可编辑套装+内容：发展中国家的私募基金

PrivateEquityin

DevelopingCountries小丸子小新PresentByWHYHOWWHATof1LoadingWHYPrivateEquityDevelopingCountriesChina&India123of2WhyPrivateEquityAttractiveReturnMitigateRiskBusinessUncertaintyHard-to-valueAssetsInfoAsymmetriesof13Exhibit1WhyDevelopingCountries“Economicgrowthremainstheprimarydriverofincreasingemergingmarketprivateequitycommitments.

Source:”2Exhibit2HighergrowthLowerleverageHighrateofjobcreationSupportforsmallercompany4WhyDevelopingCountriesEU36%

26%

Asia/Oceania

27%15%2Exhibit3For2010&2011,Asia/Oceania'sshareishigherthanboththeEU15andtheUSA5WhyDevelopingCountriesEmergingmarketsincreaseUSoneofcountriesthatdeclinedfastest2Exhibit4&5Theindexmeasures:sizeofgov,expenditures,taxes,enterprises,legalstructureandsecurityofpropertyrights,accesstosoundmoneyfreedomtotradeinternationallyregulationofcredit,labor,andbusiness6WhyDevelopingCountriesExhibit6&7BoththeBreadthandtheQualityoftheEmergingMarketPrivateEquityOpportunityhaveImprovedSince2000.27WhyDevelopingCountriesAttractivenessofDevelopingCountriesEconomicProgressEconomicReformPlannedCapitalist1989BradyPlanRestructureexternaldebtBoosteconomichealthIncreaseinvestorconfidenceTaxReformLowertaxoncapitalgainsRelaxRestrictionofForeignInvestmentEncourageequityinvestment&stockmarketgrowthImproveAccounting&DisclosureStandardsLowerinvestingcostsDiminishinfoasymmetriesof28WhyChina&IndiaEmergingAsianmarketsNO.1attractivedestinationsforglobalinvestorsChinaNo.1investmenttargetfor9consecutiveyearsIndiaNo.2

investmenttargetRisingMiddleClassUrbanMigrationIncreasingMarketDemand310WhyChina&India3111980sForeigndirectinvestmentallowed:4economiczones(1990everycity)19901ststockexchange2001JoinWTO20042ndboardforSMEs—liquidityfor29.3mSMEs(contributes

75%workforce,51%GDP2004Legalizedtheownershipofprivateproperty

gavecorporationaninfinitelife2006Bankruptcylaw—frameworkofbankruptcyinprivateandstate-ownedenterprises,clearproceduresforinsolvententerprisetorestructureorexitallotmentoptiononIPOs,oneyearlockupLoadingHOWFundraisingInvestingExiting12314HowFundraising––FundStructureLimitedliabilitypartnershipUndertheoldPartnershipLaw,onlyunlimitedliabilitypartnerships werepermissible.LegalpersonpartnersTheamendedPartnershipLawallowsbothlegalpersonsand individualstoinvestinpartnerships119HowFundraising––CapitalSourceInstitutionalInvestorsWiththeexceptionofinvestmentstargetedtowardsinfrastructure,regulationsdon’tpermitconventionalsourcesofPEcapitallikeinsurancecompaniesandpensionfundsinIndiatoparticipateinPE.DomesticPEfirmsarelimitedtoraisingfundfromnon-financialinstitutions.IndividualInvestorsDomesticPEfirmsarelimitedtoraisingfundfromaffluentindividualinvestors.121HowFundraising––CapitalSourceNewPEplayerindevelopingcountryUSforeignaid(eg.,USAID),UN,WorldBank,IIC,CDCGov.investmentarm:EBRD,DEG,FMO,Norfund,Quasigovcorp.(eg.OPIC)Multilateralfinancialinstitutions(eg.IFC)2foldroleInvestinFundsasdirectgrant/LTloanProvideguarantee122HowFundraising––CapitalSourceWhyLocalBasedFundlanguagelocalnetworksexperienceattopUS-basedinstitution124Foranyofthelargeprivate-equityfirmsintheWesttobearealplayerinChina,youprobablyshouldhaveaRMB-dominatedfund.“”--DavidRubensteinHowInvesting:TypesofInvestment227HowInvesting:TypesofInvestmentPrivatizationsImprovetheproductivityofSOE(<<privatefirms)Accessinvestmentcapital&ImproveservicedeliveryReducethefiscalburdenofloss-makingfirms229HowInvesting:TypesofInvestmentPrivatizations--DevelopingCountries2Exhibit13Privatizationindevelopingcountries.30HowInvesting:TypesofInvestmentPrivatizations--Post-CrisisDevelopmentCrisiscreatedpressuresforprivatizationgrowingbudgetdeficitsincreasedgovernmentspendinganddecliningrevenuesIndia:

