发展中国私募基金燕郊PPT模板.ppt

PrivateEquity inDevelopingCountries 小丸子小新 Present By WHY HOW WHAT of 1 Loading WHY PrivateEquityDevelopingCountriesChina India 1 2 3 of 2 WhyPrivateEquity AttractiveReturn MitigateRisk BusinessUncertainty Hard to valueAssets InfoAsymmetries of 1 3 Exhibit1 WhyDevelopingCountries 2 Exhibit2HighergrowthLowerleverageHighrateofjobcreationSupportforsmallercompany 4 WhyDevelopingCountries EU36 26 Asia Oceania27 15 2 Exhibit3For2010 2011 Asia Oceania sshareishigherthanboththeEU15andtheUSA 5 WhyDevelopingCountries EmergingmarketsincreaseUSoneofcountriesthatdeclinedfastest 2 Exhibit4 5Theindexmeasures sizeofgov expenditures taxes enterprises legalstructureandsecurityofpropertyrights accesstosoundmoneyfreedomtotradeinternationallyregulationofcredit labor andbusiness 6 WhyDevelopingCountries Exhibit6 7BoththeBreadthandtheQualityoftheEmergingMarketPrivateEquityOpportunityhaveImprovedSince2000 2 7 WhyDevelopingCountries AttractivenessofDevelopingCountries EconomicProgress EconomicReformPlanned Capitalist of 2 8 WhyChina India EmergingAsianmarketsNO 1attractivedestinationsforglobalinvestorsChinaNo 1investmenttargetfor9consecutiveyearsIndiaNo 2investmenttarget RisingMiddleClass UrbanMigration IncreasingMarketDemand 3 10 WhyChina India 3 11 Loading HOW FundraisingInvestingExiting 1 2 3 14 HowFundraising FundStructure LimitedliabilitypartnershipUndertheoldPartnershipLaw onlyunlimitedliabilitypartnershipswerepermissible LegalpersonpartnersTheamendedPartnershipLawallowsbothlegalpersonsandindividualstoinvestinpartnerships 1 19 HowFundraising CapitalSource InstitutionalInvestorsWiththeexceptionofinvestmentstargetedtowardsinfrastructure regulationsdon tpermitconventionalsourcesofPEcapitallikeinsurancecompaniesandpensionfundsinIndiatoparticipateinPE DomesticPEfirmsarelimitedtoraisingfundfromnon financialinstitutions IndividualInvestorsDomesticPEfirmsarelimitedtoraisingfundfromaffluentindividualinvestors 1 21 HowFundraising CapitalSource NewPEplayerindevelopingcountry USforeignaid eg USAID UN WorldBank IIC CDC Gov investmentarm EBRD DEG FMO Norfund Quasigovcorp eg OPIC Multilateralfinancialinstitutions eg IFC 2foldrole InvestinFundsasdirectgrant LTloan Provideguarantee 1 22 HowFundraising CapitalSource WhyLocalBasedFundlanguagelocalnetworksexperienceattopUS basedinstitution 1 24 Foranyofthelargeprivate equityfirmsintheWesttobearealplayerinChina youprobablyshouldhaveaRMB dominatedfund DavidRubenstein HowInvesting TypesofInvestment 2 27 HowInvesting TypesofInvestment Privatizations ImprovetheproductivityofSOE privatefirms Accessinvestmentcapital Improveservicedelivery Reducethefiscalburdenofloss makingfirms 2 29 HowInvesting TypesofInvestment Privatizations DevelopingCountries 2 Exhibit13Privatizationindevelopingcountries 30 HowInvesting TypesofInvestment Privatizations Post CrisisDevelopment 2 33 HowInvesting TypesofInvestment InfrastructureFunds MacroNeeds 2 Exhibit16Macroneedsofinfrastructurefunds 42 HowExiting 3 46 Exhibit17ExitchannelsinChinaandIndia 2000 2010 Loading WHAT OpportunitiesChallenges 1 2 3 52 WhatOpportunities 1 54 Cleantech e g renewableresources recyclingandpollution controlequipment Conversationsaroundwatercoolersarenotaboutwheth