EMPEA Industry Statistics Q3 2015 - Official Member

INDUSTRY STATISTICS Q3 2015Emerging Markets Private CapitalFundraising & Investment Analysis

2 | EMPEA Industry Statistics

ANNOUNCEMENTS & ACKNOWLEDGEMENTS

Important Update to EMPEA’s Research MethodologyPlease note that this release incorporates several changes to EMPEA's research methodology. Unless otherwise specified, EMPEA's data and statistics now include expanded coverage of private infrastructure and real assets and private credit funds, in addition to previously reported private equity activity.

For more information, please see our full Research Methodology here: http://empea.org/research/data-and-statistics/data-methodology

Terms of UseAll material and underlying data contained within this presentation are the intellectual property of EMPEA. Any reference to the material must be properly cited with notation attributing EMPEA as the source.

Contact UsFor additional information, inquiries, or questions, please contact us at [email protected] or call +1.202.333.8171 ext. 233.

AcknowledgmentsEMPEA would like to acknowledge the information provided by Asociación Mexicana de Capital Privado (AMEXCAP), Associação Brasileira de Private Venture Capital (ABVCAP), Association Marocaine des Investisseurs en Capital (AMIC), Czech Private Equity & Venture Capital Association (CVCA), Hong Kong Venture Capital & Private Equity Association (HKVCA) and Latin American Private Equity & Venture Capital Association (LAVCA). We thank these Industry Partners for their support.


TABLE OF CONTENTS

• Overview of EM Private Capital• Global Private Capital• EM Private Capital: Fundraising• EM Private Capital: Investment• Cambridge Associates Private Equity & Venture

Capital Fund Performance

Note: “Private Capital” includes private equity, private credit, private infrastructure and real assets.


ACCESSING EMPEA’S QUARTERLY DATA• For in-depth look at the data behind the charts in this presentation,

EMPEA Members have exclusive access to:– Right click on the chart, and click “Edit Data” to view the full

table(s), or– Visit empea.org for the accompanying Excel data pack.

• EMPEA Members may also contact us to request a custom cut of the data via HelpDesk.

• For additional information, inquiries or questions, please contact us at [email protected] or call +1.202.333.8171 ext. 233.


OVERVIEW OF EM PRIVATE CAPITAL

Emerging Markets │ Q3 2015 Industry Statistics


OVERALL EM FUNDRAISING & INVESTMENT

2011 2012 2013 2014 Q1-Q3 2015

$0

$20

$40

$60

47 4744

51

3030 28 28

37

22

Funds Raised Capital Invested

US$

Bill

ions

Data as of 30 September 2015. Published 11 November 2015.

Funds Raised

Capital Invested

$0

$10

$20

$30

2220

4.9

1.6

3

Private EquityInfrastructure & Real AssetsPrivate Credit

US$

Bill

ions

Q1-Q3 201530

22

Note: Includes private equity, private credit, private infrastructure and real assets.


EM FUNDRAISING BY ASSET CLASS

2011 2012 2013 2014 Q1-Q3 20150%

20%

40%

60%

80%

100%

91% 87%79% 85%

75%

6% 9%13%

9%17%

5% 8% 6% 9%

Private Equity Infrastructure & Real Assets Private Credit

% o

f Tot

al C

apita

l Rai

sed




EM INVESTMENT BY ASSET CLASS

2011 2012 2013 2014 Q1-Q3 20150%

20%

40%

60%

80%

100%

88% 88% 89% 86% 90%

10% 10% 8% 9% 7%5%

Private Equity Infrastructure & Real Assets Private Credit

% o

f Tot

al C

apita

l Inv

este

d




GLOBAL PRIVATE CAPITALEmerging Markets │ Q3 2015 Industry Statistics


EM AS % OF GLOBAL FUNDRAISING

2011 2012 2013 2014 Q1-Q3 2015$0

$100

$200

$300

$400

$500

0%

5%

10%

15%

20%19%

17%

11%

13%

11%

Developed Asia (JANZ) United States Western Europe Emerging Markets EM Fundraising as % of Global Total

US$

Bill

ions

EM as %

of Global

Sources: Developed Asia - Asia Private Equity Review, U.S. – PitchBook, Western Europe – Pitchbook, EM – EMPEA




