Infrastructurean Overview of Trends in Select Sectors and Markets April 2009

Total Page:16

File Type:pdf, Size:1020Kb

Infrastructurean Overview of Trends in Select Sectors and Markets April 2009 InfrastructureAn Overview of Trends in Select Sectors and Markets April 2009 Sector Snapshot nfrastructure is among the sectors poised to benefit during the global financial Estimated Annual Emerging Markets crisis. Private investment will play a growing role over the medium term, as gov- Infrastructure Spending 2008–2011 ernments in emerging economies look to leverage trade surplus-derived reserves I Country/Region Projected Ann. into stimulus spending focused in large part on sorely needed and long overdue infra- Spending (US$B) structure investment. Recently announced stimulus packages across several larger China 725 emerging markets include spending plans averaging US$20 billion annually over the GCC 400 next 3-5 years. According to Merrill Lynch, infrastructure expenditure (public and pri- Russia 325 vate) in the emerging markets is projected to grow by 80% over the next three years, India 240 with an estimated US$2.2 trillion to be spent annually. China, the Middle East and Brazil 225 Russia account for 70% of the projected total. Mexico 120 Governments are increasingly seeking private capital via partnerships (public-private Turkey 65 partnerships, or PPPs) to lower their risk exposure and maximize returns on taxpayer South Africa 60 dollars. Private equity investors are not only pursuing these newly available project Eastern Europe 45 development and finance opportunities, but also injecting a growing pool of capital Total EM Sampling 2,205 into infrastructure-related sectors—particularly trade (e.g., ports and logistics), com- Source: Merrill Lynch munications (e.g., cell phone towers), engineering & construction, and utilities (e.g., continued on page 2 Investment Commitments to Infrastructure with Private Equity Funds Raised for Infrastructure, Private Participation in Emerging Markets, Emerging Markets vs. Developed Markets, 2003–2007 (US$B) 2005–Q1 2009 (US$B) 200 35 30 150 25 20 100 US$ Billions 15 US$ Billions 10 50 5 0 0 2003 2004 2005 2006 2007 2005 2006 2007 2008 Q1 2009 Africa Middle East LatAm & Carib. CEE & CIS EM Asia Developed Markets Funds Emerging Markets Funds Source: World Bank PPI Project Database. Note: Reflects total public investment Source: EMPEA, Preqin, Probitas Partners. that includes private investment component (e.g., partnership). © 2009 Emerging Markets Private Equity Association 1 EMPEA Insight: Infrastructure April 2009 Comparative Infrastructure Indicators for a Sampling of Emerging Market Countries, 2009 Electric Power Access to Access to Treated/ Access to Sanitation Total Telephone Consumption Electricity Clean Water Services Subscribers* (kwh per capita) (% of population) (% of population) (% of population) (per 100 inhabitants) China 987 99% 77% 44% 57 India 380 43% 86% 33% 13 Indonesia 411 53% 77% 55% 27 Egypt 1,073 94% 98% 70% 34 South Africa 3,860 66% 88% 65% 82 Mexico 1,660 NA 97% 79% 62 Brazil 1,776 95% 90% 75% 68 Russia NA NA 97% 87% NA Average for Upper 2,621 83% 92% 84% 88 Middle Income Countries Source: World Bank and Public-Private Infrastructure Advisory Facility (PPIAF), PPI Project Database. *Telephone subscribers include fixed line and mobile users. water treatment, power generation and distribution). Private Capital Raised by Infrastructure Focused Private equity fundraising for infrastructure investment in emerging Equity Funds, by Geographic Focus, 2008 markets grew 147%, from US$3.4 billion raised in 2007 to Asia US$8.4 billion in 2008; capital raised by developed market Multi-regional funds fell 26% during the same period, from 2007’s total of US$27.9 billion to US$20.5 billion in 2008. Governments Middle East alone are unlikely to supply the entire US$7 trillion to be CEE & CIS spent in emerging economies over the next three years, leav- LatAm & Carib ing a clear role for private equity to help fill the gap between Africa capital supply and demand. Source: EMPEA. / Note: Includes all funds with closes in 2008. EMPEA Insight Editorial Director Jennifer Choi [email protected] Fundraising and Writing and Research Alexander Adrian [email protected], Harri- son Moskowitz [email protected], Holly Freedman freed- Investment Trends [email protected], Nadiya Satyamurthy [email protected] Infrastructure is one of the fastest growing sectors for private