Data & Intelligence

Year-End 2017 Global Private Capital Industry Statistics

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Fundraising highlights from EMPEA’s Year-End 2017 Industry Statistics:

  • The composition of fundraising by strategy has shifted as venture capital, infrastructure and private credit continue to gain ground. In line with long-developing trends, the growth equity share of capital raised by EM funds was just 25% over the most recent two-year period (2016-2017), compared to 41% in 2008-2009 and 51% in 2010-2011.
  • Venture capital funds led an upturn in fundraising for first-time teams in 2017, especially in MENA, China and India. Six MENA-focused, first-time funds held closes in 2017, the highest number of new entrants to the region since 2010. Debut funds raised for the region included Five Capital Fund I and Ezdehar Egypt Mid-Cap Fund. Three of the first-time funds that raised capital for MENA in 2017 employ a VC strategy, a sign that new teams with a specific focus on tech-enabled entrepreneurship and innovation continue to find backers.
  • Both experienced and new teams are tapping into LP interest in renewable power and other infrastructure opportunities. Infrastructure fundraising reached US$8.1 billion in 2017 as managers continue to raise capital at scale to address the infrastructure gap in emerging markets. Just under 49% of infrastructure funds raised accrued to funds specifically targeting renewable power. The largest funds raised included Macquarie Asia Infrastructure Fund II (reported commitments of approximately US$3 billion), Actis Energy 4 (US$2.75 billion) and A.P. Moller Capital’s Africa Infrastructure Fund I (US$650 million), a debut vehicle investing in assets that will support the African continent’s continued sustainable development.
  • Private credit fundraising surpassed all previous years on record in 2017. GPs raised US$7.3 billion for EM private credit funds, beating the previous high of US$6.6 billion raised in 2015 and illustrating growing investor interest in credit-oriented strategies.

Investment highlights from EMPEA’s 2017 Year-End Industry Statistics:

  • Consumer services led all other sectors for investment in 2017 at US$17.9 billion in disclosed capital invested, nearly triple the 2008 total. The two largest investments recorded in 2017—Hillhouse Capital Management and CDH Investments’ US$2.2 billion buyout of Belle International (China) and Mid Europa Partners, Cinven and Permira’s US$2 billion1 acquisition of Allegro (Poland)—were both in the e-commerce segment. Over the last decade, capital deployed in consumer services (inclusive of retail, media and travel) has risen at a faster rate than in any other industry category, surpassing both utilities (including power) and health care.
  • Large transactions have accounted for a higher share of disclosed capital invested in growth and buyout deals in recent years. The share of middle-market investments in the US$25 million to US$100 million range, declined to 14% of disclosed capital invested in 2017, compared to one-third of all capital deployed in 2012.

Exit highlights from EMPEA’s 2017 Year-End Industry Statistics:

  • In 2017, publicly disclosed exits via the public market route increased 29%, year-on-year, whereas strategic sales and secondary sales both declined by 29% and 21%, respectively. However, higher levels of global equity market volatility in 2018 may have an impact on fund managers’ plans going forward.
  • Latin America and CEE & CIS stand out amid the public market exits revival of 2017. Fund managers completed public market exits for 14 Latin America-based companies, including 11 IPOs. Fund managers in Central & Eastern Europe followed suit, with 5 private capital-backed IPOs across exchanges in the United Kingdom, Poland, Hungary and Turkey.
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