Data & Intelligence
2013 Global Limited Partners Survey
Posted On: 29 May 2013
EMPEA's 9th annual edition of our Global Limited Partners Survey aims to provide EMPEA Members and the broader industry with a greater understanding of how limited partners (LPs) view the emerging markets private equity (EM PE) asset class. This study examines LPs’ plans for future investment, perceptions of individual markets and regions, factors important in the fund manager selection process, barriers to greater investment, and return expectations.
The findings of this Survey are based on data collected from 112 LPs from over 30 countries. Representing public and corporate pension funds, insurance companies, sovereign wealth funds, banks, asset managers, endowments, foundations, family offices, development finance institutions, multilateral organizations and funds of funds, these institutional investors collectively represent disclosed global private equity assets under management of nearly US$430 billion and undrawn commitments of over US$180 billion.
Key findings from the 2013 Global Limited Partners Survey include:
- EM PE Commitments Growing at a Slower Pace as Limited Partners Approach Their Allocation Target
- Sub-Saharan Africa Leads a New Tier of Emerging Markets, Displacing the BRICs as Most Attractive
- Non-BRIC Markets Poised to See the Greatest Increase in PE Commitments
- LPs Remain Bullish on EM Outperformance vs. Developed Markets But Have Lowered Expectations
- Funds Focused on Southeast Asia and Sub-Saharan Africa Expected to Deliver the Highest Net Returns
- Political Risk Remains Primary Deterrent to EM PE Investing But Less Pronounced Barriers Overall
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Rashad Kaldany | Executive Vice-President and Growth Markets, CDPQ
David Rubenstein | Co-Founder and Managing Director, The Carlyle Group