Production Manager Cristiane Nascimento [email protected] equity funds focused on the emerging markets. Along with a Advertising Opportunities number of dedicated infrastructure vehicles launched since EMPEA Insight offers readers an overview of the data and drivers 2007, the majority of generalist emerging market private eq- behind investment trends in emerging markets private equity. Each issue of EMPEA Insight provides an opportunity for a single uity funds now include infrastructure sectors in their invest- exclusive back page advertisement. Issue-specific placements are ment mandates. on a first come, first served basis. For a list of upcoming issues In 2005, only US$5.2 billion was raised globally for infra- and more information about advertising opportunities and rates, contact Cristiane Nascimento at [email protected]. structure funds. By 2008, that number had grown more than About EMPEA five-fold to US$28.9 billion. Funds raised for emerging market . The Emerging Markets Private Equity Association is a broad-based infrastructure opportunities nearly quadrupled from US$2.3 membership organization founded in 2004 that focuses on the billion to US$8.3 billion during the same period, due both to emerging private equity markets of Africa, Asia, CEE, Russia/CIS, the rising number of specialist vehicles as well as the growing Latin America, and the Middle East. sizes of the funds coming to market. continued on page 3 2 © 2009 Emerging Markets Private Equity Association April 2009 EMPEA Insight: Infrastructure According to industry source Preqin, 27% of the infrastruc- ture private equity funds worldwide that closed in 2007 and Asia 2008 were raised by first-time fund managers, and 42% by Asia drew the most capital for infrastructure in 2008, with fund managers new to infrastructure. Among the 210 emerg- 11 funds raising a total of US$4.7 billion, representing over ing market funds that raised capital in 2008, 29 funds were half of the total raised by infrastructure-focused funds for the targeting infrastructure, including 18 specialist funds and 11 emerging markets. According to Merrill Lynch, Asia also repre- funds with infrastructure as a primary or secondary focus. sents the largest portion of projected infrastructure spending among emerging economies, with India and China together Recently closed emerging market infrastructure funds aver- accounting for US$965 billion, or 44% of the total projected age approximately US$400 million, compared with US$1.6 over the next three years. Areas of particular need in Emerg- billion among global infrastructure funds; however, fund siz- ing Asia include power, water treatment and sanitation, and es in emerging markets are catching up. On average, emerg- telecommunication infrastructure. ing market infrastructure funds in the market in 2009 are targeting US$1.2 billion, driven by a number of funds with Even at lower GDP growth in 2009—currently, projected at fundraising goals exceeding US$1 billion. Globally, an es- 5–6%, down from 9%—China’s electricity capacity growth re- timated US$102 billion is being raised for infrastructure in quirements are estimated at roughly 8–10% annually, or the 2009, with emerging market funds accounting for as much equivalent of building the UK’s electricity system each year as US$30 to US$40 billion of that collective target. for the foreseeable future. Between 2008 and 2010, China is expected to increase its power generating capacity by 40%, Investment by private equity firms in infrastructure projects on top of an 80% increase in capacity between 2000 and and related sectors in emerging markets totaled at least 2008. While the Chinese government currently limits foreign US$3 billion in 2008, based on EMPEA’s sample of 59 deals. investment in conventional power generation projects related The appetite for infrastructure investments is expected to to construction and operation of its power grid due to national grow in 2009, as infrastructure asset prices continue to fall security concerns, alternative and renewable energy, particu- from bubble levels and as governments further refine and roll larly wind power generation, is emerging as a sector where out PPP programs. In addition, infrastructure is one of the foreign investors have been able to establish a foothold. few sectors for which bank financing remains accessible— often through local banks unaffected by the global financial Pan-Asian infrastructure specialists seeking