發(fā)展中國家的私募基金

PrivateEquityin

DevelopingCountries小丸子小新PresentBy發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第1頁!WHYHOWWHATof1發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第2頁!LoadingWHYPrivateEquityDevelopingCountriesChina&India123of2發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第3頁!WhyDevelopingCountries“Economicgrowthremainstheprimarydriverofincreasingemergingmarketprivateequitycommitments.

Source:”2Exhibit2HighergrowthLowerleverageHighrateofjobcreationSupportforsmallerpany4發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第4頁!WhyDevelopingCountriesEmergingmarketsincreaseUSoneofcountriesthatdeclinedfastest2Exhibit4&5Theindexmeasures:sizeofgov,expenditures,taxes,enterprises,legalstructureandsecurityofpropertyrights,accesstosoundmoneyfreedomtotradeinternationallyregulationofcredit,labor,andbusiness6發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第5頁!WhyDevelopingCountriesAttractivenessofDevelopingCountriesEconomicProgressEconomicReformPlannedCapitalist1989BradyPlanRestructureexternaldebtBoosteconomichealthIncreaseinvestorconfidenceTaxReformLowertaxoncapitalgainsRelaxRestrictionofForeignInvestmentEncourageequityinvestment&stockmarketgrowthImproveAccounting&DisclosureStandardsLowerinvestingcostsDiminishinfoasymmetriesof28發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第6頁!WhyChina&India3111980sForeigndirectinvestmentallowed:4economiczones(1990everycity)19901ststockexchange2001JoinWTO20042ndboardforSMEs—liquidityfor29.3mSMEs(contributes

75%workforce,51%GDP2004Legalizedtheownershipofprivateproperty

gavecorporationaninfinitelife2006Bankruptcylaw—frameworkofbankruptcyinprivateandstate-ownedenterprises,clearproceduresforinsolvententerprisetorestructureorexitallotmentoptiononIPOs,oneyearlockup發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第7頁!HowFundraising–FundStructureLimitedliabilitypartnership

UndertheoldPartnershipLaw,onlyunlimitedliabilitypartnerships werepermissible.Legalpersonpartners

TheamendedPartnershipLawallowsbothlegalpersonsand individualstoinvestinpartnerships119發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第8頁!HowFundraising–CapitalSourceNewPEplayerindevelopingcountryUSforeignaid(eg.,USAID),UN,WorldBank,IIC,CDCGov.investmentarm:EBRD,DEG,FMO,Norfund,Quasigovcorp.(eg.OPIC)Multilateralfinancialinstitutions(eg.IFC)2foldroleInvestinFundsasdirectgrant/LTloanProvideguarantee122發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第9頁!HowInvesting:TypesofInvestment227發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第10頁!HowInvesting:TypesofInvestmentPrivatizations--DevelopingCountries2Exhibit13Privatizationindevelopingcountries.30發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第11頁!HowInvesting:TypesofInvestmentInfrastructureFunds:MacroNeeds2Exhibit16Macroneedsofinfrastructurefunds.42發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第12頁!LoadingWHATOpportunitiesChallenges12352發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第13頁!ThankYouThankYou58發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第14頁!WhyPrivateEquityAttractiveReturnMitigateRiskBusinessUncertaintyHard-to-valueAssetsInfoAsymmetriesof13Exhibit1發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第15頁!WhyDevelopingCountriesEU36%

26%

Asia/Oceania

27%15%2Exhibit3For2010&2011,Asia/Oceania'sshareishigherthanboththeEU15andtheUSA5發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第16頁!WhyDevelopingCountriesExhibit6&7BoththeBreadthandtheQualityoftheEmergingMarketPrivateEquityOpportunityhaveImprovedSince2000.27發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第17頁!WhyChina&IndiaEmergingAsianmarketsNO.1attractivedestinationsforglobalinvestorsChinaNo.1investmenttargetfor9consecutiveyearsIndiaNo.2

investmenttargetRisingMiddleClassUrbanMigrationIncreasingMarketDemand310發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第18頁!LoadingHOWFundraisingInvestingExiting12314發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第19頁!HowFundraising–CapitalSourceInstitutionalInvestorsWiththeexceptionofinvestmentstargetedtowardsinfrastructure,regulationsdon’tpermitconventionalsourcesofPEcapitallikeinsurancepaniesandpensionfundsinIndiatoparticipateinPE.DomesticPEfirmsarelimitedtoraisingfundfromnon-financialinstitutions.IndividualInvestorsDomesticPEfirmsarelimitedtoraisingfundfromaffluentindividualinvestors.121發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第20頁!HowFundraising–CapitalSourceWhyLocalBasedFundlanguagelocalnetworksexperienceattopUS-basedinstitution124Foranyofthelargeprivate-equityfirmsintheWesttobearealplayerinChina,youprobablyshouldhaveaRMB-dominatedfund.“”--DavidRubenstein發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第21頁!HowInvesting:TypesofInvestmentPrivatizationsImprovetheproductivityofSOE(<<privatefirms)Accessinvestmentcapital&ImproveservicedeliveryReducethefiscalburdenofloss-makingfirms229發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第22頁!HowInvesting:TypesofInvestmentPrivatizations--Post-CrisisDevelopmentCrisiscreatedpressuresforprivatizationgrowingbudgetdeficitsincreasedgovernmentspendinganddecliningrevenuesIndia:

mandatoryforallprofitableSOEs

tooffer>10%

ofsharesRussian:

anambitiousprogramtogeneraterevenues.Awaveofnationalizationsmayhappen.Truth:govinterventionsmainlyindevelopedcountries,primarilyasatemporaryrescue,notapermanent

takeoverThelegalandinstitutionalframeworkremainsinplaceRegulatoryandcorporategovernancereformsinresponsetothecrisis233發(fā)展中國家的私募基金共26頁，您現在瀏覽的是第23頁!HowExitingIPOStronglinkbetweenhealthofIPOmarketandthe