INDUSTRY STATISTICS

Q1 2015

Emerging Markets Private Equity

Fundraising & Investment Analysis

2 | EMPEA

TABLE OF CONTENTS

• EM PE Overview

• EM PE Fundraising (Members Only)

• EM PE Investment (Members Only)

• Region/Country Snapshots (Members Only)

• Cambridge Associates Fund Performance

(Members Only)

Terms of Use: All material and underlying data contained within this presentation are the intellectual property of

EMPEA. Any reference to the material must be properly cited with notation attributing EMPEA as the source.

Contact Us: For additional information, inquiries, or questions, please contact us at research@empea.net or

call +1.202.333.8171.

Update to our data methodology: EMPEA has mapped all previous sector classifications in FundLink to the

FTSE Industry Classification Benchmark (ICB). Any EMPEA sector analysis includes the ICB structure. Visit

www.icbenchmark.com for more details.

3 | EMPEA

LOOKING FOR ADDITIONAL DATA?

• EMPEA Members receive exclusive access to the detailed report and underlying data, including: – Fundraising & investment by region

– Fund size distribution & medians

– Listing of largest funds & investments

– Investment size distribution & medians by region

– Investment by strategy

– Region fundraising & investment (including sector) snapshots

– Cambridge Associates Fund Performance data• Comparative end-to-end returns by region

• For more information, please contact us at research@empea.net or call +1 202.333.8171.

4 | EMPEA

PE OVERVIEW

Emerging Markets

5 | EMPEA

EM AS % OF GLOBAL PE FUNDRAISING

13%

12%

17%

20% 20%

11%

15%

0%

5%

10%

15%

20%

25%

$0

$100

$200

$300

$400

$500

2008 2009 2010 2011 2012 2013 2014 Q1 2015

EM

as

% o

f Glo

ba

l To

tal

US

$ B

illi

on

s

Developed Asia (JANZ) United States Western Europe Emerging Markets EM Fundraising as % of Global Total

Sources: Developed Asia - Asia Private Equity Review, U.S. – PitchBook, Western Europe – EVCA, EM – EMPEA

Data as of 31 March 2015. Published 28 April 2015.

N/A

6 | EMPEA

EM AS % OF GLOBAL PE INVESTMENT

9%

13%

10% 10% 10% 10%

11%

0%

5%

10%

15%

$0

$100

$200

$300

$400

$500

2008 2009 2010 2011 2012 2013 2014 Q1 2015

EM

as

% o

f Glo

ba

l To

tal

US

$ B

illi

on

s

Developed Asia (JANZ) United States Western Europe Emerging Markets EM Investment as % of Global Total

Sources: Developed Asia - Asia Private Equity Review, U.S. – PitchBook, Western Europe – EVCA, EM – EMPEA

Data as of 31 March 2015. Published 28 April 2015.

N/A

7 | EMPEA

GLOBAL PE PENETRATION

1.47

1.14

0.99

0.20

0.26

0.08

0.14

0.040.11

0.060.09

0.010.05

0.01

1.64

1.27

0.81

0.20 0.18 0.150.12 0.12 0.12 0.10

0.050.02 0.02 0.004

0.00

0.20

0.40

0.60

0.80

1.00

1.20

1.40

1.60

1.80

Israel UnitedStates

UnitedKingdom

India SouthKorea

China Brazil Japan SSA* SouthAfrica

Poland MENA** Turkey Russia

PE

In

ve

stm

en

t/G

DP

(%

)

2013

2014

Data as of 31 March 2015. Published 28 April 2015.

Sources:

• Emerging Markets – EMPEA

• United Kingdom – Centre for Management Buy-Out Research

• United States – PitchBook

• Israel – Israel Venture Capital Research Center

• Japan – Asia Private Equity Review

• All GDP data – International Monetary Fund

*Sub-Saharan Africa; **Middle East & North Africa

8 | EMPEA

OVERALL EM PE FUNDRAISING &

INVESTMENT

21

29

4746

40

46

8.5

21

25

30

27 27

35

5.6

$0

$10

$20

$30

$40

$50

2009 2010 2011 2012 2013 2014 Q1 2015

US

$ B

illi

on

s

Funds Raised (US$B) Capital Invested (US$B)

Data as of 31 March 2015. Published 28 April 2015.

9 | EMPEA

EM PE FUNDRAISING & INVESTMENT

WITHIN GLOBAL CONTEXT

13%12%

17%

20% 20%

11%

15%

9%

13%

10% 10% 10% 10%11%

0%

5%

10%

15%

20%

25%

2008 2009 2010 2011 2012 2013 2014 Q1 2015

% o

f G

lob

al To

tal

EM Fundraising EM Investment

Data as of 31 March 2015. Published 28 April 2015.

