NOTE: GPCA’s methodology for calculating overall investment activity has been updated for the year-end 2020 data release. As in the past, only deals with participation by blind-pool private capital funds backed by institutional investors are included in reporting. However, whereas previously ‘capital invested’ figures included only sums committed by private capital funds, in this release, the total value of each investment (including contributions by co-investors and acquisition or project financing) is reported.

GPCA has instituted this change in order to reflect increased participation of pension and sovereign wealth funds and corporate investors as co-investors alongside private capital funds. Our intention is ultimately to provide a more accurate and comprehensive picture of both individual transactions and the scale of activity across markets.

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GPCA’s industry data and analysis provide an overview of fundraising, investment, and exit activity among private capital investors active in the emerging markets of Africa, Asia, CEE, Latin America and the Middle East. Unless stated otherwise, the information presented in GPCA reports and data products is drawn from GPCA’s proprietary research database, FundLink, and is based on data obtained from surveys of industry participants, direct communications with fund managers, press releases, trade publications, and exchanges with regional and local venture capital associations. Fundraising, investment, and exit amounts in GPCA reports have been confirmed wherever possible directly by fund managers and other transaction participants. GPCA updates historical data on a semi-annual basis as new data from private capital investors and other sources is compiled in FundLink. Any discrepancies between the aggregate statistics published by GPCA and the ‘constituent’ data on individual funds and transactions included in tables and raw data files can be attributed to confidential information that has been omitted from public reporting.

GPCA’s reporting covers activity by long-term, private, direct investment funds that are backed by institutional investors — along with their co-investors — across the following asset classes: private equity and venture capital, private credit, and private infrastructure and real assets. These asset classes may be collectively referred to as ‘private capital’. GPCA data and analysis exclude activity from real estate funds, fund of funds, secondaries funds, traditional investment holding companies, corporate/strategic investors, government-owned or -managed entities, and captive investment vehicles, as well as funds investing primarily in publicly-traded equity or debt securities—except where these entities are co-investing in included transactions.


Reported fundraising totals reflect only official closes (interim and/or final) as reported in primary and secondary sources or directly by fund managers. Capital commitments accruing prior to or between official closes are not included in reporting.


GPCA classifies investments into one of three asset classes—private equity and venture capital, private credit, and private infrastructure and real assets—and into one of the following deal types: buyout, secondary buyout, growth, venture capital, replacement capital, secondary portfolio, PIPE, mezzanine, or debt. Venture capital includes seed, early-stage, and late-stage investments. When determining how an investment should be classified, GPCA takes into account the typical investment strategy of the fund manager(s) and other investors involved, the type of security acquired, the reported round number or type of transaction, the development stage of the company at the time of investment, the company’s business model, and the type of product or service that the company provides.

Only investments with participation by private, long-term, direct investment funds (as outlined above) are included in reporting. However, for each included transaction, the total value of the deal (including participation by co-investors and acquisition or project financing) is counted toward aggregate totals.

Purchases of LP stakes by secondary buyers and fund restructurings are excluded from reporting.


Aggregate data on exit activity in emerging markets can be subject to significant selection bias in the reporting of such transactions. Accordingly, exit data is only included in GPCA reports and data products on a select basis and should not be treated as a comprehensive picture of all emerging markets exit activity, but as a sampling of exits from a given market or time period.


GPCA data and statistics are compiled based on the ‘market’ approach. Fundraising activity is categorized based on the countries, sub-regions, or regions in which fund managers intend to invest, while investment activity is categorized based on the country headquarters of investee companies. For companies registered in offshore financial centers or developed markets, but operating exclusively or predominately in emerging markets, investment activity is categorized based on the geographic footprint of the operations of investee companies. In the case of regional and global or multi-regional funds, only those funds investing primarily in emerging markets are included in fundraising totals (e.g., pan-Asia funds with a significant portion of capital intended for investment in China and India). Country-dedicated fundraising data and statistics reflect only those funds with a single-country strategy or mandate. Target allocations to individual markets within a broader global or regional fund are not attributed to single-country fundraising totals.

Regions in GPCA reports are defined as:

  • Africa: Africa, including North Africa.
  • Asia: Asia Pacific, excluding Japan, Australia, and New Zealand. Includes Afghanistan and Pakistan.
  • Central and Eastern Europe (CEE): European Union accession countries (2004), Southeastern Europe (excluding Greece), and Turkey, as well as Russia and other CIS countries.
  • Latin America: Mexico, Central, and South America and the Caribbean (excluding Puerto Rico and other overseas territories and departments).
  • Middle East: Gulf Cooperation Council (GCC), Iran, Iraq, Jordan, Lebanon, Palestinian Territories, Syria, and Yemen.

Additional Notes

Abbreviations commonly used in GPCA reports:

EM – Emerging markets

PE – Private equity

VC – Venture capital

GP – General partner (fund manager)

LP – Limited partner (fund investor)

In some exhibits in GPCA publications, percentage labels may not sum to 100% due to rounding. In all tables in which it appears, ‘N/A’ denotes a confidential or otherwise undisclosed value.