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Emerging Markets Private Equity Association
1055 Thomas Jefferson St. NW, Suite 240, Washington DC 20007 tel: +1 202.449.1155 web: www.empea.net
EMERGING MARKETS PRIVATE EQUITYQUARTERLY REVIEWA Publication of the Emerging Markets Private Equity Association
TABLE OF CONTENTS
In This Issue ...... 1
..... 13Global Private Equity
Conference Sells Out
To join EMPEA or advertisein this newsletter, please email [email protected] orcall +1 202.449.1155
Published by EMPEA with assistance from Liberty Global Partners, LLC
While investors have been feeling pain from the sharp six-week decline in emerging
market stock exchanges around the world, the World Bank's recently published
Global Development Finance report indicates that those same exchanges have
increased in value from US$1.7 trillion in 2002 to US$4.4 trillion in 2005. The
report also details how US$6.14 billion was invested in emerging market equities in
2005 and an additional US$237.5 billion was placed in direct investments. In
previous corrections, uncertainty in public markets choked off all investment
activity, but today investors seem to have a longer-term view, and IPOs, bond
issues, and private equity investments are still moving forward. The World Bank
report is a timely reminder that emerging market economies are now deeper and
more fundamentally sound than ever before.
In this issue, our country feature covers China, where the first five months of 2006
private equity investments were a remarkable US$4.96 billion, with no signs of
diminishing. The continuing attraction of the China market is linked in large part to
an enormous improvement in returns over the past few years, as shown in the
Cambridge Associates' emerging markets benchmarking data, which we analyze in
this issue. The achievement of scale in emerging markets private equity is also now
attracting the attention of secondaries market players, which is explored in our
feature on the subject. Long-term confidence in emerging markets private equity
was also a key theme of discussions at the sold-out IFC/EMPEA annual conference
held in Washington, DC in May, which is reviewed in these pages. With a tone of
caution, however, Richard Laing of the CDC argues in a guest article that long-term
growth and success in private equity requires fundamental reform in private equity
structures and incentives. Finally, investors would be unwise to ignore completely
the recent public market corrections, which impact private equity exits, portfolio
valuations and overall confidence. EMPEA will continue to monitor these
predicting the future cashflows and ultimate exit of portfolio
companies, and to predict with confidence in emerging markets
we need to understand the patterns of the IPO market, the trade
sale markets, etc. The inflection point we are seeing is that
those markets are now becoming more predictable."
David de Weese of Paul Capital agrees. "In our previous funds,
we didn't need the capability to be forensic about pricing
emerging markets funds," he says. "We are now deploying the
resources for that more line-by-line approach."
An important question is what percentage of the US$60 billion
in emerging markets NAV will turn over in the secondaries
market. A 2003 McKinsey study calculated that 3.2% of US
funds changed hands during their lifetime, and most analysts
believe that percentage has now grown to 5% or more. In
emerging markets, however, less than 1% of funds have
changed hands, according to AIG's Foushee.
This difference can be accounted for in part by the fact that
poor performance among emerging markets funds in the late
'90s, combined with the lack of forensic pricing ability, led
secondary players to offer very steep discounts on emerging
markets funds. "The bid ask spread was pretty wide" says
Foushee.
In addition, a significant percentage of emerging market fund
investments has been held by Development Finance Institutions
(DFIs), such as the International Finance Corporation, the Asian
Development Bank, and country-specific development
Secondary Buyers, continued from page 8
Country Feature: China, continued from page 5
organizations such as The Netherlands Development Finance
Company (FMO), and the Overseas Private Investment
Corporation in the US. These DFIs typically do not encounter
the situations that often prompt mainstream LPs to sell, such as
a need for liquidity or portfolio rebalancing. DFIs also typically
play a role in developing and training emerging markets
managers, and the desire to maintain that relationship can be a
disincentive to sell.
Some secondary funds are hoping to see DFIs sell their LP
interests, and the DFIs have reportedly been receiving offers to
buy their stakes. By selling funds, "the DFIs could really help
develop the asset class and show LPs a path to liquidity," says
Foushee of AIG. Wilton of the IFC notes that the IFC is not
opposed in principle to selling fund holdings, but he believes
going prices in the market are too low to be of interest, given
the significant value of the funds in their portfolio.
