Private equity fundraising and investing in the emerging markets were both down in the first quarter of 2012, according to recent figures from the Emerging Private Equity Association (EMPEA). Thirty funds raised US$7.8 billion for the quarter to 31 March 2012, compared to 46 funds that raised US$9.9 billion in the first quarter of 2011. In terms of investments, US$4.8 billion was invested in 198 deals during the period, compared to US$8.5 billion in 217 deals completed for the first quarter of last year.
By region, China accounted for the lion’s share of fundraising for the period raising $125 million, followed by India with $400 million and Brazil with $125 million. In terms of amount invested, China again led taking $1,814 million, followed by India with $1,051 million, Brazil with $682 million and Russia with $50 million.
Looking at performance of Asia-focused funds within CalPERS’ private equity portfolio top performers for the 30 September 2011 period include the 2008 vintage Asia Alternatives Capital Partners II which posted an IRR of 32.2% with a 1.5x multiple. Newbridge Asia III, with a more mature vintage of 2003 posted an IRR of 30.8% and investment multiple of 4.4x. Newbridge is part of the Texas Pacific Group fund family. CalPERS’ invesment in 57 Stars Global Opportunities Fund 2 also holds an impressive performer in Chinese venture fund GSR Ventures III which posted an IRR of 88.7% and 2.3 multiple for the period.
This week’s slideshow takes a look the performance of ten of the funds in global emerging markets investor EMAlternatives’ portfolio for the same period. CalPERS has committed $100 million to that fund manager which has a 2007 vintage and has so far generated an IRR of -0.3% and investment multiple of 1x. Vintages within EMAlternatives’ portfolio are still relatively young with the most mature at 2007. The top five performers to date are from 2008 funds, but time will tell as to how these emerging markets funds progress. As of 31 September 2011, Brazil was a top performer for the fund manager and last year saw the LP commit some $5 million to Brazilian fund Vinci Capital Partners II. Scroll down to see who the top emerging market performers so far are for EMAlternatives Investments.
Image credit: Photo of emerging markets signpost courtesy of Shutterstock
[slideshow]
[slide title=” 10. Vinci Capital Partners II-C LP “]
Region: Brazil
Investor: EMAlternatives Investments
Vintage: 2011
Capital Committed: $4,946,809
Total Value (Distributions + Value of Holdings): $537,873
IRR: -34.5
Multiple: 0.80x
[slide title=” 9. Giza Venture Fund V “]
Region: Israel
Investor: EMAlternatives Investments
Vintage: 2008
Capital Committed: $4,946,809
Total Value (Distributions + Value of Holdings): $2,584,181
IRR: -3.7
Multiple: 0.90x
[slide title=” 8. Pacific Alliance Special Situations Fund “]
Region: Asia
Investor: EMAlternatives Investments
Vintage: 2011
Capital Committed: $10,882,979
Total Value (Distributions + Value of Holdings): $2,916,444
IRR: -1.3
Multiple: 1x
[slide title=” 7. Maghreb Private Equity Fund II LP “]
Region: Morocco, Algeria
Investor: EMAlternatives Investments
Vintage: 2008
Capital Committed: $11,714,290
Total Value (Distributions + Value of Holdings): $9,058,328
IRR: -0.9
Multiple: 1.00x
[slide title=” 6. ChrysCapital V, LLC “]
Region: India
Investor: EMAlternatives Investments
Vintage: 2007
Capital Committed: $7,914,894
Total Value (Distributions + Value of Holdings): $4,750,271
IRR: -2.20%
Multiple: 1x
[slide title=” 5. DT Capital China Growth Fund “]
Region: China
Investor: EMAlternatives Investments
Vintage: 2008
Capital Committed: $7,420,213
Total Value (Distributions + Value of Holdings): $6,304,364
IRR: 6.7
Multiple: 1.2x
[slide title=” 4. Pacific Road Resources Fund, LP “]
Investor: EMAlternatives Investments
Vintage: 2008
Capital Committed: $7,420,213
Total Value (Distributions + Value of Holdings): $7,087,635
IRR: 7.9
Multiple: 1.2x
[slide title=” 3. SBCVC Fund 3 “]
Region: China
Investor: EMAlternatives Investments
Vintage: 2008
Capital Committed: $9,893,617
Total Value (Distributions + Value of Holdings): $6,506,107
IRR: 8.6
Multiple: 1.1x
[slide title=” 2. Turkish Private Equity Fund II, L.P. “]
Region: Turkey
Investor: EMAlternatives Investments
Vintage: 2008
Capital Committed: $10,683,400
Total Value (Distributions + Value of Holdings): $10,621,890
IRR: 12.7
Multiple: 1.3x
[slide title=” 1. Patria Brazilian Private Equity Fund 3 “]
Region: Brazil
Investor: EMAlternatives Investments
Vintage: 2008
Capital Committed: $9,893,617
Total Value (Distributions + Value of Holdings): $7,871,852
IRR: 13.4
Multiple: 1.2x
[/slideshow]
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