EM AS % OF GLOBAL INVESTMENT

Sources: Developed Asia - Asia Private Equity Review, U.S. – PitchBook, Western Europe – Pitchbook, EM – EMPEA


2011 2012 2013 2014 Q1-Q3 2015$0

$100

$200

$300

$400

$500

0%

5%

10%

9% 9%9%

9%

7%

Developed Asia (JANZ) United States Western Europe Emerging Markets EM Investment as % of Global Total

US$

Bill

ions

EM as %

of Global



GLOBAL PRIVATE CAPITAL PENETRATION

United Kingdom

United States

Israel India South Korea

China Brazil Japan SSA* South Africa

Poland Turkey MENA** Russia0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.35

1.14

0.72

0.220.24

0.080.14

0.040.12 0.10 0.09

0.05 0.02 0.01

1.58

1.44

0.73

0.220.19 0.15 0.13 0.13 0.12 0.12

0.05 0.03 0.02 0.004

20132014

Priv

ate

Cap

ital I

nves

tmen

t/GD

P (%

)


Sources:• Emerging Markets – EMPEA• United Kingdom – PitchBook• United States – PitchBook• Israel – PitchBook• Japan – Asia Private Equity Review• All GDP data – International Monetary Fund, October 2015

*Sub-Saharan Africa; **Middle East & North Africa



EM FUNDRAISING & INVESTMENT AS % OF GLOBAL TOTAL

2011 2012 2013 2014 Q1-Q3 20150%

5%

10%

15%

20%

25%

19%

17%

11%

13%

11%9% 9% 9% 9%

7%

EM Fundraising EM Investment

% o

f Glo

bal T

otal




EM PRIVATE CAPITAL: FUNDRAISING



OVERALL EM FUNDRAISING

2011 2012 2013 2014 Q1-Q3 2015$0

$20

$40

$60

$80

0

50

100

150

200

250

47 4744

51

30

226238

222230

159

Total Capital Raised (US$B) No. of Funds

US$

Bill

ions

No. of Funds




EM FUNDRAISING BY REGION

2011 2012 2013 2014 Q1-Q3 20150%

20%

40%

60%

80%

100%

70%60%

67% 62% 68%

19%13% 13% 20% 13%

5%5% 9% 11%8% 12%

Emerging Asia CEE & CIS Latin America MENA Sub-Saharan Africa Multi-Region

% o

f Tot

al C

apita

l Rai

sed




EM FUNDRAISING BY STRATEGY

2011 2012 2013 2014 Q1-Q3 20150%

20%

40%

60%

80%

100%

22%

41%32% 36%

22%

52%

39%42% 35%

37%

17% 7%5% 14%

15%

5% 7%11%

9%14%

5% 8% 6% 9%

Buyout Growth Venture Capital Infrastructure Real Assets Private Credit

% o

f Tot

al C

apita

l Rai

sed




EM FUND SIZE DISTRIBUTION

2011 2012 2013 2014 Q1-Q3 20150%

20%

40%

60%

80%

100%

39%48% 45%

33% 34%

22%

21% 26%

30% 25%

20%16% 12%

12% 20%

10%8% 10%

14%13%

9% 7% 6% 11% 8%

<US$100m US$100m-US$249m US$250m-US$499m US$500m-US$999m >US$1 billion

% o

f Tot

al N

o. o

f Fun

ds


Note: Based on total capital raised by funds reaching a final close in the designated year.



EM MEDIAN FUND SIZE BY ASSET CLASS


2011 2012 2013 2014 Q1-Q3 2015$0

$100

$200

$300

$400

152

85102

152130

229

160 170

116

247

111

262

175

134

325

154

100126

146161

Private Equity Infrastructure & Real AssetsPrivate Credit All Asset Classes

US$

Mill

ions


Note: Based on total capital raised by funds reaching a final close in the designated year.


