Issue 23 – Initiate and invest differently Editorial BÉNÉDICTE Faivre-Tavignot Professor affiliated with HEC Paris, co-founder of the chair “Social Business / Enterprise and Poverty” Between the logic of gift and that of profit maximization is emerging in recent years a middle path: that ofsocial business . The idea is based… Read More
The relationship between fund size and performance differs for private equity funds that invest in emerging markets versus those that invest in developed markets. While the difference in performance between larger (>$750m) and smaller funds (<$750m) is relatively insignificant for U.S. and European funds, the performance delta for emerging markets… Read More
This white paper examines the pace and progress of economic development in global growth markets (GGMs), and compares their evolution to the historical economic expansion previously experienced by today’s developed market countries. The results of this analysis show that many GGMs are following the growth paths of countries currently viewed… Read More
Despite the recent economic slowdown, the economies in global growth markets (GGMs) are anticipated to grow significantly faster than developed economies through 2020. GGM equity markets – public and private – differ dramatically from developed markets in terms of maturity, concentration, and access to capital, and understanding these differences is… Read More
This white paper reviews the investment performance of minority and majority investments in global growth markets (GGMs). It finds that contrary to the general preference for majority positions, holders of minority positions in GGM companies fare well in the three major categories of risk. In most cases of notable differences,… Read More
The liquidity constraints brought on by the financial crisis of 2008-2009 and the resulting risk aversion of investors forced global exit markets to recalibrate and adapt to a new economic environment. As the world’s exit markets sought to regain their footing, some investors questioned whether global growth markets (GGMs) would… Read More
Investors in global growth markets (GGMs) are confronting a landscape – driven largely by demographic momentum – that is undergoing significant change and challenge. Yet fundamental strengths suggest that over the medium to longer-term, these markets may offer a wide array of promising opportunities. This white paper discusses three important… Read More
Key takeaways: On Thursday, the European regulator (ESMA) published its advice on the application of the AIFMD passport to non-European fund managers. ESMA’s advice considers 6 non-European jurisdictions – Guernsey, Hong Kong, Jersey, Switzerland, Singapore and the United States – with no timeline or process for when the remaining 16… Read More
The AIFMD marketing passport could be extended to some non-EU managers and funds marketing to professional investors in the EU. Such is the advice from ESMA in relation to the application of the AIFMD (Alternative Investment Fund Managers Directive) passport to non-EU Alternative Investment Fund Managers (AIFMs) and Alternative Investment… Read More
In contrast to last year's study, which was set at a time of more promising economic conditions, this year's research into Latin American private equity (PE) exits has a more challenging backdrop. The year saw GDP growth forecasts revised downward for many of the region's most significant economies, and uncertainty… Read More
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