investment op- crisis. Fund managers report that infrastructure deals are portunities on the mainland include JP Morgan’s US$1.5 bil- still comparatively easy to finance, although investments in lion Asian Infrastructure & Related Resources Opportunity infra-related operating companies (rather than projects or as- Fund and the recently launched US$1 billion Standard Char- sets) still require little to no leverage. tered IL&FS Asia Infrastructure Growth Fund. A number of government-sponsored industrial investment initiatives are Distribution of Projected Global Infrastructure also supplying the sector with capital—for example, the China Spending, (2005–2030), Total Approx. US$40 Trillion Science and Merchants Capital Management Fund. China- dedicated generalist vehicles with an active infrastructure in- Water
Recommended publications
  • Staying Ahead…
    Annual Report 2008 Staying Ahead… TM & © Turner Entertainment Co. (s09) …in a Surreal 2008 EFG-Hermes One region. One investment bank. EFG-Hermes is the leading investment bank in the Arab world and the market leader in securities brokerage, investment banking, asset management, private equity and research. Contents 02 Overview of the Firm 04 Chairperson’s Foreword 06 From the Chief Executives 08 Highlights of 2008 10 Management Discussion and Analysis 13 Executive Committee 14 Lines of Business 24 Maximizing Governance, Minimizing Risk 26 Corporate Social Responsibility 28 Board of Directors 31 Audited Financial Statements TM & © Turner Entertainment Co. (s09) Overview of the Firm Financial History Securities Investment Brokerage Banking Total Revenues (EGP bn) EFG-Hermes Securities With an unrivalled track 08 2.2 Brokerage enjoys market record advising lead- 07 2.6 leadership in five direct and ing private companies, 06 1.2 six indirect markets across governments and listed 05 0.8 the Arab world, making it corporations from of- the region’s largest and fices around the region, 04 0.2 most diverse broker serving EFG-Hermes Investment 0 500 1,000 1,500 2,000 2,500 3,000 more than 600 global and Banking has raised more regional institutions and than USD 12 billion in over 26,000 high net worth equity for its clients Fee & Commission Income (EGP mn) and retail clients. through public offerings, 08 1,620 secondary offerings and 07 1,720 private placements, and 06 899 completed more than USD 19 billion in M&A 05 796 transactions in the past 04 182 decade.
    [Show full text]
  • Development of Private Equity Funds in the Czech Republic
    Univerzita Karlova v Praze Fakulta sociálních věd Institut ekonomických studií Diplomová práce 2008 Petra Sedláková Univerzita Karlova v Praze Fakulta sociálních věd Institut ekonomických studií DIPLOMOVÁ PRÁCE Development of Private Equity Funds in the Czech Republic Vypracovala: Bc. Petra Sedláková Vedoucí: Prof. Ing. Michal Mejstřík, CSc. Akademický rok: 2007/2008 Prohlášení Prohlašuji, že jsem diplomovou práci vypracovala samostatně a použila pouze uvedené prameny a literaturu. V Praze dne 19. května 2008 Petra Sedláková Poděkování Děkuji panu Prof. Ing. Michalu Mejstříkovi, CSc. za rady a připomínky a panu Ing. Jiřímu Bohalovi za cenné a četné diskuze a podněty při psaní této práce. Dále bych ráda poděkovala Jennifer Vandermosten z EVCA za poskytnutí dat. TEZE DIPLOMOVÉ PRÁCE Termín státní zkoušky: Letní semestr 2007/2008 Autor diplomové práce: Bc. Petra Sedláková Vedoucí diplomové práce: Prof. Ing. Michal Mejstřík, CSc. Téma: Předpokládaný budoucí vývoj akvizičních aktivit finančních investorů a českém trhu Charakteristika tématu Přelom tisíciletí byl v České republice ve znamení fúzí a akvizicí. Zatímco předchozím rokům dominovaly tzv. strategické akvizice, tedy převzetí podniku za účelem jeho rozvoje a využití růstových příležitostí, v současné době se začínají dostávat do popředí akvizice finanční neboli spekulativní. Při nich se tuzemští finanční investoři zaměřují na střednědobé projekty s jasnými kritérii, tj. stávají se standardními private equity fondy. Tyto fondy postupují tak, že podnik koupí, restrukturalizují a v horizontu 3–7 let opětně za účelem dosažení zisku prodají. Neuvažují dlouhodobě, ale spekulativně. Proto jsou schopné akceptovat vyšší rizika, a tudíž nabídnout vyšší cenu než strategický investor. Ve své diplomové práci bych se chtěla zaměřit právě na private equity fondy v České republice, a to od počátku jejich působení na našem trhu, přes současnost, až k možným scénářům budoucího vývoje.
