EMPEAEmerging Markets Private Equity Association (Washington, DC)
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"The fallout has prompted many limited partners (LPs) to expand the scope of their due diligence processes to include a closer look at the internal operations and governance arrangements of fund managers," EMPEA said.
"Recently there have been a number of positive indicators for sub-Saharan Africa's future exit environment, including interest from global or developed markets-focused GPs, such as Permira and TPG, in sub-Saharan Africa-based companies," says Molly Brister, senior research analyst at EMPEA.
The International Monetary Fund has forecast in its 2014 World Economic Outlook that that Middle East and North Africa region will be the third fastest growing region in the next 5 years and data cited by EMPEA indicates that MENA as a bloc constitutes a $3.3 trillion economy.
Total capital invested in emerging markets declined by 12 percent to $23.7 billion last year from $26.9 billion in 2011, according to Empea. By contrast, investment in Latin America increased by 53 percent from $3.2 billion in 2011 to $5 billion last year via 121 deals, representing a 21 percent share of emerging-market private equity Empea found.
Sarah Alexander, president of EMPEA, said: "African funds raised through June already exceeded the full year 2009 total, and some sizeable funds being raised point to a return to precrisis levels."
The Middle East and North Africa in total witnessed $91 million fundraising in the first half, according to EMPEA, which manages a global proprietary database of private equity activity across the emerging markets.
"Investors recognise that emerging economies are the only ones still growing, and they know that, since private equity deals in emerging markets don't rely on debt, the collapse of the global leveraged finance markets won't impede deal flow,'' said EMPEA president Sarah Alexander.
ra Africa East Africa 2003 2,200 406 417 NA 350 2004 2,800 1,777 714 NA 545 2005 15,446 2,711 1,272 791 1,915 2006 19,386 3,272 2,656 2,353 2,946 Multiple Total Regions 2003 116 3,489 2004 618 6,454 2005 3,630 25,765 2006 2,580 33,193 Source: EMPEA (Emerging Markets Private Equity Association) 2007.
Total capital invested in sub-Saharan Africa in 2013 reached a five-year high of $1.6bn, a 43% increase on 2012, according to the Emerging Markets Private Equity Association (EMPEA).