Data & Intelligence

Legal & Regulatory Bulletin – Issue No. 21, Spring 2017

The EMPEA Spring Bulletin focuses on policy issues as well as treaty changes, tax and proposals for a new model to attract growth capital to businesses operating in the poorest countries.

In this Bulletin our contributors focus on:

  • Rising to the Challenge of Growth Capital Equity Investment in the World’s Poorest Countries – A New
    Model: The impact investing community faces the challenge of aggregating and deploying growth capital equity in the world’s poorest countries. Is there a new model to address this challenge?
  • Accessing Chinese Investor Capital: What does a changing currency conversion policy signal with regard to tapping onshore Chinese investor capital for outbound investment? What are the approval regimes in the context of tightening controls and current policy and what are the likely trends?
  • Unified Investment Structures following the India Mauritius Treaty Protocol: As an increasing number of international investors evaluate India-focused private funds, what are the key considerations when reviewing unified investment structures? Is the India-Mauritius treaty of decreasing relevance in the funds world? Are international investors now willing to invest “onshore” India?
  • The “Phantom Tax” and how Emerging Market Fund Investors Might Reflect on Balancing Distribution Provisions: What drives the “phantom tax” and how does it impact emerging market fund sponsors under various fund
    distribution structures?
  • A Review of Instruction 578 on the “Fundos de Investimento em Participações” or “FIPs” in Portuguese)
    now expressly allowing FIPs to invest abroad and the applicable conditions: Does the gray area clear and the door open to positon Brazil as Latin America’s hub for Private Equity and Venture Capital?
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