    [Show full text]
  • EFG Hermes and Qinvest Enter Into a Definitive Agreement to Create the Leading Investment Bank in the Arab World and Beyond
    EFG Hermes and QInvest Enter into a Definitive Agreement to Create the Leading Investment Bank in the Arab World and Beyond Cairo May 5, 2012: EFG Hermes Holding S.A.E (“EFG Hermes”) and QInvest L.L.C. (“QInvest”) announced that they have entered into a definitive agreement involving EFG Hermes’ Brokerage, Research, Asset Management, Investment Banking and Infrastructure Fund businesses (the “Business”). Pursuant to the agreement, EFG Hermes and QInvest will enter into a joint venture at the level of EFG Hermes Qatar LLC (“EFG Hermes Qatar” or the “JV Company”), to be 60% owned by QInvest and 40% owned by EFG Hermes. The JV Company shall be the entity holding the Business post-closing. This announcement follows the initial press release on March 26, 2012, when the two parties agreed to explore a potential strategic alliance with the aim of creating a leading investment bank with operations in the Arab world and beyond, comprehensively covering the Middle East, Africa, Turkey and South and South East Asia. EFG Hermes’ position as the largest provider of investment banking, asset management and brokerage services across the Arab world will be strongly complemented by QInvest’s financial strength and client base. The aim will be to offer an enhanced product offering to QInvest’s extensive corporate and private client base in Qatar and the GCC region and to use the combined platform and resources to expand the joint venture’s reach into the fast growing regions of Sub-Saharan Africa and South and South East Asia. QInvest’s clients will benefit through the developed platform of EFG Hermes from direct access to the investment bank’s services in markets across the Arab world, as well as to trading platforms on the major Arab exchanges.
    [Show full text]
  • Bricks and Mortar
    MORE THAN BRICKS AND MORTAR Infrastructure-as-asset-class: Financing development or developing finance? A Critical Look at Private Equity Infrastructure Funds1 by Nicholas Hildyard The Corner House2 1 Sources for further information, including hyperlinks, have been given throughout this report where possible. Website addresses were correct at the time of writing. Please notify The Corner House of any broken link: enquiries AT thecornerhouse.org.uk 2 The author would like to thank Isabella Besedova, Theodoros Chronopoulos, Peter Frankental, Jutta Kill, Tom Lines, Larry Lohmann, Doug Norlen, Sarah Sexton, Antonio Tricarico and Beck Wallace for their invaluable comments on early drafts of this paper. 1 “When the capital development of a country becomes the by-product of the activities of a casino, the job is likely to be ill-done.” John Maynard Keynes, General Theory of Employment, Interest and Money, 1936 “The last quarter century of ‘deregulation’ involved the introduction of a vast array of new legal mechanisms and regulations by national governments to protect the interests of investors and shareholders. This must be dismantled; and new legal mechanisms and regulations must be introduced nationally to subordinate investment capital to democratic requirements established in international human rights standards.” Peter Rossman and Gerard Greenfield, Financialization: New Routes to Profit, New Challenges for Trade Unions, 20061 Introduction Political discourse is often conducted in code. Where policy proposals or actions are likely to engender strong opposition or cause affront to the public, euphemisms are used (“collateral damage” for “dead civilians”, “land disturbance” for “mining”, “environmental enhancement” for “canalising rivers”)2 or concepts are employed that direct the conversation elsewhere.
    [Show full text]
  • Infrastructure Development Finance Company Limited
    PROSPECTUS – TRANCHE 2 Dated January 4, 2011 INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED (Infrastructure Development Finance Company Limited (the “Company”), with CIN L65191TN1997PLC037415, incorporated in the Republic of India with limited liability under the Companies Act, 1956, as amended (the “Companies Act”)) Registered Office: KRM Tower, 8th Floor, No.1 Harrington Road, Chetpet, Chennai 600 031 Tel: (91 44) 4564 4000; Fax: (91 44) 2854 7597 Corporate Office: Naman Chambers, C-32, G-Block, Bandra-Kurla Complex Bandra (East), Mumbai 400 051 Tel: (91 22) 4222 2000; Fax: (91 22) 2654 0354 Compliance Officer and Contact Person: Mahendra N. Shah, Company Secretary E-mail: [email protected]; Website: www.idfc.com PUBLIC ISSUE BY INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED (“COMPANY” OR “ISSUER”) OF LONG TERM INFRASTRUCTURE BONDS OF FACE VALUE OF RS. 5,000 EACH, IN THE NATURE OF SECURED, REDEEMABLE, NON-CONVERTIBLE DEBENTURES, HAVING BENEFITS UNDER SECTION 80 CCF OF THE INCOME TAX ACT, 1961 (THE “BONDS”), NOT EXCEEDING RS. 34,000 MILLION FOR THE FINANCIAL YEAR 2010 - 2011. THE BONDS WILL BE ISSUED IN ONE OR MORE TRANCHES SUBJECT TO THE OVERALL LIMIT OF RS. 34,000 MILLION FOR THE FINANCIAL YEAR 2010- 2011 UNDER THE SHELF PROSPECTUS FILED WITH THE STOCK EXCHANGES AND SEBI ON SEPTEMBER 23, 2010. THE SECOND TRANCHE OF THE BONDS FOR AN AMOUNT NOT EXCEEDING RS. 29,289.64 MILLION (THE “ISSUE”) SHALL BE ISSUED ON THE TERMS SET OUT IN THIS PROSPECTUS TRANCHE – 2. The Issue is being made pursuant to the provisions of Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008, as amended (the “SEBI Debt Regulations”).
