Several global development finance institutions (DFIs) that actively invest in emerging markets private equity have publically endorsed the Institutional Limited Partners Association's (ILPA) Private Equity Principles, a set of voluntary guidelines intended to establish best practices relating to the alignment of interests between general partners and limited partners around fund terms and issues of fund governance, transparency and reporting. EMPEA convened a roundtable of diverse private equity constituents to discuss the objectives of the Principles, the challenges and benefits they may introduce to LP-GP relationships, and the overall impact on alignment of interests.
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With much of the world's global liquidity in China, international fund sponsors are exploring options to establish Renminbi (RMB) private equity funds to tap the growing pool of China-based investors’ vast RMB reserves. Learn from the partners at industry leader Akin Gump Strauss Hauer & Feld LLP how to navigate the issues surrounding the establishment and structure of RMB funds.
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In light of the current global financial crisis, LPs’ portfolios are in disarray as a result of the distribution drought and the denominator effect. GPs are increasingly concerned that LPs will be unable to honor their commitments and a real risk of default is more of a concern than ever for the private equity industry. Learn from the partners at industry leader O’Melveny & Myers LLP how to navigate the issues surrounding LPs’ unwillingness or inability to pay.
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The outlook for the economies of the Middle East, North Africa and South Asia is bright. Short-term, growth rates will decline relative to historic rates, but the fundamentals remain sound and supply-demand gaps exist in many sectors. Private equity in the region is still underpenetrated and presents significant opportunities for investors. Join industry leaders from Abraaj Capital as they discuss why investors should consider the region and how to mitigate potential risks.
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Broken BRICs Webcast Series
How the Global Economic Crisis Is Impacting Private Equity in the Largest Emerging Economies, and How Investors Can Position Themselves Well for the Recovery
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Brazil's stock market plunged 41% in 2008, and the IMF forecasts a dramatic slowdown in growth in 2009. The Brazilian real has lost one-third of its value since August 2008, and interest rates hover at 13%. Yet EMPEA research shows investor interest in Brazil is resilient.
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Russia's sovereign debt rating has been cut, and the World Bank has halved 2009 growth forecasts to only 3%. Concerns of corruption and government interference persist, and many investors consider Russia the most volatile of the BRICs.
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In the wake of the Mumbai terrorist attacks and the Satyam accounting scandal, many are asking what the future holds for private equity in India. Macro trends are troubling - the Indian rupee has lost 21% of its value and the Bombay Exchange fell 51% in 2008. Concerns about corporate governance abound. But India is expected to grow by 5% this year.
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Many of the recent drivers of China's growth story have stalled - public equity markets have dropped precipitously, while the IMF projects 2009 GDP growth to be below the threshold 8% considered necessary by the government for political stability. But the Chinese stimulus is massive, and savvy investors always knew China would require a long-term commitment.
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The secondaries industry has seen significantly more activity in the wake of the global financial crisis. With portfolios suffering, investors are seeking additional liquidity to reshape their portfolios to adjust to a new and challenging economic environment. Learn more about the secondaries market and its implications for emerging markets private equity from the experts at global private equity secondaries market leader Coller Capital.
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The benefits of high standards in corporate governance tend to outweigh the costs from both fund and portfolio firms perspectives. Companies that adopt international best practices typically perform better and attract a wider range of investors. The adoption of high standards also enables firms to become better business partners and unlocks higher valuation for portfolio assets as managers seek exits. In spite of these perceived benefits, corporate governance standards in emerging markets still lag far behind those of developed markets.
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Emerging market investors face different challenges and obstacles than investors in mature markets and therefore need to be aware of emerging market-specific terms and conditions that are key to fund documentation. Learn more about structures and key financial terms and conditions that emerging market investors and fund managers must consider from the experts at Debevoise & Plimpton LLP.
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Given today's global economic and credit concerns, limited partners are reevaluating their asset allocations and portfolio compositions. Private equity funds therefore need to hone their marketing and fundraising efforts to better anticipate and address LPs' concerns in order to maintain ongoing and secure new LP support. Learn more about marketing your fund from the experts at fund placement market leader C.P. Eaton Partners.
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Emerging market investing involves a unique set of risks outside of those typically encountered in developed markets. Investors and managers must therefore anticipate and mitigate risks endemic to emerging markets to diminish the likelihood of incurring undesirable outcomes and costs and increase the probability of seizing potential opportunities. Learn more about risk management in emerging markets private equity from the experts at market leader PricewaterhouseCoopers.
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EMPEA's inaugural webcast will feature region-specific analysis and case studies from multiple emerging markets regions. The webcast will include discussion of both investment professional and portfolio company management issues and challenges.
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