Roel Messie, Director of Special Situations at FMO, notes that
his institution is being approached on a "quite regular basis."
No transactions have been completed to date, but FMO is
actively entertaining offers for funds in regions where it is no
longer active.
1 This article focuses on the purchase and sale of existing LP interests in private
equity funds. Other strategies that fall under the term secondary are not covered
here, such as the direct purchase of portfolio companies by secondary buyers.
Pat Dinneen of Siguler Guff believes that China is already
changing the fundamental assumptions that most private equity
investors hold. For Dinneen, "Early stage investing has already
been redefined in China, because young companies quickly get
revenue and profits making growth capital style investing
possible at an earlier stage."
The China market is having an impact on the private equity
world. Some of the western world's leading fund managers are
transforming their organizations, re-evaluating their posture
towards market segments, and rushing to build relationships
with new generations of Chinese talent. Meanwhile, a band of
newly independent Chinese private equity professionals are
leading the way in key areas, perhaps altering the makeup of
what LPs will consider the global top quartile, or conversely
taking investment capital into new rough territory, and giving
LPs exposure to new levels of risk. Whether future returns from
China have a positive or negative effect on global LP returns,
what is clear is that China is increasingly a part of the global LP
investment profile.
1 All data is from the Asia Private Equity Review (APER) unless otherwise noted.2 China Statistics Bureau, China Development and Reform Commission, SME
division.
EMERGING MARKETS PRIVATE EQUITY ASSOCIATION
1055 Thomas Jefferson St. NW, Suite 240, Washington DC 20007 tel: +1 202.449.1155 web: www.empea.net
Database, Standard & Poor's, and Morgan Stanley Capital International.
MSCI data provided “as is” without any express or implied warranties.
25
20
15
10
5
0
-55 Year 3 Year 1 Year
Dec-05
IMPROVEMENT IN EMERGING MARKETSVC & PE INDEX, DEC 2003 TO DEC 2005
%
Dec-04
Dec-03
Return Horizon
Chart 1
18
16
14
12
10
8
6
4
2
01996 1997 1998
US PE Median
TOP QUARTILE EMERGINGMARKETS COMPARED WITH MEDIAN
US & WESTERN EUROPE
%
1999 2000
EMPE Top Quartile Break Point
Year
Chart 2
THE EM PRIVATE EQUITY BENCHMARK CONTINUES ITS ASCENT
Dec 31, 2005 Data
EM VC & PE Index
Asian PE Index
CEE Russia PE Index
Lat Am PE Index
US PE Index
US VC Index
W. Eur PE Index
MSCI EM Index
S&P 500
CAMBRIDGE ASSOCIATES EMERGING
MARKETS PE INDEX1
1 Yr
21.87
13.78
50.26
14.71
27.35
7.90
24.70
34.54
4.91
3 Yr
19.24
16.47
30.58
10.95
24.93
7.30
28.42
38.35
14.40
5 Yr
4.95
5.06
15.34
-6.81
10.07
-9.89
19.91
19.44
0.54
10 Yr
4.06
3.67
10.25
-3.62
13.37
39.34
21.13
6.98
9.07
Table 1
EMPEA is Recruiting a Director of Research
EMPEA is looking for a Director of Research to manage its research initiatives. Reporting directly to the Executive Director, s/he will develop a work program that establishes the priorities, outputs and research budget for the organization; work with the ED to develop negotiated agreements with 3rd party service providers to execute research on EMPEA's behalf and manage those relationships; and develop, manage and implement EMPEA's own research efforts, including semi-annual fundraising, investment and exit data for the asset class.
The ideal candidate will have at least 3-5 years of solid work experience (more work experience will be viewed favorably), preferably in research related to private equity or international finance/business. S/he must be a highly motivated self-starter, with the ability to excel in an entrepreneurial environment and mobilize creative solutions for a start-up organization.
