PE在新兴市场的经验-精品.pptVIP

Roger Leeds 3 Premises About PE in Emerging Markets 1st generation PE funds, with few exceptions, have not met expectations of all stakeholders (M. Barth) Principle explanation for poor performance -- unrealistic assumption that VC model from U.S. could be successfully exported to EMs Case for PE in EMs as compelling as ever, but model must be adjusted on almost every level in order for revitalize asset class credibility The Rationale For PE in Emerging Markets is Compelling A broad global consensus -- private sector development (PSD) in EMs highly desirable Disconnect, however, between advocacy of PSD and financing of PSD Result has been sharp bifurcation of private sector-- most firms have limited access to capital : Banks don’t bank except for lending to govt. largest, most creditworthy firms Domestic securities markets either non-existent or only open to largest companies International markets a non-starter except for very largest…. PE has potential to bridge gap for vast middle market between family friends, and public markets 2 Roger Leeds PE in Emerging Markets: Unmet Expectations PE performance leaves no room for ambiguity: cash returned relative to amount invested, and timing of disbursements PE exit data closely held, but anecdotal evidence (e.g., IFC) confirms industry consensus that EM returns well below expectations taking longer to be realized Litmus test for all PE funds: ability to attract follow-on funding 2002– PE fund raising for L. Am. Asia (ex-Japan) at lowest levels since 1993; no better in other regions Relevance of U.S. VC Model Key factors for VC success in U.S. Europe are largely absent in EMs: Macroeconomic stability Receptive private sector policy environment Confidence-inducing legal framework Well-established corporate governance, accounting financial reporting standards Professional management culture at level of both the firm and PE fund Active cooperative post-investment rol