EMPEA Industry Statistics Year End 2015 - Official Member

INDUSTRY STATISTICS YEAR-END 2015Emerging Markets Private CapitalFundraising & Investment Data and 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 information used in the compilation of its Industry Statistics 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 an in-depth look at the data behind the charts in this

presentation, EMPEA Members can:– Right click on the charts, and click “Edit Data” to view the

underlying data, or– Visit empea.org for the accompanying Excel data pack.

• For additional information, or to request a custom cut of EMPEA’s industry data and analysis via our HelpDesk offering, please email the research team at [email protected] or call +1.202.333.8171 ext. 233.


OVERVIEW OF EM PRIVATE CAPITAL

Emerging Markets │ Year-End 2015 Industry Statistics


Funds Raised

Capital Invested

$0

$10

$20

$30

$40

$50

3427

5

5

Private EquityInfrastructure & Real AssetsPrivate Credit

US$

Bill

ions

EM FUNDRAISING & INVESTMENT

2011 2012 2013 2014 2015$0

$20

$40

$60

48 4743

53

44

30 29 28

38

29

Funds Raised Capital Invested

US$

Bill

ions

Data as of 31 December 2015. Published 8 February 2016.

2015

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


EM FUNDRAISING BY ASSET CLASS

2011 2012 2013 2014 20150%

20%

40%

60%

80%

100%

89% 86% 80% 83% 77%

6% 9%12% 9%

12%

5% 8% 7% 12%

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 20150%

20%

40%

60%

80%

100%

83% 84% 85% 84% 91%

16% 14% 12% 10%7%6%

Private Equity Infrastructure & Real Assets Private Credit

% o

f Tot

al C

apita

l Inv

este

d




GLOBAL PRIVATE CAPITALEmerging Markets │ Year-End 2015 Industry Statistics


EM AS % OF GLOBAL FUNDRAISING

2011 2012 2013 2014 2015$0

$100

$200

$300

$400

$500

0%

5%

10%

15%

20%20%

17%

10%

14%

12%

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

US$

Bill

ions

EM as %

of Global


Data as of 31 December 2015. Published 8 February 2016.Sources: Developed Asia - Asia Private Equity Review, U.S. – PitchBook, Western Europe – Pitchbook, EM – EMPEA.


EM AS % OF GLOBAL INVESTMENT

2011 2012 2013 2014 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 as % of Global Total

US$

Bill

ions

EM as %

of Global


Data as of 31 December 2015. Published 8 February 2016.Sources: Developed Asia - Asia Private Equity Review, U.S. – PitchBook, Western Europe – Pitchbook, EM – EMPEA.


GLOBAL PRIVATE CAPITAL PENETRATION

United

King

dom

United

Stat

esIsr

ael

India

South

Korea

South

Africa

China

Brazil

Poland

Japa

nSSA*

Indon

esia

Nigeria

Mexico

MENA*

Turke

y

Russia

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

2014 2015

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.Data as of 31 December 2015. Published 8 February 2016.


EM FUNDRAISING & INVESTMENT AS % OF GLOBAL TOTAL

2011 2012 2013 2014 20150%

5%

10%

15%

20%

25%

20%

17%

10%

14%12%

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 2015$0

$10

$20

$30

$40

$50

$60

200

210

220

230

240

250

48 4743

53

44

226

237

221

239

215

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

US$

Bill

ions

No. of Funds




EM FUNDRAISING BY REGION

2011 2012 2013 2014 20150%

20%

40%

60%

80%

100%

70%60% 67% 63% 70%

19%13% 13% 19% 14%

5%5% 8% 8%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 20150%

20%

40%

60%

80%

100%

21%

41%33% 35%

27%

50%

38%42% 36%

33%

17% 7%5% 13%

16%

5% 7%11% 8%

9%

5% 8% 7% 12%

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 20150%

20%

40%

60%

80%

100%

39%50% 46%

34% 34%

22%

20% 26%

30% 29%

19%16% 12%

13% 17%

11%8% 10%

13% 13%

9% 7% 6% 10% 7%

<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.Data as of 31 December 2015. Published 8 February 2016.


EM MEDIAN FUND SIZE BY ASSET CLASS

2011 2012 2013 2014 2015$0

$100

$200

$300

150

82100

151137

229

167 170

120

247

135

262

175

136

280

153

100120

148161

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.Data as of 31 December 2015. Published 8 February 2016.