Compensation is competitive with non-profit organizations and commensurate with experience. Further details on how to apply are available from EMPEA's website: www.empea.net.
EMERGING MARKETS PRIVATE EQUITY ASSOCIATION
1055 Thomas Jefferson St. NW, Suite 240, Washington DC 20007 tel: +1 202.449.1155 web: www.empea.net
larger fund, with US$10 million in fees per annum (US$50
million in fees over five years), is not being correctly
incentivised to deliver what the LP needs.
Within CDC's own portfolio, we are currently paying US$52
million per year in management fees to large funds compared to
US$12.7 million for smaller funds. As an LP investor devoted
to building a sound reputation for private equity in new
markets, it deeply concerns me to find a situation in which a
manager may be living in great luxury, driving an excessively
expensive car, and renting vast luxurious office space, yet
failing to deliver a single dollar to his investor. This scenario
has the potential to undermine the integrity of our industry and
can sow the seeds of a public backlash against private equity,
particularly in emerging markets, that would be damaging for
all of those who are profiting responsibly from it. For larger
funds, I believe there is merit in a declining fee from 2% to 1%,
or a fee based on a particular proposed cost structure.
Smaller funds face the opposite challenge in that a 2%
management fee is often too constraining for a fund to carry out
continued on page 12
As LPs pour billions of dollars into the private equity asset
class, I am concerned that the industry is blindly following a set
of metrics that is creating a fundamental misalignment of
interests. In large funds, outsized management fees damage our
asset class by creating an image of excess and sowing the seeds
of lethargy that I fear will come back to us in ten years' time in
the form of reduced returns from poorly incentivised teams. On
the other hand, there is a considerable bias against smaller
funds because management fees may simply not be sufficient to
launch a true private equity programme, and the industry is
thereby stifling innovation in an asset class that prides itself as
being cutting edge. As CEO of one of the largest investors in
private equity funds in emerging markets, I believe that LPs and
GPs alike must be true custodians of this important asset class
of private equity, and reform some of our core incentives.
The problem begins with the industry's blind devotion to the 2%
management fee. If the standard 2% is uniformly applied both
to a large fund of US$500 million, requiring a team of some
fifteen to twenty people, and a small fund of US$25 million,
requiring some six to ten people, a potentially unhelpful
situation is created. One could argue that the manager of the
Guest Article: Fee Structures, continued from page 11
its mission. This is especially concerning for an industry that is
dependent on innovation and creativity. A recent example of a
smaller fund gave me cause for concern. This first-time fund,
with talented people operating in a particularly tough
investment environment, underperformed because the team
lacked sufficient resources to monitor its investments to the
degree it wanted. With the benefit of hindsight, perhaps a
higher management fee would have helped that team,
positioning it better to raise a follow-on fund and deepening the
private equity asset class in this important market.
Since smaller funds are often first-time players, the industry
norms are actually creating a disincentive for the development
of new teams. I believe the industry should consider higher
management fees of up to 3% for smaller funds as well as lower
hurdle rates to ensure that smaller fund managers are
incentivised to reach for a carried interest. These more
favourable incentives for the GP should perhaps be offset by a
lower carry, possibly in the range of 10%. This structure would
help new funds get off the ground, and even though their
overall upside potential might be capped in the short term, they
would have the opportunity to demonstrate a track record and
position themselves for follow-on activity.
Similarly, the usual ten-year life of a fund should be flexible.
Where lack of liquidity for exits is a feature of the economy in
question, a longer fund life may be considered. In markets
where the opportunity is more quickly realized, GPs would do
well to propose shorter fund life periods. In India, CDC
recently had a sensible proposition for a fund life of five years
with a two-year extension for a PIPE fund, where there is high
liquidity and the investment thesis was short term. CDC would
like to see more of this kind of tailored approach. It
demonstrates quality of thinking on the part of the GP and
encourages LP confidence that the same creative skills will be
applied to the investments within the fund itself.