LARGEST EM FUNDS WITH FINAL CLOSES, Q1-Q3 2015


Fund Manager Fund Name Asset Class Strategy Geography Currency

Total Capital Raised, Q1-Q3 2015 (US$m)

Capital Raised to Date (US$m)

RRJ Capital RRJ Capital Master Fund III Private Equity Buyout Asia, China, Southeast Asia USD 4,500 4,500

Baring Private Equity Asia Baring Asia Private Equity Fund VI Private Equity Growth Asia USD 688 3,988

Patria Investimentos P2 Brasil Private Infrastructure Fund III

Infrastructure & Real Assets Infrastructure Brazil USD 867 1,674

CITIC Private Equity Funds Management CPE China Fund II Private Equity Growth China USD 1,300 1,300

Helios Investment Partners Helios Investors III Private Equity Growth Sub-Saharan Africa USD 21 1,100

Shunwei Capital Partners Shunwei China Internet Fund III Private Equity Venture Capital China USD 1,000 1,000

Equis Funds Group Equis Asia Fund II Infrastructure & Real Assets Infrastructure Asia USD 1,000 1,000

The Abraaj Group Abraaj Africa Fund III Private Equity Growth Sub-Saharan Africa USD 990 990

BTG Pactual BTG Pactual Brazil Timberland Fund I

Infrastructure & Real Assets Real Assets Brazil, Chile, Latin

America, Uruguay USD 860 860

Anchor Equity Partners Anchor Equity Partners Fund II Private Equity Growth South Korea USD 850 850



LARGEST EM FUNDS WITH CLOSES, Q1-Q3 2015


Fund Manager Fund Name Asset Class Strategy Geography Currency

Total Capital Raised, Q1-Q3 2015 (US$m)

Capital Raised to Date (US$m)

RRJ Capital RRJ Capital Master Fund III Private Equity Buyout Asia, China, Southeast Asia USD 4,500 4,500

Baring Private Equity Asia Baring Asia Private Equity Fund VI Private Equity Growth Asia USD 688 3,988

Patria Investimentos P2 Brasil Private Infrastructure Fund III

Infrastructure & Real Assets Infrastructure Brazil USD 867 1,674

CITIC Private Equity Funds Management CPE China Fund II Private Equity Growth China USD 1,300 1,300

Helios Investment Partners Helios Investors III Private Equity Growth Sub-Saharan Africa USD 21 1,100

Shunwei Capital Partners Shunwei China Internet Fund III Private Equity Venture Capital China USD 1,000 1,000

Equis Funds Group Equis Asia Fund II Infrastructure & Real Assets Infrastructure Asia USD 1,000 1,000

The Abraaj Group Abraaj Africa Fund III Private Equity Growth Sub-Saharan Africa USD 990 990

BTG Pactual BTG Pactual Brazil Timberland Fund I

Infrastructure & Real Assets Real Assets Brazil, Chile, Latin

America, Uruguay USD 860 860

Anchor Equity Partners Anchor Equity Partners Fund II Private Equity Growth South Korea USD 850 850



EM PRIVATE CAPITAL: INVESTMENT



OVERALL EM INVESTMENT

2011 2012 2013 2014 Q1-Q3 2015$0

$10

$20

$30

$40

$50

0

500

1,000

1,500

30 28 28

37

22

1,086 1,0851,150

1,423

1,120

Total Capital Invested (US$B) No. of Deals

US$

Bill

ions N

o. of Deals




EM INVESTMENT BY QUARTER

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q32012 2013 2014 2015

$0

$5

$10

$15

$20

$25

0

100

200

300

400

500

9.2

6.7

3.8

7.46.0

11

8.3 9.0

11

8.7

6.1

9.2

6.7

290

217

291259 267

333362

331

374356 348

412

360

Total Capital Invested (US$B) No. of Deals

US$

Bill

ions N

o. of Deals




EM INVESTMENT BY REGION

2011 2012 2013 2014 Q1-Q3 20150%

20%

40%

60%

80%

100%

69%56%

66% 72% 78%

11%

9%

7%5%

6%14%

24%17% 15%

9%

5% 7% 6%7%

Emerging Asia CEE & CIS Latin America MENA Sub-Saharan Africa

% o

f Tot

al C

apita

l Inv

este

d




EM INVESTMENT BY SECTOR

2011 2012 2013 2014 Q1-Q3 2015

0%

20%

40%

60%

80%

100%

29% 29% 27%32%

38%

15% 18%17%

16%16%

11% 10% 13%15%

14%13% 13% 14%11%

10%9% 10% 11%11%

11%7%

9% 8%7%

5%5%5%

TelecommunicationsUtilitiesBasic MaterialsOil & GasHealth CareFinancialsConsumer GoodsTechnologyIndustrialsConsumer Services

