Data & Intelligence

Legal & Regulatory Bulletin – Issue No. 16, Winter 2016

We are delighted to share with you the 16th issue of the EMPEA Legal and Regulatory Bulletin. Our contributors explore the changing nature of the legal and regulatory environments in which many of you operate and offer helpful insights into how risks can be mitigated for specific investment strategies.

In this Bulletin we focus on:

  • The main risks in emerging market power generation projects and key ways to mitigate those risks. A template and matrix identify the risks and our contributors explore the value of international arbitration to resolve disputes via bilateral or multilateral investment treaties or free trade agreements.
  • China’s accelerated pace of regulatory reform and new routes for domestic capital to invest offshore, including in private offshore funds; and how patience and preparation can help potential managers and investors.
  • How the US Department of Labor’s repeal of restrictive guidance is unlocking pension fund investments in impact funds – for the first time pension fund managers may consider environmental, social and governance factors when making investments. “Today, we [will] finally catch up to the breathtaking change we’ve seen in this space over the past few decades” said US Department of Labor Secretary Perez. Find out why.

We have contributors hard at work on the Spring Bulletin, which will focus, amongst other things, on the growing secondaries market for emerging market private fund interests.

We are committed to exploring the ways that our members can use EMPEA’s resources, including its advocacy and research capabilities, its publications and the Legal and Regulatory Council, to enhance their businesses. We welcome suggestions for topics to be explored in future issues of the Bulletin. If there’s anything private capital-related on your mind or crying out for attention, please let us know.

EMPEA’s Regulatory Affairs unit works closely with our Legal & Regulatory Council, Board and members to develop and oversee efforts to support optimal legal, regulatory and tax practices and policies in emerging markets that facilitate efficient private equity investment and foster private capital’s role as a contributor to economic growth, job creation, infrastructure development and retirement security. Do share your thoughts directly with Ann Marie Plubell, EMPEA VP Regulatory Affairs, plubella@EMPEA.net.

Finally, I am delighted to remind readers and members of EMPEA’s research data, statistics and market maps including EMPEA’s recent report “Private Investing in the Power Sector in Emerging Markets”. In addition, the EMPEA Legal & Regulatory Guidelines can be found on the EMPEA website in seven languages including Portuguese, Burmese, simplified Chinese and Arabic. Finally, I look forward to seeing many of you at IFC’s Global Private Equity Conference in association with EMPEA in Washington, DC on 10-11 May 2016.

Warm wishes during the winter season,

Mark Kenderdine-Davies
General Counsel, CDC Group plc
Chair, EMPEA, Legal & Regulatory Council

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