Turkey’s unique geographic location has long been one of its defining characteristics: a country positioned at the nexus of civilizations and trade routes. While its recent history has been one of macroeconomic volatility, today, Turkey is widely perceived as an island of stability standing between two regions facing immense challenges.
Mexico’s private equity fund managers are in high spirits. Although the industry is small and relatively nascent, local GPs contend that Mexico holds strong prospects for high returns—pointing to a robust pipeline of proprietary deals and low valuations compared to the significantly more competitive Brazilian market. Perhaps most importantly, new regulations are having the desired effect of prompting local public pension funds, which manage approximately US$120 billion in assets, to begin investing in private equity. As local investors increase their exposure to the asset class, a growing set of international LPs are expected to follow.
Across the emerging markets, regulatory changes are gradually enabling domestic institutional investors—particularly pension funds—to commit capital to private equity. Through market profiles of Brazil, Colombia, Peru, Mexico and Chile, this report examines local pension fund participation in the asset class in Latin America, both to provide a guide to where potential pools of capital reside for GPs, and to demonstrate emerging models for greater domestic institutional investor involvement.
Market participants assert that global impressions of Russia are not aligned with reality and that local opportunities are far better and risks more manageable than investors imagine. This perception arbitrage opportunity, combined with escalating valuations and competition in Russia’s sister BRICs, may set the stage for a resurgence of investor interest in Russia.
While it is too soon to speculate about the potential long-term consequences of the unrest unfolding across North Africa, EMPEA’s members are expressing confidence that this chain of events will result in more stable, faster-growing economies that will present private equity players with compelling investment opportunities and more investor-friendly domestic regimes. This report includes analysis and commentary from Abraaj Capital, Citadel Capital, TunInvest-AfricInvest Group and Swicorp.
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