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1、Private Equity,in Developing Countries,小丸子 小新,Present,By,1,WHY,HOW,WHAT,of,1,2,Loading,WHY,Private Equity Developing Countries China&India,1,2,3,of,2,3,Why Private Equity,Attractive Return,Mitigate Risk,Business Uncertainty,Hard-to-value Assets,Info Asymmetries,of,1,3,Exhibit 1,4,Why Developing Coun
2、tries,2,Exhibit 2 Higher growth Lower leverage High rate of job creation Support for smaller company,4,5,Why Developing Countries,EU 36% 26% Asia/Oceania 27% 15%,2,Exhibit 3 For 2010 & 2011, Asia/Oceanias share is higher than both the EU15 and the USA,5,6,Why Developing Countries,Emerging markets in
3、crease US one of countries that declined fastest,2,Exhibit 4 & 5 The index measures: size of gov, expenditures, taxes, enterprises, legal structure and security of property rights, access to sound money freedom to trade internationally regulation of credit, labor, and business,6,7,Why Developing Cou
4、ntries,Exhibit 6 & 7 Both the Breadth and the Quality of the Emerging Market Private Equity Opportunity have Improved Since 2000.,2,7,8,Why Developing Countries,Attractiveness of Developing Countries,Economic Progress,Economic Reform Planned Capitalist,of,2,8,9,Why China&India,Emerging Asian markets
5、 NO.1 attractive destinations for global investors China No.1 investment target for 9 consecutive years India No.2 investment target,Rising Middle Class,Urban Migration,Increasing Market Demand,3,10,10,Why China & India,3,11,11,Loading,HOW,Fundraising Investing Exiting,1,2,3,14,12,How Fundraising Fu
6、nd Structure,Limited liability partnership Under the old Partnership Law, only unlimited liability partnerships were permissible. Legal person partners The amended Partnership Law allows both legal persons and individuals to invest in partnerships,1,19,13,How Fundraising Capital Source,Institutional
7、 Investors With the exception of investments targeted towards infrastructure, regulations dont permit conventional sources of PE capital like insurance companies and pension funds in India to participate in PE. Domestic PE firms are limited to raising fund from non-financial institutions. Individual
8、 Investors Domestic PE firms are limited to raising fund from affluent individual investors.,1,21,14,How Fundraising Capital Source,New PE player in developing country,US foreign aid (eg., USAID), UN, World Bank, IIC, CDC,Gov. investment arm: EBRD, DEG, FMO, Norfund,Quasi gov corp. (eg. OPIC),Multil
9、ateral financial institutions (eg.IFC),2 fold role,Invest in Funds as direct grant/LT loan,Provide guarantee,1,22,15,How Fundraising Capital Source,Why Local Based Fund language local networks experience at top US-based institution,1,24,For any of the large private-equity firms in the West to be a r
10、eal player in China, you probably should have a RMB-dominated fund.,“,”,- David Rubenstein,16,How Investing: Types of Investment,2,27,17,How Investing: Types of Investment,Privatizations,Improve the productivity of SOE ( private firms),Access investment capital &Improve service delivery,Reduce the f
11、iscal burden of loss-making firms,2,29,18,How Investing: Types of Investment,Privatizations- Developing Countries,2,Exhibit 13 Privatization in developing countries.,30,19,How Investing: Types of Investment,Privatizations - Post-Crisis Development,2,33,20,How Investing: Types of Investment,Infrastru
12、cture Funds : Macro Needs,2,Exhibit 16 Macro needs of infrastructure funds.,42,21,How Exiting,3,46,Exhibit 17 Exit channels in China and India, 2000-2010,22,Loading,WHAT,Opportunities Challenges,1,2,3,52,23,What Opportunities,1,54,Clean tech, e.g.: renewable resources, recycling and pollution-control equipment. Conversations around water coolers are not about whether investments will earn returns, said Jolly, but rather about how large the returns will be.,China,India,A booming market The Internet sector (esp. popular TMT and e-commerce),24,58,25,Appendix,26,