% o

f No.

of D

eals


FTSE ICB Industry†

† The Industry Classification Benchmark (“ICB”) is owned by FTSE International Limited (“FTSE”). “FTSE®” is a trademark of the London Stock Exchange Group companies and is used by FTSE under license. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.



EM INVESTMENT BY DEAL TYPE


2011 2012 2013 2014 Q1-Q3 2015

0%

20%

40%

60%

80%

100%

46% 43% 33% 26% 24%

10% 12%12%

10%

33% 34% 43% 54% 66%

9% 9% 7%MezzanineDebtPIPEVenture CapitalBuyoutGrowth

% o

f No.

of D

eals

2011 2012 2013 2014 Q1-Q3 2015

0%

20%

40%

60%

80%

100%

43% 49%33% 37% 41%

26% 25%41% 31% 12%

12% 8% 10% 19%30%

18% 16% 12% 8% 14%MezzanineDebtPIPEVenture CapitalBuyoutGrowth%

of C

apita

l Inv

este

d



EM INVESTMENT SIZE DISTRIBUTION

2011 2012 2013 2014 Q1-Q3 20150%

20%

40%

60%

80%

100%

38%47% 49% 46% 50%

26%20%

24% 28% 24%

15% 15%11% 9% 9%

10% 8% 7% 8% 6%9% 8% 7% 7% 9%

300+100-29950-9925-4910-24<10

% o

f No.

of D

eals


US$m



EM MEDIAN DEAL SIZE BY REGION

Emerging Asia CEE & CIS Latin America MENA Sub-Saharan Africa

$0

$10

$20

$30

15

7

21

5

810

13

27

10

5

10

6

15

56

10

3

12

6

1010

57

2

8

2011 2012 2013 2014 Q1-Q3 2015

US$

Mill

ions




EM MEDIAN DEAL SIZE BY ASSET CLASS

2011 2012 2013 2014 Q1-Q3 2015$0

$10

$20

$30

$40

$50

1310 9 10 9

46

50

43 43

50

2018

15

20 20

1410 10 10 10

Private Equity Infrastructure & Real Assets Private Credit All Asset Classes

US$

Mill

ions




EM MEDIAN DEAL SIZE BY DEAL TYPE

Buyout Growth PIPE Venture CapitalDebt & Mezzanine$0

$20

$40

$60

$80

$100

64

16

30

6

20

37

17

27

4

18

67

16 18

4

15

100

15 15

5

20

44

1622

6

20

2011 2012 2013 2014 Q1-Q3 2015

US$

Mill

ions




LARGEST KNOWN EM INVESTMENTSLargest Known Investments in Emerging Asia, Q1-Q3 2015


Fund Manager, Co-investors Company Name Country ICB Sector† Asset ClassInvestment Type

Investment Amount (US$m)

Investment Date

Warburg Pincus, Junlian (Legend Capital) Ucar China Travel & Leisure Private Equity Growth 500 Sep-15

Shikumen Capital Management (SCM), CDH Investments, China International Capital Corp (CICC)

Shanghai Lujiazui International Financial Asset Exchange (Lufax)

China Financial Services Private Equity Growth 483 Mar-15

The Carlyle GroupAsia Satellite Telecommunications Holdings (AsiaSat)

China Technology Hardware & Equipment Private Equity PIPE 461 May-15

CITIC Private Equity Funds Management Jin Cai Holdings China General Industrials Private Equity PIPE 407 May-15

KKR Fujian Sunner Development China Food Producers Private Equity PIPE 400 May-15

KKR, Anchor Equity Partners Ticket Monster South Korea Media Private Equity Buyout 350 May-15

Silver Lake Qunar.com China Travel & Leisure Private Equity PIPE 330 Jun-15

Warburg Pincus Piramal Realty India Construction & Materials Private Equity Growth 282 Jul-15

Cybernaut (China) Investment Chongqing Zhubajie Network (Zhubajie.com) China Software & Computer

Services Private Equity Growth 258 Jun-15

DST Global, Accel Partners, Tiger Global Management ANI Technologies (Ola) India Travel & Leisure Private Equity Venture

Capital 252 Apr-15



33 | EMPEA Industry StatisticsData as of 30 September 2015. Published 11 November 2015.

