Data & Intelligence

2018 Global Limited Partners Survey

Key findings from the 2018 Global Limited Partners Survey include:

  • A higher proportion of respondents* plans to increase the dollar value of their commitments to EM PE than in any edition of the survey since 2014, suggesting cautious optimism may be in order for EM-focused fund managers.
  • LPs’ reasons for increasing their commitments to EM PE appear to be evolving. When asked why they plan to commit more to EM PE opportunities, 58% of survey respondents indicated they are seeking greater diversification in their PE portfolio, up from 38% of respondents in the 2014 survey. In contrast, half of respondents in the 2015 survey planned to increase their commitments because they expected PE to outperform other EM investment opportunities, but the corresponding proportion in this year’s survey was just 32%. The latter trend may reflect the strong performance of EM public equities in 2017.
  • Reflecting the strong growth in fundraising for EM venture capital and EM private credit documented in EMPEA’s Industry Statistics, the percentage of LPs planning to begin or expand investing via funds employing these strategies has increased over the last two years.
  • While the majority of commercial investors** take environmental and social impact into account when making investment decisions, most do not maintain a dedicated allocation to impact investing opportunities.
  • Southeast Asia has regained the top spot in EMPEA’s market attractiveness rankings, followed by India and China, forming a top three exclusively comprising markets in Emerging Asia. Despite its relative stability at the top of the rankings, Southeast Asia has failed to attract more capital than many markets ranked much lower, though LPs are likely accessing the region through commitments to pan-Asia funds.
* Excludes institutions with EM-only mandates, including DFIs, EM-focused funds of funds and others legally mandated to invest in emerging markets.
** Excludes DFIs, government agencies and LPs exclusively focused on impact investment opportunities.

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