EMPEA Industry Statistics
Fundraising & Investment Analytics – 1H 2011
Historical Statistics – Since 2002
Performance Data – Q4 2010
Data as of 30 June 2011. Published 25 August 2011.
Table of Contents
Fundraising & Investment Analytics – 1H 2011
Summary………………………………………………………………………………………. 4
Fundraising – By Region (Members Only)…………………………………...... 5
Fundraising – Funds with Final Closes (Members Only)………………….6
Investment – By Region (Members Only)……………………………………….7
Fundraising – Largest Funds By Final Close (Members Only)…………. 8
Fundraising – Largest Funds By Region (Members Only)……………….. 9
Investment – Largest Deals By Region (Members Only)……………….. 17
Historical Statistics – Since 2002
Fundraising – By Region………………………………………………………………… 20
Investment – By Region………………………………………………………………….22
Private Equity Penetration – By Region…………………………………………. 24
Performance Data – Q4 2010
Pooled End-to-End Returns – By Region (Members Only)……………… 26
Methodology……………………………………………………………………………………. 31
© Emerging Markets Private Equity Association. Data as of 30 June 2011. Published 25 August 2011.
2
EMPEA Industry Statistics
Fundraising & Investment Analytics – 1H 2011
Historical Statistics – Since 2002
Performance Data – Q4 2010
Data as of 30 June 2011. Published 25 August 2011.
© Emerging Markets Private Equity Association
3
Summary (1H 2011)
EM PE Fundraising & Investment, 2007–1H 2011 (US$B)
$70
18%
18%
$53
$48
$50
US$ Billions
20%
$67
$59
15%
$40
$29
$30
$23 $22
$23
$23
$20
$14
% Global Total
$60
EM PE Fundraising & Investment as a Percent of Global Total, 2007–1H 2011
14%
11%
11%
10%
10%
13%
12%
9%
7%
5%
$10
$0
0%
2007
2008
2009
Funds Raised
2010
1H 2011
2007
2008
Capital Invested
2009
Funds Raised
2010
1H 2011
Capital Invested
EM PE Deal Volume by Quarter, 2008–1H 2011
$18
$16
194
$14
190
182
$12
139
203
224
227
222
204
200
200
141
150
$10
$8
$6
13.5
250
100
13.2
10.2
$4
11.0
$2
8.9
8.6
3.9
5.1
4.4
8.1
7.9
8.4
5.8
3.9
$0
50
No. of Deals
US$ Billions
191
189
210
0
1H 08
Q2 08
Q3 08
2008
Q4 08
1H 09
Q2 09
Q3 09
Q4 09
1H 10
Q2 10
2009
Deal value, US$B (LHS)
Q3 10
2010
Q4 10
Q1 11
Q2 11
2011
No. of deals (RHS)
© Emerging Markets Private Equity Association. Data as of 30 June 2011. Published 25 August 2011.
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EMPEA Industry Statistics
Fundraising & Investment Analytics – 1H 2011
Historical Statistics – Since 2002
Performance Data – Q4 2010
Data as of 30 June 2011. Published 25 August 2011.
© Emerging Markets Private Equity Association.