I believe reform of private equity incentives is crucial, but the
industry must also remain aware of the difficulties GPs face in
raising funds and securing a range of investors. Every GP has
experienced the challenges of corralling a number of investors
with different approaches around a single set of terms. That is
why the responsibility for finding more tailored incentive
packages lies with LPs and GPs alike.
What is the cost of not pursuing change? We risk creating more
and more damaging examples of excess, and at the same time
excluding more and more capable new players from entering
this exciting industry. As private equity is booming in Asia,
Eastern Europe, and South Africa, and is spreading steadily in
sub-Saharan Africa, Latin America and South Asia, I believe
our industry is at the forefront of globalization, and we must
take care to appropriately represent the positive power of
private sector investment. I am completely supportive of
successful GPs generating wealth for themselves when they are
delivering returns for their investors, but it is essential that the
public and private interests involved in the money fuelling
global economic growth are properly guarded.
Richard Laing is the Chief Executive Officer of CDC, the UK Government-owned development finance institution and one of the larger LPs in emerging markets private equity, with a portfolio of $1.6 billion. CDC's mission is to generate wealth, broadly shared, in emerging markets, particularly the poorest countries, by providing capital for investment in sustainable and responsibly managed private sector businesses.
EMERGING MARKETS PRIVATE EQUITY ASSOCIATION
1055 Thomas Jefferson St. NW, Suite 240, Washington DC 20007 tel: +1 202.449.1155 web: www.empea.net
EMERGING MARKETS PRIVATE EQUITY
GLOBAL PRIVATE EQUITY CONFERENCE SELLS OUT AT 600
The IFC 8th Annual Global Private Equity Conference held in association with EMPEA on May 11-12, 2006 in Washington, DC,
attracted 600 emerging markets private equity professionals for two full days of substantive content, intensive discussions, and almost
constant networking.
Co-Founder & Managing Director of The Carlyle Group David Rubenstein gave the audience an overview of the history of emerging markets private equity and an idea of which countries will follow in the footsteps of the BRIC regions.
EMPEA's Executive Director, Sarah Alexander, discusses the conference with sponsors George Siguler and Drew Guff of Siguler Guff.
IFC’s Private Equity and Investment Funds Director, Haydee Celaya, and Director of Corporate Governance, Teresa Barger, meet up with Claudia Koch of Ethos Technology.
Breakout sessions on regions and key issues were led by industry experts, including Sandeep Reddy of iLabs and Renuka Ramnath of ICICI Venture Funds. Topics included the major regions of the world, small and medium enterprises, clean technology, media, and hedge funds.
Vol II, Issue 2 - Q2 2006 | Page 13
EMERGING MARKETS PRIVATE EQUITY ASSOCIATION
1055 Thomas Jefferson St. NW, Suite 240, Washington DC 20007 tel: +1 202.449.1155 web: www.empea.net
This list represents a sample of exits announced in Q2 2006. This list is not meant to be exhaustive, but rather indicative of the exit
trends in emerging markets private equity. Information is compiled from submissions to EMPEA and from a range of publicly
available news sources. We encourage all fund managers to submit information about their exits to EMPEA on a regular basis for
possible inclusion in the newsletter. Please send information to [email protected].
COUNTRY
Brazil
Brazil
China
China
China
China
India
India
India
Macedonia
Moldova
Romania
South Africa
South Africa
South Korea
Thailand
Thailand
PORTFOLIO COMPANY NAME
Grupo Abril
Lupatech S.A.
Bank of China
China Gren Tech (formerly known as Powercom)
China Paradise Electronics Retail Ltd
GST Holdings Ltd.
AirDeccan
Progeon
Sharekhan
On.Net
Commercial Bank "Moldova-Agroindbank" S.A.
Monopoly Media
Dunlop Tyres International
Reclamation Group Limited
Korea Exchange Bank
Central Plaza Hotel Plc.
