For this year's GVCA
report, an online survey was conducted in May of 2010 with 25 regional private equity professionals, including the top General Partners by funds under management.
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Last year witnessed the start of the consolidation of the industry and the survival for the fittest," said Imad Ghandour and Ihsan Jawad of the GVCA.
The GVCA pointed out that three major funds which together closed $850 million in 2008 "have since been cancelled as has a fund that raised $250 million in 2009.
However, the GVCA, which held a press conference in Dubai to announce the results of the report, was more upbeat about the future, noting that private equity firms in the Middle East and North Africa raised $1.
The GVCA report did say that venture capital received significant attention in 2009 and that the seven transactions were estimated at $25 million, something it claims was a substantial increase over previous years.
What the press release didn't mention, but the GVCA report does (on page 38, under 'Focus of investment/ regional split of PE Investments'') is that Pakistan, a country currently in the midst of considerable political and economic turmoil and upheaval, received 22 per cent of the investments.
The majority of funds, according to the GVCA report, are Middle East and North Africa (MENA) focused, with Turkey sometimes included as part of that region.
Imad Ghandour, Chairman of the GVCA Information & Statistics committee, said, "The economic fundamentals of the region remain strong and are supported by aggressive fiscal policies.
The GVCA report compiles comprehensive information and statistics about private equity funds and investments across the Middle East, and contains nine articles on current topics in the industry.
Ihsan Jawad, CEO of Zawya and board member of GVCA
, said "Private Equity in the region is developing in many ways that are unique in comparison to the developed world.