    [Show full text]
  • Global Equity Capital Markets Review
    Global Equity Capital Markets Review FIRST QUARTER 2020 | MANAGING UNDERWRITERS Global Equity Capital Markets Review First Quarter 2020 | Managing Underwriters Global Deals Intelligence Global Initial Public Offerings GLOBAL ECM ACTIVITY HITS FOUR-YEAR LOW, AMIDST RECORD VOLATILITY $50 400 Equity capital markets activity totaled US$126.6 billion during the first quarter of 2020, a 2% decline $45 compared to a year ago and the slowest annual period for global equity capital markets activity since 350 Thousands 2016. By number of issues, 927 ECM offerings were brought to market during the year, a 2% decrease compared to a year ago and a four-year low. Amidst record market volatility, March 2020 ECM volume $40 decreased 60% compared to February of this year, marking the slowest month for global equity capital 300 markets proceeds since October 2011. $35 250 MARCH IPO PROCEEDS DOWN 37%; FIRST QUARTER GLOBAL IPOs UP 75% $30 Global initial public offering activity during the first quarter of 2020 totaled US$25.8 billion, a 75% increase compared to last year and the strongest opening period for global IPOs since 2018. IPOs on $25 200 US exchanges increased 39% during the first quarter of 2020, while China-domiciled IPOs totaled $20 US$11.0 billion during the first quarter of 2020, a 92% increase and a nine-year high. During the March 150 2020, global IPO activity totaled US$6.9 billion, a 37% decline compared to February 2020 and the slowest month for new listings since August 2019. $15 100 $10 CONVERTIBLE OFFERINGS DECLINE 35%, FALLING TO FOUR-YEAR LOW Global convertible offerings totaled US$25.4 billion during the first quarter of 2020, accounting for 20% of 50 $5 global equity capital markets activity, compared to 30% during the first quarter of 2019.
    [Show full text]
  • CEE/Cisan Overview of Trends in Select Sectors and Markets March 2009
    CEE/CISAn Overview of Trends in Select Sectors and Markets March 2009 Region Snapshot rivate equity investors face numerous and diverse challenges in the Central and Eastern Europe (CEE) includes: Central & Eastern Europe (CEE) and the Commonwealth of Indepen- Albania Bosnia and Herzegovina dent States (CIS) regions in the current economic climate. Once thought P Bulgaria immune to regional woes, the 10 CEE countries which acceded to the Eu- Croatia ropean Union (EU) in 2004 and 2007 are encountering domestic fiscal and Czech Republic economic problems, and worries about regional systemic risk are mounting. Estonia Hungary Among EU countries, Hungary and Latvia are struggling most. Despite a com- Latvia Lithuania bined US$35 billion in bailout funds from the IMF, GDP is expected to fall by 3% Montenegro in Hungary in 2009, and 12% in Latvia. In the CIS, growing worries about politi- Poland cal risk are compounding economic concerns. Russia’s August invasion of Geor- Republic of Macedonia gia accelerated investor fears, as have tensions surrounding the Anglo-Russian Romania oil joint venture TNK-BP Holding. Fallen energy prices threaten the economic sta- Serbia bility of the oil-centric economies of the CIS. Ukraine’s attempts to prop up its Slovakia Slovenia currency have failed, and the second tranche of a US$16.4 billion IMF bailout Turkey remains in question. Further, the ongoing power struggle between Prime Minis- The Commonwealth of Independent States (CIS) ter Yulia Tymoshenko and President Viktor Yushchenko have heightened worries includes: about Ukraine’s political stability. The IMF projects slight contractions in growth Armenia for both the CEE and CIS sub-regions in 2009, representing a significant slow- Azerbaijan down from growth rates of 5.4% and 8.6% growth, respectively, just two years prior.
