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Quarterly Review a Publication of the Emerging Markets Private Equity Association ● Volume V, Issue 2, Q2 2009 June 2009

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Quarterly Review a Publication of the Emerging Markets Private Equity Association ● Volume V, Issue 2, Q2 2009 June 2009 Emerging Markets Private Equity Quarterly Review A Publication of the Emerging Markets Private Equity Association ● Volume V, Issue 2, Q2 2009 June 2009 Viewpoint In This Issue The first half of 2009 has been a dismal time for private equity and venture capi- tal firms worldwide, and emerging markets PE fund managers are seeing their FEATURES share of challenges. The recent upswing in the emerging markets stock indices gives hope that the impact of the financial crisis has already hit bottom in these markets, ahead of developed countries. But even if this trend holds—and it is not Plugging the Financing Gap: yet clear it will—private equity and venture capital fund managers in developing Is There a Growing Role for countries are not out of the woods yet. Mezzanine and Debt Funds? 3 Fundraising for EM PE remains very difficult, with Q1 2009 totals down 71% year-on-year, with no clear rebound in sight. LPs retain a positive outlook for new 2009 LP Survey Results: EM PE investment opportunities and expect outperformance from legacy and LPs Still Find Emerging Markets new funds relative to developed market buyouts. However, near-term financing Private Equity Attractive Despite constraints among many Western LPs will limit their ability to commit substantial Global Economic Downturn 8 funds to the asset class this year. In the midst of this crisis, the financing gap for developing market companies is Fundraising and Investment raising its head, as equity and debt availability is constrained. Fund managers and Slows in Q1 2009 11 development finance institutions are looking at innovative ways to fill the gap us- ing debt and mezzanine fund structures and vehicles, but these nascent efforts are not yet off the ground. Digging for Gold: In the meantime, GPs are laser-focused on their existing portfolios, most of which Global Private Equity contain one if not more businesses whose plan is off-track due to the financial Reports You Should Read 14 crisis. As the Cambridge Associates benchmark statistics show, one-year returns for the asset class have fallen dramatically. While one-year returns are not a har- binger of real returns for this long-term asset class, they do represent the extent 11th Annual Global to which fund managers have had to write down their portfolios both to fairly rep- Private Equity Conference resent current business challenges and to conform with FAS 157 requirements by Highlights —Washington, DC 16 incorporating public market comparables, if available, in their valuations. Most fund mangers appear to have taken their major write downs at year-end 2008, driving the one-year return to -32%—a painful result, but not as bad as the MSCI EM NEWS AND Data Index as of that date (-53%) or the Western European PE Index (-40%). Member News 18 Despite the gloom, there remains optimism about the long-term outlook for EM PE. The record number of registrants (700) at the 11th Annual IFC/EMPEA Global PE Conference signals a commitment among the industry’s professionals Funds Launched & Closed 20 to work through this crisis. Additionally, the consensus among speakers at the conference was clear: although the number of funds active in the market will decline in the short-term, there will be solid survivors capable of capitalizing on Notable EM PE Exits & IPOs 21 extraordinary opportunities going forward as valuations drop. The growth capital model remains intact in these markets. The need for equity financing isn’t going away and growth continues, so the best fund managers should be well placed EMPEA Members 22 to ride through the storm. Featured Events 24 Sarah E. Alexander, President Emerging Markets Private Equity Association Emerging Markets Private Equity Association 1055 Thomas Jefferson St. NW, Suite 650, Washington DC 20007 Tel: +1.202.333.8171 www.empea.net About EMPEA The Emerging Markets Private Equity Asso- ciation (EMPEA) is an independent, member- Executive Editor based global industry association that pro- Sarah E. Alexander motes greater understanding of and a more favorable climate for private equity and ven- Editorial Director ture capital investing in the emerging markets Jennifer Choi of Africa, Asia, Central/Eastern Europe and Russia, Latin America, and the Middle East. Writing and Research Holly Freedman EMPEA was founded in 2004 with the be- Harrison Moskowitz lief that private equity can be a critical driver Nadiya Satyamurthy of economic growth in emerging markets Scott Scheide while simultaneously generating strong re- turns for investors. Production Blue House In support of its mission, EMPEA: www.bluehouse.us • Researches, analyzes and