5
Fundraising – By Region (1H 2011)
EM PE Fundraising Totals by Region, 2002–1H 2011 (US$m)
Region
Developed Asia (JANZ)
United States
Western Europe
Emerging Asia (ex-JANZ)
CEE & CIS
LatAm & Caribbean
MENA
Sub-Saharan Africa
Multi-Region
Emerging Markets
Global
2002
2,128
68,200
28,823
1,093
530
407
1,047
151
N/A
3,228
102,378
2003
2,570
49,300
33,890
2,200
406
417
726
741
116
4,606
90,366
2004
4,867
94,000
37,510
2,800
1,777
714
326
340
618
6,575
162,142
2005
2,902
162,000
85,030
15,446
2,711
1,272
2,669
791
3,630
26,519
336,121
2006
7,500
214,000
148,157
19,386
3,272
2,656
3,207
2,092
2,580
33,193
499,293
2007
8,100
324,000
119,809
28,668
14,629
4,419
5,333
2,034
4,077
59,160
617,560
2008
7,149
302,000
113,290
39,660
5,559
4,461
6,875
2,241
7,721
66,517
617,466
2009
1,752
137,000
25,568
15,938
1,586
2,248
1,070
964
801
22,607
243,359
2010
2,893
87,000
24,143
14,206
1,192
5,608
448
1,499
524
23,478
210,271
1H 2011
347
50,000
19,538*
16,361
631
4,148
91
1,056
350
22,636
125,183*
Sources:
• Emerging Markets – EMPEA
• Developed Asia (JANZ) – Asia Private Equity Review
• United States – PitchBook
• Western Europe – European Venture Capital Association
• Global fundraising totals are calculated as follows: “Preqin’s global total” - “Preqin’s Asia/ROW total” + “Asia Private Equity Review’s Developing Asia (JANZ)
fundraising total” + “EMPEA’s emerging markets fundraising total”. The Preqin "Global" and "Asia/ROW" statistics are not included in the table above to improve
readability.
© Emerging Markets Private Equity Association. Data as of 30 June 2011. Published 25 August 2011. *Estimate - EVCA's Q2 2011 data pending publication.
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Fundraising – By Select Markets (1H 2011)
EM PE Fundraising Totals by Select Markets, 2002–1H 2011 (US$m)
Region
Brazil
China
India
Russia/CIS
South Africa
2002
270
105
142
100
151
2003
230
213
236
175
741
2004
480
311
706
200
340
2005
158
2,243
2,741
1,254
348
2006
2,098
4,279
2,884
222
1,190
2007
2,510
3,890
4,569
1,790
546
2008
3,589
14,461
7,710
880
218
2009
401
6,617
3,999
455
N/A
2010
1,078
7,509
3,268
75
423
1H 2011
3,000
10,285
2,456
60
74
Note: Totals only refer to country-dedicated vehicles and do not include allocation limits or targets within global or regional vehicles.
© Emerging Markets Private Equity Association. Data as of 30 June 2011. Published 25 August 2011.
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Investment – By Region (1H 2011)
EM PE Investment Totals by Region, 2002–1H 2011 (US$m)
Region
Developed Asia (JANZ)
United States
Western Europe
Emerging Asia (ex-JANZ)
CEE & CIS
LatAm & Caribbean
MENA
Sub-Saharan Africa
Emerging Markets
Global
2002
8,869
39,000
28,928
250
377
710
132
530
1,999
78,795
2003
13,072
83,000
36,526
4,528
676
822
291
651
6,968
139,567
2004
7,483
126,000
50,332
4,316
986
609
137
1,154
7,202
191,016
2005
4,892
173,000
55,779
7,692
842
1,015
524
1,723
11,796
245,467
2006
26,907
301,000
93,934
22,468
4,903
4,264
1,751
1,292
34,678
456,519
2007
10,971
595,000
104,366
30,370
8,345
7,545
3,526
3,362
53,148
763,485
2008
16,432
215,000
74,763
28,270
6,344
6,962
3,370
2,889
47,834
354,030
2009
4,469
60,000
33,316
13,867
3,323
1,318
2,215
1,383
22,104
119,888
2010
9,749
148,000
54,638
18,308
2,398
6,648
793
631
28,778
241,165
1H 2011
8,310
60,000
22,392*
10,785
1,765
1,253
75
256
14,134
104,836*
© Emerging Markets Private Equity Association. Data as of 30 June 2011. Published 25 August 2011. *Estimate - EVCA's Q2 2011 data pending publication.
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Sources:
• Emerging Markets – EMPEA
• Developed Asia (JANZ) – Asia Private Equity Review
• United States – PitchBook
• Western Europe – European Venture Capital Association
• Global investment totals are the sum of the four regions listed above.