    [Show full text]
  • A Mosaic of New Ideas, Products & Markets 2018 Annual Report 3
    2018 ANNUAL REPORT A Mosaic of New Ideas, Products & Markets 2018 Annual Report 3 CONTENTS 04 EFG Hermes at a Glance 10 Chairperson’s Foreword 14 A Note from Our Group CEO 18 Management Discussion & Analysis 28 Sell-Side Platform 32 Frontier 36 Investment Banking Diversity 42 Securities Brokerage 50 Research 54 Buy-Side Platform Cultural diversity in the workplace is a way of appreciating individuals, whether 58 Asset Management they’re from different regions, different countries, or different backgrounds 64 Private Equity — and individuals are the threads that keep our entire institution together. 68 NBFI Platform Bringing in talents from across the globe allows us to weave the fabric of 72 Leasing the Firm with different life experiences, different ideas, and different visions. 76 Tanmeyah As EFG Hermes works to expand its product portfolio, solution offerings, and 80 valU geographic footprint, we’re proud to have built an organization that benefits 84 EFG Hermes Factoring from knowledge across an ever-expanding footprint, solidifying our position as 88 Corporate Governance a full-fledged financial services corporation. 96 Risk and Compliance 102 Our People 108 Board of Directors 116 Executive Committee 124 Corporate Social Responsibility 132 Financial Statements 4 2018 Annual Report 2018 Annual Report 5 EFG HERMES AT A GLANCE EGYPT 6 2018 Annual Report 2018 Annual Report 7 The Leading Financial Services Corporation in FEM Leveraging its 30-year track record of success operating across the Arab world, EFG Hermes has expanded its geographical footprint and diversified its product offering to bring a constantly evolving portfolio of products to clients in some of 75 the world’s most rapidly growing markets in the MENA region, Sub-Saharan Africa, FEMs Covered by EFG and Southeast Asia Hermes Brokerage in 2018 What We Do The Investment Bank EFG Hermes is a leading financial ser- Securities Brokerage erates while simultaneously expanding multaneous transactions.
    [Show full text]
  • LEAGUE TABLES Q1 2020 Preliminary As of 25 March 2020 Q1 2020 PRELIMINARY AS of 25 MARCH 2020
    GLOBAL EQUITY CAPITAL MARKETS LEAGUE TABLES Q1 2020 Preliminary As of 25 March 2020 Q1 2020 PRELIMINARY AS OF 25 MARCH 2020 MANAGER RANKINGS GLOBAL EQUITY, EQUITY LINKED & RIGHTS CONTENTS Bloomberg’s global equity offerings database consists of nearly 87,000 deals (with approximately 43,000 IPOs and over 43,000 additional offerings), and coverage of more than 1. Global market review 500 financial advisors and 500 legal advisors. 2. US market review LEAG<GO> for a full range of league tables 3. Canada market review IPO<GO> for Bloomberg’s equity offerings product 4. Latin America market review Due to the dynamic nature of the Professional Service product, league table rankings may vary between 5. EMEA market review this release and data found on the Bloomberg Professional Service. 6. Asia market review 7. Table criteria DATA SUBMISSIONS AND QUERIES Contact Phone Email North America Larisa Bykova +1 646 324 2355 [email protected] EMEA Dimitri Quemard +44 20 3525 0253 [email protected] Asia-Pacific Zhen Hao Toh +65 6499 2931 [email protected] © 2020 Bloomberg Finance L.P. All rights reserved. Bloomberg Preliminary Global Equity | Q1 2020 Global Equity, Equity Linked & Rights: Industry Breakdown Global Equity Review 8% Financials 22% Q1 2020 credited Global Equity, Equity Linked & Rights volume decreased 3.11% to USD 128.6 Bln while deal count 5% 22% Health Care 18% decreased 8.94% to 906 offerings year-on-year. Global Equity IPO volume increased 73.37% year-on-year to USD 32.2 Bln 6% Consumer Discretionary 16% while the deal count decreased 0.40% to 247.
