GPCA’s industry data and analysis provide an overview of fundraising, investment and exit activity among private capital investors active in Asia, Latin America, Africa, Central & Eastern Europe 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, venture capital, private credit, infrastructure and natural resources. These asset classes may be collectively referred to as ‘private capital’. GPCA data and analysis exclude activity from real estate funds, funds of funds, traditional secondaries funds, 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 alongside included investors.


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 five asset classes—private equity, venture capital, private credit, infrastructure and natural resources—and into one of the following deal types: buyout, secondary buyout, bolt-on, PIPE, growth, venture capital (incl. seed, early-stage, and late-stage investments, as well as venture debt), replacement capital, secondary portfolio, PIPE or credit (incl. trade finance, senior loan, mezzanine, distress/restructuring, and NPL pool/portfolio). 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 are excluded from reporting. However, GP-led fund restructurings and direct secondary transactions are included.


Data on exit activity in GPCA’s markets can be subject to significant selection bias in the reporting of such transactions. Accordingly, exit data is included in GPCA reports and data products on a select basis and should not be treated as a comprehensive picture of all exit activity in GPCA’s markets.


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 GPCA’s 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 GPCA’s 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 this report are defined as:

  • Africa: All African countries, including North Africa.
  • Asia: GPCA’s Asia-Pacific reporting covers the region 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 America, 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:

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.