LARGEST EM FUNDS WITH FINAL CLOSES, 2015

Fund Manager Fund Name Asset Class Strategy Geography Currency

Total Capital Raised, 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

PAG PAG Asia II Private Equity Buyout Asia, China USD 3,656 3,656

Patria Investimentos P2 Brasil Private Infrastructure Fund III Infrastructure Infrastructure Brazil USD 867 1,674

PAG PAG Asia Special Situations Fund II Private Credit Distressed

Debt Asia USD 1,375 1,375

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

Equis Funds Group Equis Asia Fund II Infrastructure Infrastructure Asia USD 1,000 1,000

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

Trustbridge Partners (TBP Capital) Trustbridge Partners V Private Equity Growth China USD 665 865




LARGEST EM FUNDS IN THE MARKET

Fund Manager Fund Name Asset Class Strategy Geography Currency

Total Capital Raised to

Date (US$m)Fund Target

(US$m)Macquarie Infrastructure and Real Assets (MIRA)

Macquarie Asia Infrastructure Fund Infrastructure Infrastructure Asia USD 1,100 2,250

Asma Capital Partners IDB Infrastructure Fund II Infrastructure InfrastructureAsia, MENA, Sub-Saharan Africa

USD 750 2,000

Hony Capital Hony Capital Fund VIII Private Equity Buyout China USD 1,000 2,000

Southern Cross Group Southern Cross Latin America Private Equity V Private Equity Buyout Latin America USD 455 1,750

Huatai Ruilian Fund Management

Huatai Ruilian Buyout Fund II Private Equity Buyout China CNY - 1,613

Huatai Ruilian Fund Management

Huatai Ruilian Sequoia Fund Private Equity Buyout China CNY - 1,611

Hony Capital Jiangsu Province Emerging Industrial Investment Fund Private Equity Growth China CNY 821 1,603

AVG Capital Partners AVG CIS Agricultural Opportunities Fund Infrastructure Real Assets Russia USD - 1,500

Boyu Capital Boyu Capital Fund II Private Equity Growth China USD 596 1,500

BTG Pactual BTG Pactual Brazil Investment Fund II Private Equity Buyout Brazil, Latin

America USD - 1,500


Note: Includes all funds reportedly fundraising as of 31 December 2015. Published 8 February 2016.


EM PRIVATE CAPITAL: INVESTMENT



OVERALL EM INVESTMENT

2011 2012 2013 2014 2015$0

$10

$20

$30

$40

$50

0

400

800

1,200

1,600

3029 28

38

291,073 1,107 1,154

1,443

1,577

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

US$

Bill

ions N

o. of Deals




EM INVESTMENT BY QUARTER

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q42013 2014 2015

$0

$5

$10

$15

$20

$25

0

100

200

300

400

500

3.8

7.35.8

11.0

8.2 9

11.5

8.9

6

9.28.0

6.0

292259 271

332371

334377 361 364

426388 399

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

US$

Bill

ions N

o. of Deals




EM INVESTMENT BY REGION

2011 2012 2013 2014 20150%

20%

40%

60%

80%

100%

68%56%

66% 72%80%

11%

10%

8%5%

5%14%

23%17% 15%

8%

5% 7% 6%7%

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

% o

f Tot

al C

apita

l Inv

este

d




† 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.Data as of 31 December 2015. Published 8 February 2016.

EM INVESTMENT BY SECTOR

2011 2012 2013 2014 20150%

20%

40%

60%

80%

100%

29% 28% 27%32% 37%

15% 18% 17%16%

16%11% 10% 13%

15%14%9% 11% 11%

11%12%14% 13% 14%

11%10%

7%9% 9%

7%6%

5%5%

TelecommunicationsOil & GasBasic MaterialsUtilitiesHealth CareConsumer GoodsFinancialsTechnologyIndustrialsConsumer Services

% o

f No.

of D

eals

FTSE ICB Industry†



EM INVESTMENT BY DEAL TYPE

2011 2012 2013 2014 20150%

20%

40%

60%

80%

100%

46% 43% 33% 27% 26%

10% 12%12%

10%

33% 34% 43% 54% 63%

9% 9% 7%MezzanineDebtPIPEVenture CapitalBuyoutGrowth%

of N

o. o

f Dea

ls

2011 2012 2013 2014 20150%

20%

40%

60%

80%

100%

44% 49%34% 37% 37%

27% 25%41% 31% 20%

11% 8% 9% 19%27%

18% 17% 13% 8% 13%MezzanineDebtPIPEVenture CapitalBuyoutGrowth

% o

f Cap

ital I

nves

ted




EM INVESTMENT SIZE DISTRIBUTION

2011 2012 2013 2014 20150%

20%

40%

60%

80%

100%

39%47% 50% 46%

53%

26%20%

24% 27%23%

15% 15%11% 9% 9%

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

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

20

5

810

15

25

10

5

10

6

15

56

10

3

13

6

910

45

2

7

2011 2012 2013 2014 Q1-Q3 2015

US$

Mill

ions




EM MEDIAN DEAL SIZE BY ASSET CLASS

2011 2012 2013 2014 2015$0

$10

$20

$30

$40

$50

$60

1210 9 10

8

44

50 50

40

24

14 15 15

21

121410 10 10 8

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

65

16

30

6

14

40

17

27

4

15

67

1518

4

15

96

15 15

5

21

50

1520

512

2011 2012 2013 2014 Q1-Q3 2015

US$

Mill

ions




LARGEST KNOWN EM INVESTMENTSLargest Known Investments in Emerging Asia, 2015

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

Investment Amount (US$m)

