed) H&Q AP Greater China Growth Fund (2009. Closed) Software (SW) M&A Fund (2009. Fundraising) Saratoga Asia Fund II (2007. Closed) QMA Capital Sdn. South Korea Pan-Asia Pan-Asia Singapore 750 650 300 100 21 40 200 800 174 33 12 80 150 3. Leopard Capital Navis Capital Partners Saratoga Capital Group Astra Capital Sdn Bhd (2009. India Pan-Asia South Korea China. CRG Capital. Fundraising) TVS Shriram Growth Fund (2009. Closed) Central Fund (2009. Fundraising) Impax Asian Environmental Markets PLC (2009.000 330 9 262 9 10 34 450 152 Central & Eastern Europe Funds ARX Equity Partners Baltcap Mgmt. Ltd. Closed) Henderson Asia Pacific Equity Partners II (2009. US$m 200 50 10 N/A 230 350 75 90 35 3 151 125 350 24 Other Asian and Regional Funds AMP Capital Investors Challenger MBK Fund Mgmt. Closed) Growth/Expansion Growth/Expansion Growth/Expansion Growth/Expansion Venture Capital Growth/Expansion Growth/Expansion Growth/Expansion Growth/Expansion Buyout Venture Capital Growth/Expansion Growth/Expansion Buyout Growth/Expansion Growth/Expansion Growth/Expansion Buyout Distressed Debt/ Special Situations Buyout Growth/Expansion Buyout Venture Capital China. US$m 2009. Impax Asset Mgmt. Fundraising) . Fundraising) SEAVI Advent Equity Fund V (2009. Closed) Navis Asia Fund VI (2009. Closed) Al Faiz Fund I (2009.000 4. Amadeus Asian Clean Energy Fund (2008. status) Sage Capital Value Fund (2009. (Seedfund) Singularity Ventures Tata Capital TVS Capital UTI Ventures Funds Mgmt. Closed) UTI Ventures Ascent India Fund III (2009. of Dec 31. Singapore South Asia China. Fundraising) Extream Venture Fund I (2009. Fundraising) BaltCap Private Equity Fund (2007.000 13 95 238 80 35 15 40 85 658 174 36 8 130 98 1. LLC ARX CEE III (DBG Eastern Europe III) (2008. Closed) Zephyr Peacock India Fund II (ZPII) (2009. Fundraising) ORYX-STIC Fund II (2009. Closed) Green Growth Fund (2009. Closed) SkyLake Global Incuvest 4 (2009. Fundraising) Buyout Growth/Expansion Growth/Expansion Distressed Debt/ Special Situations CEE Baltics Hungary CEE 188 132 61 300 138 92 26 54 18 | EM PE 2009 Fundraising and Investment Review . Central-Fund Mgmt. Ltd. Daiwa Quantum Capital Entropy Ventures LLC Extream Ventures H&Q Asia Pacific Henderson Equity Partners IL&FS Investment Managers Ltd. Closed) Spice 3 Degrees Special Opportunities Fund (2009. Fundraising) CRG Central European Special Situations Fund I (2009.