disseminates authoritative global information on emerg- © 2009 Emerging Markets Private Equity Association ing markets private equity; • Convenes meetings and conferences All rights reserved. Emerging Markets Private Equity Quarterly Review is around the world; a publication of the Emerging Markets Private Equity Association. Neither • Offers professional development programs this publication nor any part of it may be reproduced, stored in a retrieval including monthly Webcasts; and, system, or transmitted in any form or by any means, electronic, mechanical, • Collaborates with stakeholders from photocopying, recording, or otherwise, without the prior permission of the across the globe. Emerging Markets Private Equity Association. EMPEA’s members represent more than 50 Subscriptions countries and over $500 billion in assets un- For subscription or single issue purchase, visit www.empea.net or email empea@ der management. empea.net. Subscription for one year (4 issues) is US$495. EMPEA members receive the Emerging Markets Private Equity Quarterly Review for free. Advertising Opportunities The Emerging Markets Private Equity Quarterly Review offers readers an Become a Member analytical and factual look at private equity investing in emerging markets. The Quarterly Review features include regional and country market analysis, an The Emerging Markets Private Equity overview of current trends in the industry, benchmark data from Cambridge Association is the only global body that repre- Associates, and guest articles from leading thinkers and practitioners. sents the growing industry of emerging mar- Its readership comprises a broad array of private equity fund managers, kets private equity. As a leading global player, institutional investors, service providers, and other key stakeholders in the EMPEA offers features that meet the needs of industry from more than 50 countries. a broad range of institutions active in emerg- ing markets, including General Partners (GPs), Advertising opportunities are available for upcoming issues. For more Limited Partners (LPs), business associations, information, please contact Cristiane Nascimento, Communications and service providers, multilateral and academic Marketing Manager, at [email protected] or +1.202.333.8171. institutions, and governmental bodies. EMPEA For more information on how to become 1055 Thomas Jefferson Street NW, Suite 650 a member visit www.empea.net or con- Washington, DC 20007 USA tact Kyoko Terada at [email protected] or Tel: +1.202.333.8171 • Fax: +1.202.333.3162 +1.202.333.8171. www.empea.net 2 EM PE Quarterly Review Vol V Issue 2, Q2 2009 Plugging the Financing Gap: Is There a Growing Role for Mezzanine and Debt Funds? EMPEA’s first quarter statistics confirm that the emerging markets In these markets, there’s been have not been immune to a dramatic slowdown resulting from the relatively little debt financing global financial crisis. Both fundraising and investment figures have dropped in the first three months of 2009, recording a 71% decline if any, and when there is, it has often in total funds raised and a 69% decline in the aggregate value of in- come at the last minute and is typically vestments made compared to the same time period of the previous sourced locally. That has to change year. In addition, while select emerging markets were previously able to take advantage of a growing supply of acquisition finance to fund because the commercial banks are not deals, the global credit crunch has generally halted lending activity. involved the way they used to be.” —David Creighton, Cordiant Capital More than a year into a changed investment climate, fund managers attest that senior debt—both for acquisitions and long-term capital investment—has generally dried up or become cost-prohibitive. This nancial crisis. The emerging markets in general have witnessed a article explores alternative financing options available to enterprises in smaller percentage of defaults, as deals within these regions were emerging markets for both expansion capital and private equity trans- often structured based on organic growth assumptions regarding an action-related finance. In particular, private debt and mezzanine funds underlying company as opposed to complex financial engineering. are two vehicles that are increasingly garnering attention as much ink has been spilled in recent months speculating on a surge (or resur- However, while the debt markets have not completely closed, the gence) in demand for these financing options to fill the vacuum left by consensus remains that senior lending is nearly impossible to get at commercial banks and other debt providers. any price for the average small or medium enterprise (SME). Lenders are more cautious about which companies and projects they back. In Private debt funds are a relatively new financing structure in the China, India and Brazil, local commercial banks remain quite
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