Largest Known Investments ex-Emerging Asia, Q1-Q3 2015

Fund Manager, Co-investors Company Name Country ICB Sector† Asset ClassInvestment Type

Investment Amount (US$m)

Investment Date

The Carlyle Group Rede D’Or Sao Luiz Brazil Health Care Equipment & Services Private Equity Growth 580 May-15

Advent International Allied Brazil Technology Hardware & Equipment Private Equity Buyout 373 Feb-15

CVC Capital Partners PKP Energetyka Poland Electricity Infrastructure & Real Assets Buyout 372 Sep-15

The Carlyle Group Societe Anonyme Marocaine de l'Industrie du Raffinage (SAMIR) Morocco Oil & Gas Producers Private Equity Growth 350 Apr-15

Advent International LifeMiles Colombia Media Private Equity Growth 344 Aug-15

Apollo Global Management Nova KBM Slovenia Banks Private Equity Buyout 224 Jun-15

Actis Lekela Power South Africa Electricity Infrastructure & Real Assets Growth 220 Feb-15

Mid Europa Partners Danube Foods Group Serbia Food Producers Private Equity Buyout 192 Apr-15

Advent International Hypo Group Alpe Adria CEE Regional Investment Banks Private Equity Buyout 174 Jul-15

The Abraaj Group North Africa Hospital Holdings Group (NAHHG)

North Africa Regional Investment

Health Care Equipment & Services Private Equity Growth 145 Mar-15



LARGEST KNOWN EM INVESTMENTS


MOST ACTIVE DEALMAKERS

Fund Manager(s) No. of DealsSequoia Capital 90

Matrix Partners 49

IDG Capital Partners (IDGVC) 39

Tiger Global Management 36

500 Startups 34

SAIF Partners 33

Lightspeed Venture Partners 27

East Ventures 26

Accel Partners 23

Morningside Ventures 18

Most Active VC Dealmakers, Q1-Q3 2015


Fund Manager(s) No. of DealsSequoia Capital 11

Investisseurs et Partenaires (I&P) 10

Aavishkaar Venture Management 9

The Carlyle Group 9

Warburg Pincus 8

KKR 7

The Abraaj Group 7

Advent International, IDG Capital Partners (IDGVC), Mezzanine Capital Partners, TPG

6

Most Active Private Capital (ex. VC) Dealmakers, Q1-Q3 2015

Note: “VC” includes seed, early-stage and late-stage transactions.

Note: “Private Capital (ex. VC)” includes private equity growth and buyout, private infrastructure and private credit investments.



CAMBRIDGE ASSOCIATES PRIVATE EQUITY & VENTURE CAPITAL FUND PERFORMANCE



GLOBAL PE & VC FUND PERFORMANCE

Comparative End-to-End Returns by Region (as of 30 June 2015)

Source: Cambridge Associates LLC Proprietary Index: pooled end-to-end returns, net of fees, expenses and carried interest.

Notes: The index is an end-to-end calculation based on data compiled from 553 global emerging markets private equity and venture capital funds (includes funds investing primarily in Africa, Asia/Pacific–Emerging, Europe–Emerging, Latin America & Caribbean and Middle East–Emerging) including fully liquidated partnerships, formed between 1986 and 2014. The Asia Emerging Markets Index consists of 311 funds, the Europe Emerging Markets Index consists of 61 funds, the Latin America & Caribbean Index consists of 50 funds and the Africa Index consists of 49 funds. Please note that the Global Emerging Markets Index contains 82 funds that do not fall into these specific regions stated above. A Middle East index is not calculated because of insufficient sample size.

Data as of 30 June 2015.