Fundraising) Genesis Private Equity Fund II (2009. Fundraising) Alothon Fund II (2008. Closed) Microfinance Growth/Expansion 70 500 60 250 EM PE 2009 Fundraising and Investment Review | 19 . Closed) Multinational Industrial Fund II (2009. Fundraising) SEAF South Balkan Fund (2006. Closed) UFG Private Equity Fund II (2009. Closed) Saffar Financial Infrastructure Fund (2009. Closed) Buyout South and Southeast Asia. LLC Performa Investimentos TMG Capital Partners TribeCapital Partners WAMEX Private Equity Mgmt. Fundraising) Byblos Private Equity Fund (2009. Sub-Sah. Fundraising) EuroMena II (2009.P (2008. Closed) Brookfield Colombia Infrastructure Fund (2009. status) East Capital Special Opportunities Fund (2009. / Invest AD Multi-Region Funds Actis Actis Infrastructure 2 (2008. ACON Latin America Opportunities Fund (2009. Resource Eastern European Equity Partners LP I (2009. Uganda. Fundraising) Carlyle MENA Partners (2007.o. Indonesia. Peru Brazil Colombia Central America LatAm & Carib. Closed) Tribeca Fund I (2007. Fundraising) DWM Microfinance Equity Fund I (2009. Clifftop Capital Companhia de Participacoes (CRP) Diligo / Nexus Capital Partners EMP Global IGNIA Partners. of Dec 31. Fundraising) Fund Type Distressed Debt/ Special Situations Growth/Expansion Buyout Buyout Growth/Expansion Mezzanine Geographic Focus CEE CEE CEE CEE Balkans CEE Fund Closes as Target. Brazil Brazil Colombia Mexico 400 300 150 110 300 400 200 150 150 155 75 8 400 150 150 100 80 75 105 182 320 200 118 54 150 47 8 275 132 55 MENA Funds Beltone Private Equity Byblos Ventures Capital Trust SA Gulf Capital NBK Capital Saffar Capital Sphinx Capital / Citadel Capital The Carlyle Group UBS Asset Mgmt. Fundraising) EMP Central America Mezzanine Infrastructure Fund (2009. Fundraising) Russia Partners III (2007. Fundraising) Growth/Expansion Microfinance Microfinance N/A N/A 100 200 82 50 MicroVest Wolfensohn Capital Partners Microvest II (2009. US$m 2009. Fundraising) Marshall Capital I (MarCap I) (2008. Closed) Syntaxis Mezzanine Fund II (2009. Fundraising) Sphinx Distressed Turnaround Fund (2009. LatAm & Carib. Fundraising) Performa Investimentos SC-1 (2009. z. Africa Pan-EM Pan-EM India. Closed) Wolfensohn Capital Partners Private Equity Fund (2007. Closed) TMG Private Equity Fund II (2009. Closed) Altra FCP I (APEF I) (2008. South Africa Pan-EM Pan-EM 1. Fundraising) Clifftop Capital I (2009.Emerging Markets Private Equity Funds with Closes in 2009 Fund Manager East Capital Genesis Capital Limited Innova Capital Resource Partners Sp. Closed) IGNIA Social Venture Fund I (2008. Closed) . Mexico Colombia. Fundraising) Leapfrog Microfinance Fund (2009. Fundraising) ND Latin America Infrastructure Fund I (2009. Closed) Alta Growth Capital Mexico Fund (2007. Closed) Gulf Capital Equity Partners II (2008. Fundraising) Growth/Expansion Growth/Expansion Growth/Expansion Buyout Mezzanine Growth/Expansion Distressed Debt/ Special Situations Buyout Growth/Expansion MENA Lebanon MENA Middle East MENA MENA Egypt MENA MENA. Pakistan. Closed) Quadro TBD Fund I (2009.o. Peru LatAm & Caribbean (ex-Brazil) Colombia Mexico. US$m 140 85 525 280 13 375 84 56 392 74 21 205 Russia & CIS Funds Macquarie Bank / Renaissance Capital Marshall Capital Partners Quadro Capital Partners Siguler Guff & Company. LLC UFG Private Equity Macquarie Renaissance Infrastructure Fund (2009. Turkey 200 40 150 500 200 150 100 500 600 30 20 150 475 156 20 52 500 250 Cartica Capital Developing World Markets Leapfrog Investments Emerging Markets Corporate Governance Fund (2009. Closed) Invest AD-UBS Infrastructure Fund I (2009. LLC Alothon Group Alta Growth Capital Altra Investments Aureos Capital Brookfield Asset Mgmt.000 500 350 N/A 200 530 300 200 627 150 Latin American & Caribbean Funds ACON Investments. Colombia. Fundraising) NBK Mezzanine Fund I (2009. Fundraising) Innova V L. Fundraising) Growth/Expansion Growth/Expansion Distressed Debt/ Special Situations Growth/Expansion Growth/Expansion CIS countries Russia Russia Russia CIS countries 1.000 751 Beltone Midcap Fund (2009. Fundraising) Buyout Buyout Growth/Expansion Buyout Growth/Expansion Growth/Expansion Distressed Debt/ Special Situations Growth/Expansion Growth/Expansion Mezzanine Venture Capital Venture Capital Venture Capital Buyout Growth/Expansion LatAm & Carib. Small Enterprise Assistance Funds (SEAF) Syntaxis Capital Fund Name (vintage. Philippines. Closed) Brazilian Middle Market Growth Fund (CRP VII) (2009. Closed) Aureos Latin America Fund (ALAF) (2008.

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