EMPEA Industry Statistics
Fundraising & Investment Analytics – Q1 2013
Historical Statistics – Since 2003
Performance Data – Q4 2012 (Members Only)
Data as of 31 March 2013. Published 29 April 2013.
Table of Contents
Fundraising & Investment Analytics – Q1 2013
Summary………………………………………………………………………………………. 4
Fundraising – By Region……………………………………………………………......5
Fundraising – Funds with Final Closes…………………………………………….6
Investment – By Region………………………………………………………………….7
Fundraising – Largest Funds by Final Close……………………………………. 8
Fundraising – Largest Funds by Region………………………………………….. 9
Investment – Largest Deals by Region…………………………………………..17
Historical Statistics – Since 2003
Fundraising – By Region………………………………………………………………… 20
Investment – By Region………………………………………………………………….22
Private Equity Penetration – By Region…………………………………………. 24
Cambridge Performance Data – Q4 2012 (Members Only)
Pooled End-to-End Returns – By Region…………………………………………26
Methodology……………………………………………………………………………………. 31
© Emerging Markets Private Equity Association. Data as of 31 March 2013. Published 29 April 2013.
2
EMPEA Industry Statistics
Fundraising & Investment Analytics – Q1 2013
Historical Statistics – Since 2003
Performance Data – Q4 2012 (Members Only)
Data as of 31 March 2013. Published 29 April 2013.
© Emerging Markets Private Equity Association
3
Summary (Q1 2013)
EM PE Fundraising & Investment, 2009–Q1 2013 (US$B)
$45
US$ Billions
$35
$29
$30
$25
$40
$39
$40
$23 $22
$27
$24
$23
$20
$15
$10
$6
$5
$3
$0
2009
2010
2011
Funds Raised
EM PE Investment Volume by Quarter, 2009–Q1 2013
$18
$16
191
$14
$10
243
224
222
Q1 2013
230
217
200
227
250
222
209
186
178
200
161
139
141
150
$8
100
$6
$2
8.9
8.6
$4
3.9
4.4
5.1
Q1
Q2
Q3
8.1
7.9
8.5
7.4
6.3
3.9
4.6
4.9
5.8
Q4
Q1
Q2
7.2
50
5.8
3.2
$0
0
2009
Q4
Q1
Q2
Q3
Q4
Q1
2010
Deal value, US$B (LHS)
Q2
Q3
2011
Q3
2012
Q4
Q1
2013
No. of deals (RHS)
© Emerging Markets Private Equity Association. Data as of 31 March 2013. Published 29 April 2013.
4
No. of Deals
US$ Billions
$12
203
210
2012
Capital Invested
EMPEA Industry Statistics
Fundraising & Investment Analytics – Q1 2013
Historical Statistics – Since 2003
Performance Data – Q4 2012 (Members Only)
Data as of 31 March 2013. Published 29 April 2013.
© Emerging Markets Private Equity Association.
5
Fundraising – By Region (Since 2003)
EM PE Fundraising by Region, 2003–Q1 2013 (US$m)
Region
Developed Asia (JANZ)
United States
Western Europe
Emerging Asia (ex-JANZ)
CEE & CIS
Latin America
MENA
Sub-Saharan Africa
Multi-Region
Emerging Markets
Global
2003
2,570
52,071
33,499
2,200
406
417
726
741
116
4,606
92,746
2004
4,867
95,443
36,151
2,800
1,777
714
326
340
618
6,575
143,036
2005
2,902
150,975
83,735
15,446
2,711
1,272
2,669
791
3,630
26,519
264,132
2006
7,500
224,144
144,788
19,386
3,272
2,656
3,207
2,092
2,580
33,193
409,625
2007
8,100
303,193
106,316
28,668
14,629
4,419
5,333
2,034
4,077
59,160
476,769
2008
7,149
266,886
104,680
39,660
5,559
4,461
6,875
2,241
7,721
66,517
445,232
2009
1,752
148,218
21,356
15,938
1,586
2,248
1,070
964
801
22,607
193,933
2010
2,893
77,767
25,476
14,206
1,192
5,608
448
1,499
524
23,478
129,614
2011
2,477
117,251
48,926
26,251
1,752
8,441
423
1,332
350
38,549
207,202
2012
2,594
133,911
21,702*
25,502
4,903
4,211
548
1,448
3,726
40,338
198,545
Q1 2013
N/A
24,703
N/A
4,809
365
558
104
38
100
5,974
N/A
Sources:
• Emerging Markets – EMPEA
• Developed Asia (JANZ) – Asia Private Equity Review
• United States – PitchBook
• Western Europe – European Venture Capital Association
• Global fundraising totals are the sum of the four regions listed above.