mandatoryforallprofitableSOEs

tooffer>10%

ofsharesRussian:

anambitiousprogramtogeneraterevenues.Awaveofnationalizationsmayhappen.Truth:govinterventionsmainlyindevelopedcountries,primarilyasatemporaryrescue,notapermanent

takeoverThelegalandinstitutionalframeworkremainsinplaceRegulatoryandcorporategovernancereformsinresponsetothecrisis233HowInvesting:TypesofInvestmentInfrastructureFunds:MacroNeeds2Exhibit16Macroneedsofinfrastructurefunds.42HowExitingIPOStronglinkbetweenhealthofIPOmarketandthefundraisingabilityofPEfundsM&ATradeSaleorfinancialInvestorShareSaleOtherWrite-off,buy-backandputbacktocompanyorseller346Exhibit17ExitchannelsinChinaandIndia,2000-2010LoadingWHATOpportunitiesChallenges12352WhatOpportunities154Cleantech,e.g.:renewableresources,recyclingandpollution-controlequipment.Conversationsaroundwatercoolersarenotaboutwhetherinvestmentswillearnreturns,saidJolly,butratherabouthowlargethereturnswillbe.ChinaIndiaAboomingmarketTheInternetsector(esp.popularTMTande-commerce)ThankYouThankYou58Appendix9、静夜四无无邻，荒居居旧业贫。。。12月-2212月-22Wednesday,December21,202210、雨中黄叶叶树，灯下下白头人。。。22:26:3722:26:3722:2612/21/202210:26:37PM11、以我独沈沈久，愧君君相见频。。。12月-2222:26:3722:26Dec-2221-Dec-2212、故人人江海海别，，几度度隔山山川。。。22:26:3722:26:3722:26Wednesday,December21,202213、乍乍见见翻翻疑疑梦梦，，相相悲悲各各问问年年。。。。12月月-2212月月-2222:26:3722:26:37December21,202214、他乡生白白发，旧国国见青山。。。21十二二月202210:26:37下下午22:26:3712月-2215、比不了得得就不比，，得不到的的就不要。。。。十二月2210:26下午12月-2222:26December21,202216、行动出出成果，，工作出出财富。。。2022/12/2122:26:3722:26:3721December202217、做前，，能够环环视四周周；做时时，你只只能或者者最好沿沿着以脚脚为起点点的射线线向前。。。10:26:37下下午10:26下下午22:26:3712月-229、没有失失败，只只有暂时时停止成成功！。。12月-2212月-22Wednesday,December21,202210、很多事情努努力了未必有有结果，但是是不努力却什什么改变也没没有。。22:26:3722:26:3722:2612/21/202210:26:37PM11、成成功功就就是是日日复复一一日日那那一一点点点点小小小小努努力力的的积积累累。。。。12月月-2222:26:3722:26Dec-2221-Dec-2212、世世间间成成事事，，不不求求其其绝绝对对圆圆满满，，留留一一份份不不足足，，可可得得无无限限完完美美。。。。22:26:3922:26:3922:26Wednesday,December21,202213、不不知知香香积积寺寺，，数数里里入入云云峰峰。。。。12月月-2212月月-2222:26:3922:26:39December21,202214、意志志坚强强的人人能把把世界界放在在手中中像泥泥块一一样任任意揉揉捏。。21十十二二月202210:26:39下下午午22:26:3912月月-2215、楚塞三三湘接，，荆门九九派通。。。。十二月2210:26下下午12月-2222:26December21,202216、少年十十五二十十时，步步行夺得得胡马骑骑。。2022/12/2122:26:3922:26:3921December202217、空山新雨后后，天气晚来来秋。。10:26:39下午午10:26下下午22:26:3912月-229、杨柳散和风风，青山澹吾吾虑。。12月-2212月-22Wednesday,December21,202210、阅读一一切好书书如同和和过去最最杰出的的人谈话话。22:26:3922:26:3922:2612/21/202210:2