Investment Date

MBK Partners Homeplus South Korea Food & Drug Retailers Private Equity Buyout 1,550 Oct-15

The Carlyle Group, IDG Capital Partners (IDGVC) SouFun Holdings China Media Private Equity PIPE 557 Sep-15

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

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

The Blackstone Group Intelenet Global (Formerly Serco India) India Support Services Private Equity Buyout 371 Dec-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

Advent International Crompton Greaves (CG Global) India Electronic & Electrical

Equipment Private Equity PIPE 314 Jul-15




Largest Known Investments ex-Emerging Asia, 2015

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

Investment Type

Investment Amount (US$m)

Investment Date

The Carlyle Group Rede D’Or Sao Luiz BrazilHealth Care Equipment & Services

Private Equity Growth 580 May-15

Advent International Allied BrazilTechnology 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 115

Matrix Partners 68

500 Startups 57

IDG Capital Partners (IDGVC) 45

SAIF Partners 42

Tiger Global Management 41

Accel Partners 34

East Ventures, Lightspeed Venture Partners 33

Kalaari Capital, Morningside Ventures 22

Most Active VC Dealmakers, 2015

Fund Manager(s) No. of DealsShenzhen Capital Group (SCGC) 18

The Carlyle Group 13

Aavishkaar Venture Management, Investisseurs et Partenaires (I&P), KKR, Sequoia Capital

11

AfricInvest, BlackPeak Capital, IDG Capital Partners (IDGVC), The Abraaj Group

9

Advent International, Warburg Pincus 8

Creador, Matrix Partners, TPG 7

Most Active Private Capital (ex. VC) Dealmakers, 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.




PRIVATE EQUITY & VENTURE CAPITAL FUND PERFORMANCE

Cambridge Associates


Index One Year Three Year Five Year Ten YearEmerging Markets PE & VC 7.80 11.65 10.05 11.20Emerging Asia PE & VC 15.59 16.78 13.19 13.64CEE & Russia PE & VC -16.95 -0.88 3.65 5.85Latin America & Caribbean PE & VC -20.19 -5.43 -2.00 6.53Africa PE & VC -3.62 3.48 4.49 6.19MSCI Emerging Markets -18.98 -4.93 -3.25 4.60US VC 22.82 20.78 17.69 10.98US PE 6.20 14.30 14.75 11.79Western Europe VC 15.78 16.53 13.69 7.35Western Europe PE 5.23 10.83 10.75 12.23S&P 500 -0.61 12.40 13.34 6.80

GLOBAL PE & VC FUND PERFORMANCE

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

Source: Cambridge Associates LLC Proprietary Index: pooled end-to-end returns, net of fees, expenses and carried interest. Data as of 30 September 2015.

Notes: The index is an end-to-end calculation based on data compiled from 560 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 2015. The Asia Emerging Markets Index consists of 318 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.


EMERGING MARKETS PE & VC PERFORMANCE

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

Sep-15

-10

-5

0

5

10

15

20

25

1 Year 3 Year 5 Year 10 Year

% IR

R, N

et

Source: Cambridge Associates LLC Proprietary Index: pooled end-to-end returns, net of fees, expenses and carried interest. Data as of 31 December 2015.


EMERGING ASIA PE & VC PERFORMANCE

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

Sep-15

-10

-5

0

5

10

15

20

25

30


% IR

R, N

et



*The Central & Eastern Europe PE Index includes Russia.Source: Cambridge Associates LLC Proprietary Index: pooled end-to-end returns, net of fees, expenses and carried interest. Data as of 31 December 2015.

CENTRAL & EASTERN EUROPE* PE & VC PERFORMANCE

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

Sep-15

-25

-20

-15

-10

-5

0

5

10

15

20

25


% IR

R, N

et


LATIN AMERICA & CARIBBEAN PE & VC PERFORMANCE

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

Sep-15

-25

-20

-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 Jun-16-5

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.

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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Mike Casey │ Senior Director, Consulting Services

Kim Bennett │ Senior Manager, Programs & Events

Emily Sandhaus │ Senior Manager, Programs & Business Development

Jeff Schlapinski │ Manager, Research

Molly Brister │ Manager, Research

Abigail Beach │ Manager, Strategic Engagement

Brady Jewett │ Research Analyst

Luke Moderhack │ Research Analyst

Rae Winborn │ Research Analyst

Cassie Hodges │ Associate, Marketing & Communications

Sara Cousins │ Associate, Member Services

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

Investor Relations

EMPEA Industry Statistics Year End 2015 - Official Member