*Estimate – EVCA Q4 2012 data pending publication.
© Emerging Markets Private Equity Association. Data as of 31 March 2013. Published 29 April 2013.
6
Fundraising – By Select Markets (Since 2003)
EM PE Fundraising by Select Markets, 2003–Q1 2013 (US$m)
Region
Brazil
China
India
Russia
2003
230
213
236
175
2004
480
311
706
200
2005
158
2,243
2,741
1,254
2006
2,098
4,279
2,884
222
2007
2,510
3,890
4,569
1,790
2008
3,589
14,461
7,710
880
2009
401
6,617
3,999
455
2010
1,078
7,509
3,268
75
2011
7,079
16,616
2,737
135
2012
2,617
10,825
2,084
357
Q1 2013
161
1,896
375
126
Note: Country-specific fundraising totals only capture single-country funds, not country allocations or targets from regional or global funds. Country-specific fundraising
totals are included in the regional totals on the previous slide.
© Emerging Markets Private Equity Association. Data as of 31 March 2013. Published 29 April 2013.
7
Investment – By Region (Since 2003)
EM PE Investment by Region, 2003–Q1 2013 (US$m)
Region
Developed Asia (JANZ)
United States
Western Europe
Emerging Asia (ex-JANZ)
CEE & CIS
Latin America
MENA
Sub-Saharan Africa
Emerging Markets
Global
2003
13,072
62,963
35,838
4,528
676
822
291
651
6,968
118,842
2004
7,483
90,959
49,723
4,316
986
609
137
1,154
7,202
155,367
2005
4,892
123,598
55,059
7,692
842
1,015
524
1,723
11,796
195,345
2006
26,907
179,773
91,471
22,468
4,903
4,264
1,751
1,292
34,678
332,829
2007
10,971
313,725
101,104
30,370
8,345
7,545
3,526
3,362
53,148
478,949
2008
16,432
161,277
71,434
28,270
6,344
6,962
3,370
2,889
47,834
296,977
2009
4,469
71,735
29,809
13,867
3,323
1,318
2,215
1,383
22,104
128,117
2010
9,749
137,240
53,593
18,308
2,398
6,648
793
631
28,778
229,360
2011
14,752
154,231
55,482
18,714
3,480
3,245
385
1,059
26,884
251,349
2012
8,009
134,383
39,605*
13,947
2,093
4,959
1,554
1,162
23,714
205,711
Q1 2013
N/A
24,067
N/A
2,698
99
242
54
100
3,192
N/A
Sources:
• Emerging Markets – EMPEA
• Developed Asia (JANZ) – Asia Private Equity Review
• United States – PitchBook
• Western Europe – European Private Equity and Venture Capital Association
• Global investment totals are the sum of the four regions listed above.
*Estimate – EVCA Q4 2012 data pending publication.
© Emerging Markets Private Equity Association. Data as of 31 March 2013. Published 29 April 2013.
8
Investment – By Select Markets (Since 2003)
EM PE Investment by Select Markets, 2003–Q1 2013 (US$m)
Region
Brazil
China
India
Russia
2003
321
1,667
456
113
2004
120
1,389
1,272
240
2005
474
2,991
1,377
240
2006
1,342
8,200
5,687
402
2007
5,285
9,458
9,905
805
2008
3,020
8,994
7,483
2,647
© Emerging Markets Private Equity Association. Data as of 31 March 2013. Published 29 April 2013.
2009
989
6,288
4,011
217
2010
4,604
9,190
6,222
1,516
2011
2,461
10,529
6,172
1,579
2012
4,384
7,104
2,676
1,239
Q1 2013
120
463
719
58
9
Private Equity Penetration (2011–2012)
Global Private Equity Penetration, 2011–2012
Sources:
• Emerging Markets – EMPEA
• United Kingdom – Centre for Management Buy-Out Research
• United States – PitchBook
• Israel – Israel Venture Capital Research Center
• Japan – Asia Private Equity Review
• All GDP data – International Monetary Fund
Methodology: Annual private equity investment divided by annual gross domestic product.