Investment – By Region (1H 2011)
EM PE Investment Totals by Select Markets, 2002–1H 2011 (US$m)
Region
Brazil
China
India
Russia/CIS
South Africa
2002
261
126
40
127
407
2003
321
1,667
456
113
651
2004
120
1,389
1,272
240
1,154
2005
474
2,991
1,377
240
774
2006
1,342
8,200
5,687
402
895
© Emerging Markets Private Equity Association. Data as of 30 June 2011. Published 25 August 2011.
2007
5,285
9,458
9,905
805
3,362
2008
3,020
8,994
7,483
2,647
2,019
2009
989
6,288
4,011
217
748
2010
4,604
9,190
6,222
1,516
47
1H 2011
977
5,831
3,754
383
35
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Private Equity Penetration (2009–2010)
Global Private Equity Penetration, 2009–2010
1.20
1.13
PE Investment/GDP (%)
1.00
0.90
0.80
2009
0.63
2010
0.57
0.60
0.44
0.43
0.40
0.34
0.32
0.26
0.23
0.20
0.13
0.21
0.16
0.06
0.16
0.10
0.02
0.08
0.11
0.06
0.06
0.01
0.06
0.04
0.04
0.08
0.01 0.01
0.01
0.01
0.00
United
Kingdom
United
States
Israel
India
Brazil
China
Russia
Poland
SSA
South
Korea
Japan
MENA
Mexico
South
Africa
Turkey
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 2010. Published 25 August 2011.
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Methodology
The statistics presented in this report are drawn from EMPEA’s proprietary
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.
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 in the totals. 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, i.e., 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 fundraising 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:
• Asia: all Asia, excluding funds whose primary mandate is investments in
Japan, Australia or New Zealand.
• Latin America and Caribbean: Central and South America and the
Caribbean region (excluding Puerto Rico).
• Central & Eastern Europe (CEE) and Commonwealth of Independent
States (CIS): European Union accession countries, Turkey, the Baltics and
Balkans, as well as CIS countries, including Russia.
• Middle East and North Africa (MENA): Gulf Cooperation Council (GCC),
Afghanistan, Iran, Iraq, Jordan, Lebanon, Pakistan, Palestinian Territories,
Syria and Yemen, as well as Algeria, Egypt, Libya, Morocco, Sudan and
Tunisia.
• Sub-Saharan Africa: all Africa, excluding funds whose primary mandate
is investments in North Africa (Algeria, Egypt, Libya, Morocco, Sudan and
Tunisia).
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 (i.e., equity investments
in infrastructure-related industries). Infrastructure investments that fit the
conventional model are not included (i.e., greenfield projects and/or project
finance). 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 research@empea.net or +1.202.333.8171 ext. 240.
Disclaimer: This information is intended to provide an indication of industry activity based on 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.
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About EMPEA
The Emerging Markets Private Equity Association (EMPEA) is an independent, global membership association whose mission is to catalyze
private equity and venture capital investment in the emerging markets of Africa, Asia, Europe, Latin America and the Middle East. EMPEA’s 290+
members 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.
Sarah E. Alexander
President and CEO
Kyoko Terada
Senior Manager, Member Services
Carlos Perry
Chief Operating Officer
Shannon Stroud
Director, Programs and Events
Jennifer Choi
VP, Industry and External Affairs
Emily Sandhaus
Manager, Programs and Events
Nadiya Satyamurthy
Director, Research
Holly Freedman
Director, Marketing and Communications
Mike Casey
Senior Associate, Research
Meaghan Bixby
Manager, Digital Communications
Ted Hickey
Senior Analyst, Research
Carolyn Kolb
Business Analyst
Emily Stromquist
Senior Analyst, Research
Aisha Richardson
Executive Assistant, Office Manager
Neeraj Borle
Analyst, Research
Hong Kong Office
Ruby Poon
Regional Manager – Asia
© Emerging Markets Private Equity Association.
1077 30th Street NW • Suite 100 • Washington, DC 20007 USA
Phone: +1.202.333.8171 • Fax: +1.202.333.3162 • Web: empea.net
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