    [Show full text]
  • Financing Environmental Investments in Croatia
    Financing Environmental Investments In Croatia March, 2002 EURASIAN-AMERICAN PARTNERSHIP FOR ECOLINKS ENVIRONMENTALLY SUSTAINABLE ECONOMIES Financing Environmental Investments in Croatia Introduction The primary purpose of this study is to assess the financing prospects for grantees of USAID's EcoLinks Partnership Grants Program. In the private sector, these grantees are typically SMEs that are seeking financing to purchase environmental equipment that will improve both their environmental performance and operating efficiency. Their investment needs range from $50,000 to $2 million. The study is also relevant to other SMEs and many larger companies in Croatia that will eventually need to invest in environmental improvements in order to comply with EU standards and avoid environmental fees and penalties. At present environmental regulations are not strictly enforced in Croatia, and there are limited market incentives to improve environmental performance. During February 11-22,2002, the study team interviewed representatives of commercial banks, venture capital funds, multilateral financing institutions and Croatian government agencies to identify the funds available for environmental financing and any barriers to accessing those funds. Most of these institutions do not have funding programs specifically developed for environmental investments. However, environmental investments for the private sector are usually covered under funding programs for SME development or other special programs, such as programs for export-oriented industries or new technologies. Although the study focuses on the private sector, a brief section is included on the potential for financing environmental investments in the municipal sector. These investments are usually considered under programs for infrastructure development. PART I: Private Sector Financing Sources of Financing Currently, the principal funding sources for environmental investments are multilateral w organizations, commercial banks, venture capital funds and Croatian government entities.
    [Show full text]
  • THE 2011 RESULTS of the PRIVATE EQUITY and VENTURE CAPITAL INDUSTRY (Budapest, May 15, 2011)
    Dr. Judit Karsai1 THE 2011 RESULTS OF THE PRIVATE EQUITY AND VENTURE CAPITAL INDUSTRY (Budapest, May 15, 2011) The Protracted Crisis Even in 2011, the slowdown caused by the crisis still persisted in the Central and Eastern European (CEE) private equity and venture capital industry. Similarly to Europe as a whole, the first half of 2011 showed signs of recovery; thus, investments and exits of significant value were made in the region. However in the middle of the year, a new wave of the European debt crisis broke the upwards trend. In 2011, the region again represented nearly 3% of European investments; however, the increase in the volume of capital committed for the purpose of investments here in the region reached only one tenth of the European dynamic which signifies the deterioration of the region’s competitive position. However in terms of exits of investors from portfolio companies, the region improved its position in Europe as a result of some very high-value exits; the share of local divestitures rose to 4.5%. In 2011, the Hungarian private equity and venture capital market regained its earlier second position in terms of volume of investments in the region; moreover, in terms of exit value, it was first in the region. The Hungarian market achieved an outstanding position not only in the region but also Europe-wide due to the launch of the activity of the Jeremie funds. In 2011, it ranked sixth in Europe in terms of the ratio of the value of early stage investments i.e. the venture capital investments functioning in the classic sense of venture capital to the GDP.
    [Show full text]
  • CDC Group Plc Financial Review 2009 Our Mission Is to Foster Growth in Sustainable Businesses, Helping to Raise Living Standards in Developing Countries
    CDC Group plc Financial Review 2009 Our mission is to foster growth in sustainable businesses, helping to raise living standards in developing countries. Our investment policy is to make more than 75% of new investments in low income countries* and to invest more than 50% of our funds in sub-Saharan Africa. Contents 2 Statement from the Chairman 4 Our Business 12 Statement from the Chief Executive 14 Board of Directors 16 Business Review – Africa 18 Business Review – Asia 20 Performance Review 28 CDC Universe * Those with an annual gross national income (GNI) per capita of less than US$905. CDC Group plc Financial Review 2009 1 2009 Highlights £359m New investments in developing countries, 61% in Africa £207m Total return after tax £742m1 Other capital mobilised £162m Portfolio cash generated for re-investment in developing countries £1,411m Portfolio of fund investments £207m New commitments to funds in a difficult period for fundraising £1,561m Outstanding commitments to funds 794 Underlying portfolio companies located in 71 countries CDC’s Investment Code Process externally audited for the first time 1 See page 22 for an explanation of how mobilisation is measured. 2 CDC Group plc Financial Review 2009 Statement from the Chairman Richard Gillingwater CBE In the deepest recession that we’ve 2009 also saw the first year of had in many decades in developed CDC’s new investment policy, markets, the emerging markets which the organisation has fully in which CDC invests its capital embraced. The new policy, which showed some positive growth and takes us through to the end of a steady return to financial stability 2013, targets 75% of CDC’s new in 2009.
    [Show full text]