Index One Year Three Year Five Year Ten YearEmerging Markets PE & VC 14.23 14.02 12.77 12.31Emerging Asia PE & VC 24.19 18.85 15.89 14.69CEE & Russia PE & VC -21.39 1.80 5.97 6.63Latin America & Caribbean PE & VC -8.02 0.23 2.69 9.53Africa PE & VC -0.79 6.26 7.32 7.44MSCI Emerging Markets -4.77 4.08 4.03 8.46US VC 24.85 20.29 18.20 11.26US PE 8.78 16.22 15.99 12.58Western Europe VC 5.24 15.89 15.71 7.97Western Europe PE -2.88 11.43 13.20 12.72S&P 500 7.42 17.31 17.34 7.89


EMERGING MARKETS PE & VC PERFORMANCE

Dec-11

Mar-12

Jun-12

Sep-12

Dec-12

Mar-13

Jun-13

Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

Dec-14

Mar-15

Jun-15

-10

-5

0

5

10

15

20

25

1 Year 3 Year 5 Year 10 Year

% IR

R, N

et




EMERGING ASIA PE & VC PERFORMANCE

Dec-11

Mar-12

Jun-12

Sep-12

Dec-12

Mar-13

Jun-13

Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

Dec-14

Mar-15

Jun-15

-10

-5

0

5

10

15

20

25

30


% IR

R, N

et




CENTRAL & EASTERN EUROPE* PE & VC PERFORMANCE

Dec-11

Mar-12

Jun-12

Sep-12

Dec-12

Mar-13

Jun-13

Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

Dec-14

Mar-15

Jun-15

-25

-20

-15

-10

-5

0

5

10

15

20

25


% IR

R, N

et



*The Central & Eastern Europe PE Index includes Russia.


LATIN AMERICA & CARIBBEAN PE & VC PERFORMANCE

Dec-11

Mar-12

Jun-12

Sep-12

Dec-12

Mar-13

Jun-13

Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

Dec-14

Mar-15

Jun-15

-15

-10

-5

0

5

10

15

20

25


% IR

R, N

et




AFRICA PE & VC PERFORMANCE

Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15-5

0

5

10

15

20


% IR

R, N

et




EMPEA’s industry data and statistics provide an overview of fundraising, investment and exit activity among private alternative asset managers active in the emerging markets of Africa, Asia, Europe, Latin America and the Middle East. Unless stated otherwise, the information presented in EMPEA reports and data products is drawn from EMPEA’s proprietary research database, FundLink, and is based on data obtained from surveys of industry participants, direct communications with fund managers, press releases, trade publications and exchanges with regional and local venture capital associations. Fundraising, investment and exit amounts in EMPEA reports have been confirmed wherever possible directly by fund managers. EMPEA updates historical data on a quarterly basis as new data from fund managers and other sources is compiled in FundLink. Any discrepancies between the aggregate statistics published by EMPEA and the constituent data on individual funds and transactions included in tables and raw data files can be attributed to confidential information that has been omitted from public reporting.

EMPEA’s reporting covers activity by long-term, private, direct investment funds, backed by institutional investors, across the following three asset classes: private equity, private infrastructure and real assets and private credit—collectively “private funds” or “private capital”. EMPEA data and statistics exclude activity from real estate funds, fund of funds, secondaries funds, traditional investment holding companies, corporate strategic investors, government-owned or managed entities and captive investment vehicles, as well as funds investing primarily in publicly-traded equity or debt securities.

Funds: Reported fundraising totals reflect only official closes (interim and/or final) as reported in primary and secondary sources or directly by fund managers. Capital commitments accruing prior to or between official closes are not included in reporting.

Investments: EMPEA classifies investments into one of three asset classes—private equity, private infrastructure and real assets or private credit—and into one of the following deal types: buyout, growth, venture capital, PIPE, mezzanine or debt. Venture capital includes seed, early-stage and late-stage investments. When determining how an investment should be classified, EMPEA takes into account the typical investment strategy of the fund manager(s) involved, the type of security acquired, the reported round number or type of transaction, the development stage of the company at the time of investment, the company’s business model and the type of product or service that the company provides. Secondary investments (both traditional and direct) are excluded from reporting. In addition, wherever possible, bank (acquisition) financing and co-investment from excluded entities (mentioned in the first section of this note) are excluded from reported investment values, both to ensure continuity across regions and to provide a more accurate picture of the scale and pace of capital deployment by the funds that are the primary focus of EMPEA’s research.