Distri-Thai Ltd
DATE OF INVESTMENT
Jul-04
2003, 2004
Dec-05
Dec-03
2005
Dec-04
Mar-05
Apr-02
Oct-00
Sep-00
Jun-05
Apr-05
Mar-98
Apr-00
N/A
N/A
Dec-01
CAPITALINVESTED
US$70.7m
US$23m
US$74m
US$12m
US$60m
US$20.5m
US$55m
US$20m
US$10.6m
US$0.4m
US$1.6m
N/A
N/A
N/A
N/A
N/A
US$4.4m
DATE OF EXIT
May-06
May-06
Jun-06
Mar-06
May-06
Apr-06
May-06
May-06
May-06
Mar-06
Mar-06
Apr-06
Apr-06
Feb-06
TBA
May-06
Mar-06
TYPE OF EXIT
Trade sale to South African media group Naspers for US$86 million
IPO on Bovespa; neither firm divesting at IPO
Partial Exit: IPO on HKSE; share price rose 20% above offer price in first week after listing
Partial Exit: IPO on NASDAQ
Partial Exit: MS will sell 10% of holdings
Partial Exit: 3i took GSST public on the HKSE in June 2005, but made no divestment. In April, received US$18.7 million in return for selling half of its shares
IPO on BSE; undersubscribed, share offering price reduced. Neither firm divesting at IPO
Trade sale to Infosys of all holdings for US$115 million
Secondary sale of Carlyle's stake to General Atlantic; other private equity investors did not divest
Trade sale of SAEF's 59.4% ownership to Slovenain Telecom for US$2.4 million
Open auction to foreign financial investors on the Moldova Stock Exchange
Trade sale to media company in Romania
Trade sale by Ethos-led consortium to Apollo Tyres of India
Management buy-out of Brait II holdings; funded through a Eurobond issuance
Trade sale to Kookim Bank of Lone Star's 51% equity stake. The two groups have signed an agreement with a sale price of US$6 billion, but deal is still pending approval of Financial Supervisory Committee
Secondary sale of 16.2 million shares to Lombard's Thailand Equity Fund for US$15 million
Secondary sale of its entire stake for US$12.5 million to Actis
RETURN
N/A
N/A
N/A
4.35x; 92%IRR ($US)
N/A
N/A
N/A
5.7x
N/A
6.4x; 43% IRR
3.7x; 33.6% gross
IRR
1.63x; 63% IRR
N/A
N/A1.76x book value;
20% premium over market price;
N/A
3.41x; 36% IRR
PRIVATE EQUITY FIRMS
Capital International
Natexis Mercosul Fund, GP Investimentos
Asian Development Bank
Actis
Morgan Stanley Private Equity
3i PLC
ICICI Ventures Funds Management & Capital International
Citigroup Venture Capital International (CVCI)
Carlyle Group
Small Enterprise Assistance Funds
Horizon Capital Advisors LLC
Scimitar Global Ventures
Ethos Private Equity
Brait Private Equity
Lone Star
International Finance Corporation (IFC)
Navis Capital Partners
OTHER PE INVESTORS
N/A
BNDES, CRP
Oaktree Capital Management, LLC,
Och-Ziff Capital Management,
Temasek
Standard Chartered Private Equity, JAFCO Asia
Technology Fund
CDH China Fund
N/A
N/A
N/A
General Atlantic LLC; HSBC Private Equity India Fund,
Intel Capital
N/A
EBRD
N/A
Franklin, Ellerine Brothers, Frangos
N/A
N/A
Lombard Investments
Actis
EMERGING MARKETS PRIVATE EQUITY ASSOCIATION
1055 Thomas Jefferson St. NW, Suite 240, Washington DC 20007 tel: +1 202.449.1155 web: www.empea.net
Abraaj Capital of Dubai and BMA Capital of Pakistan are co-sponsoring a $300 million private equity buyout fund in Pakistan. The fund looks to fully close by September 2006, with targeted internal rate of return of 30%. http://www.abraaj.com/
Actis will invest US$9.6 million in India based Phoenix Lamps Ltd via its Actis India Fund 1 LP and Actis Asia Fund 2 LP, giving them a 14% equity stake investment in the firm. http://www.act.is
AIG Capital has acquired a 30% share of the Frigorifico Mercosul meat packing plant for $21.5 million. This is AIG's second investment in Brazil's agricultural sector. http://www.aiggig.com/