© Emerging Markets Private Equity Association. Data as of 31 December 2012. Published 29 April 2013.
10
Methodology
This report provides an overview of trends in fundraising and investment
among private equity funds investing in the emerging markets of Africa, Asia,
Europe, Latin America and the Middle East. The statistics presented here are
drawn from EMPEA’s database of funds and investments, FundLink™, and are
based on data from press releases and trade publications, as well as
communications with industry participants and regional and country-focused
venture capital associations.
Fundraising totals reported herein reflect only official closes (first, second
and/or final) as reported in public sources and by the firms themselves.
Capital commitments accruing prior to or between official closes are not
included. Investment totals included in the report reflect total equity
amounts for transactions in which financial details have been reported. For
both fundraising and investment data, amounts have been confirmed
wherever possible through information provided by the fund managers
themselves.
The statistics in this report are based on the “market” approach—EMPEA
categorizes activity based on the countries or regions in which fund managers
intend to invest (in the case of fundraising) or the country headquarters of
the investee company (in the case of investments). In the case of global
funds, only those funds investing primarily in emerging markets are included
in the totals (e.g., pan-Asia funds with a significant portion of capital intended
for investment in China and India). Country-dedicated fundraising analytics
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: all Asia, excluding funds whose primary investment
focus is Japan, Australia and/or New Zealand.
• Latin America : Central and South America and the Caribbean region
(excluding Puerto Rico).
• Central & Eastern Europe (CEE) & Commonwealth of Independent
States (CIS): European Union accession countries, Turkey, the Baltics and
Balkans, as well as Commonwealth of Independent States (CIS) countries,
including Russia.
• Middle East & 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: all Africa, excluding funds whose primary
investment focus is North Africa.
Statistics in this publication exclude real estate funds and funds of funds.
Infrastructure funds managed by private equity firms and making private
equity-style investments are included in this analysis (e.g., equity investments
in infrastructure-related industries). Infrastructure investments that fit the
conventional model (e.g., greenfield projects and/or project finance) are not
included. Secondary investments are also excluded from investment totals
because they do not represent an incremental increase in private equity
capital in emerging markets, but they are included in exhibits for reference.
For any questions, and to request the underlying constituent fundraising and investment data, contact [email protected] or +1.202.333.8171 ext. 239.
Disclaimer: This information is intended to provide an indication of industry activity based on the best information available from public and proprietary
sources. EMPEA has taken measures to validate the information presented herein but cannot guarantee the ultimate accuracy or completeness of the data
provided. EMPEA is not responsible for any decision made or action taken based on information drawn from this report.
© Emerging Markets Private Equity Association.
11
About EMPEA
The Emerging Markets Private Equity Association (EMPEA) is an independent, global membership association whose mission is to catalyze the
development of private equity and venture capital industries in emerging markets. EMPEA’s 300+ member firms share the belief that private
equity can provide superior returns to investors, while creating significant value for companies, economies and communities in emerging
economies. Our members, representing nearly 60 countries and more than US$1 trillion in assets under management, include the leading
institutional investors and private equity and venture capital fund managers across developing and developed markets. EMPEA leverages an
unparalleled global industry network to deliver authoritative intelligence, promote best practices, and provide unique networking opportunities,
giving our members a competitive edge for raising funds, making good investments and managing exits to achieve superior returns.
Jennifer Choi
Acting CEO
Shannon Stroud
VP, Programs and Business Development
Nadiya Satyamurthy
Senior Director, Research
Emily Sandhaus
Manager, Programs and Events
Mike Casey
Director, Consulting Services
Kyoko Terada
Senior Manager, Member Services
Ted Hickey
Manager, Data Program
Holly Freedman
Director, Marketing and Communications
Neeraj Borle
Analyst, Research
Carolyn Kolb
Manager, Marketing and Communications
Jeff Schlapinski
Analyst, Research
Phillip Reid
Financial Controller
Sam Verran
Analyst, Research
Aisha Richardson
Executive Assistant to the CEO, Office
Manager
Serge Desjardins
Senior Research Fellow
1077 30th Street NW • Suite 100 • Washington, DC 20007 USA
Phone: +1.202.333.8171 • Fax: +1.202.333.3162 • Web: empea.org
© Emerging Markets Private Equity Association.
12