Data & Intelligence

Data Methodology

EMPEA’s research methodology has been updated as of 5 February 2019. Standard EMPEA investment reporting now includes expanded coverage of direct secondary transactions, including investments for both minority and majority stakes on either a single-asset or a portfolio basis, but excluding purchases of LP stakes and fund restructurings. In addition, 'Sub-Saharan Africa' and 'MENA' have been replaced with 'Africa' and 'Middle East' as top-level regions in EMPEA's geographic classification system. Private capital activity in North Africa will henceforth be included in Africa regional totals in standard EMPEA data releases and reports. 'MENA' totals can be produced for members upon request. For additional details, please contact or +1 202 524 6113.
EMPEA’s industry data and statistics provide an overview of fundraising, investment and exit activity among private alternative asset managers active in the emerging markets of Africa, Asia, Europe, Latin America and the Middle East. Unless stated otherwise, the information presented in EMPEA reports and data products is drawn from EMPEA’s proprietary research database, FundLink, and is based on data obtained from surveys of industry participants, direct communications with fund managers, press releases, trade publications and exchanges with regional and local venture capital associations. Fundraising, investment and exit amounts in EMPEA reports have been confirmed wherever possible directly by fund managers. EMPEA updates historical data on a quarterly basis as new data from fund managers and other sources is compiled in FundLink. Any discrepancies between the aggregate statistics published by EMPEA and the constituent data on individual funds and transactions included in tables and raw data files can be attributed to confidential information that has been omitted from public reporting. EMPEA’s reporting covers activity by long-term, fixed-life, private, direct investment funds backed by institutional investors across the following three asset classes: private equity, private credit and private infrastructure and real assets—collectively ‘private funds’ or ‘private capital’. EMPEA data and statistics exclude activity from real estate funds, funds of funds, secondaries funds, traditional investment holding companies, corporate strategic investors, government-owned or -managed entities and captive investment vehicles, as well as funds investing primarily in publicly traded equity or debt securities.


Reported fundraising totals reflect only official closes (interim and/or final) as reported in primary and secondary sources or directly by fund managers. Capital commitments accruing prior to or between official closes are not included in reporting.


EMPEA classifies investments into one of three asset classes—private equity, private credit, and private infrastructure and real assets—and into one of the following deal types: buyout, secondary buyout, growth, venture capital, replacement capital, secondary portfolio, PIPE, mezzanine, or debt. Venture capital includes seed, early-stage, and late-stage investments. When determining how an investment should be classified, EMPEA takes into account the typical investment strategy of the fund manager(s) involved, the type of security acquired, the reported round number or type of transaction, the development stage of the company at the time of investment, the company’s business model, and the type of product or service that the company provides. Purchases of LP stakes by secondary buyers and fund restructurings are excluded from reporting. In addition, wherever possible, bank (acquisition) financing and co-investment from excluded entities (mentioned in the first section of this note) are excluded from reported investment values, both to ensure continuity across regions and to provide a more accurate picture of the scale and pace of capital deployment by the funds that are the primary focus of EMPEA’s research.


Aggregate data on exit activity in emerging markets can be subject to significant selection bias in the reporting of such transactions. Accordingly, exit data included in EMPEA reports and data products should not be treated as a comprehensive picture of all emerging markets exit activity, but as a sampling of exits from a given market or time period.


EMPEA data and statistics are compiled based on the “market” approach. Fundraising activity is categorized based on the countries, sub-regions or regions in which fund managers intend to invest, while investment activity is categorized based on the country headquarters of investee companies. For companies registered in offshore financial centers or developed markets but operating exclusively or predominantly in emerging markets, investment activity is categorized based on the geographic footprint of the operations of investee companies. In the case of global or multi-regional funds, only those funds investing primarily in emerging markets are included in fundraising totals (e.g., pan-Asia funds with a significant portion of capital intended for investment in China and India). Country-dedicated fundraising data and statistics reflect only those funds with a single-country strategy or mandate. Target allocations to individual markets within a broader global or regional fund are not attributed to single-country fundraising totals Regions in EMPEA reports are defined as:
  • Africa: Africa, including North Africa.
  • Emerging Asia: Asia Pacific, excluding Japan, Australia and New Zealand. Includes Afghanistan and Pakistan.
  • Central and Eastern Europe (CEE) and Commonwealth of Independent States (CIS): European Union accession countries (2004), Southeastern Europe (excluding Greece) and Turkey, as well as Russia and other CIS countries.
  • Latin America: Mexico, Central and South America and the Caribbean (excluding Puerto Rico and other overseas territories and departments).
  • Middle East: Gulf Cooperation Council (GCC), Iran, Iraq, Jordan, Lebanon, Palestinian Territories, Syria and Yemen.


EMPEA’s fund and company sector classifications are based on the Industry Classification Benchmark (ICB), which is owned by FTSE International Limited (FTSE). FTSE® is a trademark of the London Stock Exchange Group companies and is used by FTSE under license. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB. Visit the ICB website for more details.

Additional Notes

Abbreviations commonly used in EMPEA reports: EM – Emerging markets PE – Private equity VC – Venture capital GP – General partner (fund manager) LP – Limited partner (fund investor) In some exhibits in EMPEA publications, percentage labels may not sum to 100% due to rounding. In all tables in which it appears, “N/A” denotes a confidential or otherwise undisclosed value. Access EMPEA's most recent fundraising and investment statistics »
EMPEA represents the leading global investors in EM. I look forward to working alongside to drive much-needed capital for financing entrepreneurs and businesses worldwide.

Renuka Ramnath | Founder, Managing Director & Chief Executive Officer, Multiples Alternate Asset Management Private Limited

EMPEA plays an important and energetic role across the markets it represents, driving outreach and research initiatives, and promoting the role of private capital.

Brian Lim | Partner and Head of Asia and Emerging Markets, Pantheon Ventures

The developed markets have no equivalent to the role EMPEA is playing as a convener and source of trusted information in the emerging markets.

David Rubenstein | Co-Founder and Co-Executive Chairman, The Carlyle Group

I’m honored to join fellow industry pioneers in the leadership of an unparalleled network, filled with first movers, shaping the future of industries and communities.

Dr. Andrew Kuper | Founder and CEO, LeapFrog Investments

EMPEA's market and industry intelligence opens doors to new sources of capital.  I look forward to the future success of EMPEA and its members.

Torbjorn Caesar | Senior Partner, Actis

While there are certainly challenges for the industry, the opportunities abound in our target markets and globally, making a global association like EMPEA more relevant than ever.

Drew Guff | Managing Director & Founding Partner, Siguler Guff & Company