CB Richard Ellis, a Los Angeles-headquartered commercial real estate firm, has acquired a 51% stake in Noble Gibbons, a Russian real estate services firm, from Alfa Capital Partners, a Moscow-based private equity and real estate investment firm. No financial terms were disclosed. http://www.alfacp.ru/eng/
The Wall Street Journal reports that The Carlyle Group has agreed to pay about US$1.3B for the majority stake in Taiwan's Eastern Multimedia Co., one of the country's largest cable television operators. Carlyle has reportedly outbid Newbridge Capital and Liberty Global private equity groups in the deal. http://www.thecarlylegroup.com/
ChrysCapital has exited from Gammon India, a construction company by selling its entire stake in the company at around US$95M in the secondary market. Chrys Capital received 4.75 times its original US$20M investment from 15 months ago. http://www.chryscapital.com
Evolvence Capital of Dubai has announced its $150 million Evolvence India Life Sciences Fund, which will invest in pharmaceutical, biotech, research and drug manufacturing companies in India. The firm named Hari Buggana as the fund's managing director. http://www.evolvence.com/
IDFC Private Equity, a Mumbai-based investment management firm, has raised US$430M for its second fund. IDFC Private Equity Fund II focuses on Indian infrastructure. The firm's portfolio includes GMR Energy, Chalet Hotels and Dehli International Airport. http://www.idfc.com/
Vietnam-based Mekong Capital closed its second private equity fund, the Mekong Enterprise Fund II, with capital commitments of $50 million. http://www.mekongcapital.com/
Paul Capital Partners' Royalty Fund, a leading international healthcare fund, has signed a US$27M deal with the U.S. subsidiary of India's Glenmark Pharmaceuticals Ltd. In return for their financing of the development of 16 dermatological products by Glenmark for the U.S. market, Paul Capital will receive an undisclosed royalty on the net sales of these products, which currently have a total market value of about US$1bn. http://www.paulcapital.com/
SHUAA Partners announced the initiation of its second private equity fund - the Frontier Opportunities Fund I LP targeted to be $100 million to invest in Syria, Lebanon and Jordan. http://www.shuaapartners.com/
Siguler Guff, an investment advisory and fund of funds manager based in New York, has closed its US$600M BRIC Opportunities Fund LP. The new fund of funds will invest in local private equity GPs, as well as make direct co-investments in Brazil, Russia, India and China. The fund's original target size was around US$350M and had to be increased to accommodate strong investor demand. http://www.sigulerguff.com/
MEMBER NEWS – Q2 2006
Emerging Markets Private Equity Association
What is EMPEA… EMPEA is a broad-based membership organization formed to serve private equity and venture capital firms and institutional investors in the emerging markets of Asia, Eastern Europe, Africa, Latin America and the Middle East.
EMPEA’s Core Beliefs are… Private equity investing can be a critical driver of economic growth and opportunity in emerging markets and can generate strong returns for investors. Despite significant differences across emerging market regions, private equity firms face important common challenges and opportunities.
EMPEA’s Mission is… To help strengthen the performance of private equity investing in emerging markets by assisting private equity firms and other stakeholders address industry challenges that are pan-emerging-market in nature.
EMPEA’s Vision is… EMPEA implements targeted programs, in coordination with national and regional venture capital associations, that help improve private equity returns and increase investment flows.