Geographies: EMPEA data and statistics are compiled based on the “market” approach. Fundraising activity is categorized based on the countries, sub-regions or regions in which fund

managers intend to invest, while investment activity is categorized based on the country headquarters of investee companies. For companies registered in offshore financial centers or developed markets, but operating exclusively or predominately in emerging markets, investment activity is categorized based on the geographic footprint of the operations of investee companies. In the case of global or multi-regional funds, only those funds investing primarily in emerging markets are included in fundraising totals (e.g., pan-Asia funds with a significant portion of capital intended for investment in China and India). Country-dedicated fundraising data and statistics reflect only those funds with a single-country strategy or mandate. Target allocations to individual markets within a broader global or regional fund are not attributed to single-country fundraising totals.

Regions in this report are defined as: • Emerging Asia: Asia Pacific, excluding Japan, Australia and New Zealand. • Central and Eastern Europe (CEE) and Commonwealth of Independent States (CIS): European Union accession countries (2004), Southeastern Europe (excluding Greece) and Turkey, as well as Russia and other CIS countries.• Latin America: Mexico, Central and South America and the Caribbean (excluding Puerto Rico and other overseas territories and departments).• Middle East and North Africa (MENA): Gulf Cooperation Council (GCC), Afghanistan, Iran, Iraq, Jordan, Lebanon, Pakistan, Palestinian Territories, Syria and Yemen, as well as North Africa (Algeria, Egypt, Libya, Morocco, Sudan and Tunisia).• Sub-Saharan Africa: Africa, excluding North Africa as defined above.

Sectors: EMPEA’s fund and company sector classifications are based on the Industry Classification Benchmark (ICB), which is owned by FTSE International Limited (FTSE). FTSE® is a trademark of the London Stock Exchange Group companies and is used by FTSE under license. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.

Additional Notes: Abbreviations commonly used in EMPEA reports:EM – Emerging marketsPE – Private equityVC – Venture capitalGP – General partner (fund manager)LP – Limited partner (fund investor) In some exhibits in EMPEA publications, percentage labels may not sum to 100% due to rounding. In all tables in which it appears, “N/A” denotes a confidential or otherwise undisclosed value.

EMPEA RESEARCH METHODOLOGY


EMPEA is the global industry association for private capital in emerging markets. We are an independent non-profit organization. We have over 300 member firms, comprising institutional investors, fund managers and industry advisors, who together manage more than US$1 trillion of assets and have offices in more than 100 countries across the globe. Our members share EMPEA’s belief that private capital is a highly suited investment strategy in emerging markets, delivering attractive long-term investment returns and promoting the sustainable growth of companies and economies. We support our members through global authoritative intelligence, conferences, networking, education and advocacy.

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Maryam Haque │ Senior Director, Research

Kim Bennett │ Senior Manager, Programs & Events

Emily Sandhaus │ Senior Manager, Programs & Business Development

Jeff Schlapinski │ Manager, Research

Cassie Hodges │ Associate, Marketing & Communications

Abigail Beach │ Associate, Strategic Engagement

Molly Brister │ Senior Research Analyst

Brady Jewett │ Research Analyst

Luke Moderhack │ Research Analyst

Rae Winborn │ Research Analyst

Sara Cousins │ Member Services Coordinator

Leela Vosko │ Member Services Coordinator

Michele Rucker │ Marketing & Communications Coordinator

Michael Barth │ Senior Advisor

David Creighton │ Senior Advisor

Pat Dinneen │ Senior Advisor

Sanjiv Kapur │ Senior Advisor

Jamil Kassum │ Senior Advisor

Peter Tropper │ Senior Advisor

Kelly Williams│ Senior Advisor

1077 30th Street NW • Suite 100 • Washington, DC 20007 USAPhone: +1.202.333.8171 • Fax: +1.202.333.3162 • Web: empea.org

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EMPEA Industry Statistics Q3 2015 - Official Member

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Transcript of EMPEA Industry Statistics Q3 2015 - Official Member