To become a member of EMPEA, please visit our website at: www.empea.netOr call EMPEA at +1 202.449.1155
EMERGING MARKETS PRIVATE EQUITY ASSOCIATION
1055 Thomas Jefferson St. NW, Suite 240, Washington DC 20007 tel: +1 202.449.1155 web: www.empea.net
Q4 2006 continued
Asian M&A ForumMid - October, Shanghai, Chinawww.asianfn.com Asian Business Dialogue on Corporate Governance 2006October 26, Beijing, Chinawww.acga-asia.org The Asian Private Equity Investors Conference (co-hosted by SVCA & PEI)October 30, Singaporewww.privateequityinternational.com 6th AVCA ConferenceNovember 5 - 8, Dakar, Senegalwww.avcanet.com Asian Venture Forum's 19th Annual ConferenceNovember 8 - 10, Hong Kongwww.asianfn.com PE Analyst Limited Partners Summit WestNovember 15 - 16, San Francisco, CAevents.dowjones.com PE Limited Partners Europe Conference November 28 - 29, Savoy, Londonevents.dowjones.com Emerging Markets Forum 2006(co-hosted by EMPEA & PEI)November 30 - December 1, Londonwww.privateequityinternational.com AVF - IndiaDecember 4 - 6, Mumbai, Indiawww.asianfn.com Asian Ventures 2006December 5 - 6, San Jose, CAevents.dowjones.com
Christopher Brotchie Baring Asia, India &Vostok Funds(Sr. Advisor)
Michael Calvey Baring Vostok Capital Partners
Patricia ClohertyDelta Private Equity Partners
Yasser El MallawanyEFG-Hermes Private Equity
Cynthia HostetlerOPIC
Richard LaingCDC Group plc
Roger Leeds, ChairmanJohns Hopkins UniversitySAIS
H. Jeffrey LeonardGlobal Environment Fund
Donald RothEMP Global
André RouxEthos Private Equity Ltd.
George SigulerSiguler Guff & Company, LLC
Pote VidetPrivate Equity (Thailand) Co.,Subsidiary of Lombard
Andrew WilliamsSVG Advisers Limited
Teresa BargerInternational Finance Corp
Thomas BarryZephyr Management, L.P.
Michael BarthDarby Overseas Investments
Antonio BonchristianoGP Investimentos
Woodrow CampbellDebevoise & Plimpton
Ashish DhawanChrysCapital
Paul FletcherActis
Mark JenningsAfrican Venture CapitalAssociation
EMERGING MARKETS PRIVATEEQUITY ASSOCIATION
BOARD OF DIRECTORS
BOARD OF ADVISORS
Josh LernerHarvard Business School
Dennis LockhartChairman, SEAF
Thomas ‘Mack’ McLartyKissinger McLarty Associates
Luis MirandaIDFC Private Equity
David RubensteinThe Carlyle Group
Everett SantosFounder, LAVCA
James Seymour, ChairmanCommonfund Capital
Robert StillmanMilbridge Capital Management, LLC
Paul TierneyChairman, Technoserve
EMPEA’s Board of Directors and Board of Advisors would like to
express sincere gratitude to the Charter Members who have
joined EMPEA, thereby providing the necessary resources to
support the growth of this organization.
NEW CHARTER MEMBERSApril 1 - June 12, 2006
UPCOMING EVENTS OF INTERESTEMERGING MARKETS PRIVATE EQUITY 2006
IEP Capital, LLCOmidyar Network
JOIN EMPEA AS A CHARTER MEMBER!To learn more: [email protected] or +1 202.449.1155
For a complete list of EMPEA's Members, visitwww.empea.net
Q3 2006
European Private Equity COOs & CFOs ForumJuly 5 - 6, London, UKwww.privateequityinternational.com The 2006 Private Equity Strategic Financial Management ConferenceJuly 18 - 19, New York, NYwww.privateequityinternational.com First Annual Master Class on Deals in IndiaJuly 27, New York, NYwww.capitalroundtable.com Private Equity Forum China 2006August 31 - September 1, Shanghai, Chinawww.iqpc.com.cn Private Equity World Middle East 2006September 19 - 21, Dubai, UAEwww.altassets.com 13th Annual PE Analyst ConferenceSeptember 26 - 27, New York, NYpeaconference.dowjones.com Q4 2006 Venture Capital Investing in IndiaOctober 10, San Francisco, CAwww.ibfconferences.com EVCA Venture Capital ForumOctober 11 - 13, Barcelona, Spainwww.evca.com LAVCA LP/GP RoundtableOctober 12, Washington, DCwww.lavca.org
Note: The challenges inherent in gathering data for private equity may result in discrepancies. EMPEA strives to gather and report data that is respected in the industry and to the greatest extent possible based upon the best of available research, whether our own or from a reliable third party.