N/A

10 | EMPEA

METHODOLOGYThis report provides an overview of trends in fundraising, investment and exits among private equity funds investing in the emerging markets of Africa, Asia, Europe, Latin America and the Middle East. The statistics presented here are drawn from EMPEA’s database of fundraising and transactions, FundLink, and are based on information obtained from press releases and trade publications, as well as from communications with industry participants and regional and country-focused venture capital associations. EMPEA updates historical data as we receive fund and transaction information from fund managers on a quarterly basis via FundLink.

Unless otherwise stated, “private equity” or “PE” referenced alone encompasses the following strategies: buyout, growth, PIPE, mezzanine and venture capital. Venture capital includes seed, early-stage and late-stage investments. When determining how a transaction should be classified, EMPEA takes into account the typical investment strategy of the investor(s), the reported round or type of transaction, the stage of the company at the time of investment and the type of product or service that the company provides.

Fundraising totals reported herein reflect only official closes (interim and/or final) as reported in secondary sources or by the firms themselves. Capital commitments accruing prior to or between official closes are not included. Investment totals included in the report reflect total equity amounts for transactions in which financial details have been reported. For both fundraising and investment data, amounts have been confirmed wherever possible through information provided by the fund managers themselves.

The statistics in this report are based on the “market” approach—EMPEA categorizes activity based on the countries or regions in which fund managers intend to invest (in the case of fundraising) or the country headquarters of the investee company (in the case of investments). In the case of global funds, only those funds investing primarily in emerging markets are included in the totals (e.g., pan-Asia funds with a significant portion of capital intended for investment in China and India). Country-dedicated fundraising analytics 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:

• Emerging Asia: all Asia, excluding Japan, Australia and New Zealand.

• Latin America: Central and South America and the Caribbean region (excluding Puerto Rico).

• Central and Eastern Europe (CEE) and Commonwealth of Independent States (CIS): European Union accession countries, Turkey, the Baltics and Balkans, as well as Commonwealth of Independent States (CIS) countries, including Russia.

• Middle East and North Africa (MENA): Gulf Cooperation Council (GCC), Afghanistan, Iran, Iraq, Jordan, Lebanon, Pakistan, Palestinian Territories, Syria and Yemen, as well as North Africa (Algeria, Egypt, Libya, Morocco, Sudan and Tunisia).

• Sub-Saharan Africa: all Africa, excluding funds whose primary investment focus is North Africa.

Statistics in this publication exclude real estate funds and funds of funds. Infrastructure funds managed by private equity firms and making private equity-style investments are included in this analysis. Infrastructure funds and investments that fit the "core" model are not included. Secondary investments are also excluded.

EMPEA fund and company sector classifications are based on the Industry Classification Benchmark (ICB), which is owned by FTSE International Limited (FTSE). FTSE® is a trademark of the London Stock Exchange Group companies and is used by FTSE under license. FTSE does not accept any liability to any person for any loss or damage arising out of any error or omission in the ICB.

In some exhibits, percentage labels may not sum to 100% due to rounding. In all tables in which it appears, “N/A” denotes an undisclosed value.

For any questions, and to request the underlying constituent fundraising and investment data, contact research@empea.net or +1.202.333.8171 ext. 224.

11 | EMPEA

ABOUT EMPEAEMPEA is the global industry association for private capital in emerging markets. We are an independent non-profit organization. We have over 300 member firms, comprising institutional investors, fund managers and industry advisors, who together manage more than US$1 trillion of assets and have offices in more than 100 countries across the globe. Our members share EMPEA’s belief that private capital is a highly suited investment strategy in emerging markets, delivering attractive long-term investment returns and promoting the sustainable growth of companies and economies. We support our members through global authoritative intelligence, conferences, networking, education and advocacy.

Robert W. van ZwietenPresident & Chief Executive Officer

Shannon StroudVP, Programs & Business Development

Randy MitchellVP, Strategic Engagement

Ann Marie PlubellVP, Regulatory Affairs

Holly FreedmanSenior Director, Marketing & Communications

Nadiya SatyamurthySenior Director, Consulting Services

Kyoko TeradaSenior Director, Membership & Industry Partners

Mike CaseyDirector, Consulting Services

Maryam HaqueSenior Director, Research

Kim BennettSenior Manager, Programs & Events

Emily SandhausSenior Manager, Programs & Business Development

Jeff SchlapinskiManager, Research

Molly BristerSenior Research Analyst

Brady JewettResearch Analyst

Luke ModerhackResearch Analyst

Rae WinbornResearch Analyst

Abigail BeachAssociate, Strategic Engagement

Cassie HodgesAssociate, Marketing & Communications

Sara CousinsMember Services Coordinator

Leela VoskoMember Services Coordinator

Pat DinneenSenior Advisor

Michael BarthSenior Advisor

Peter TropperSenior Advisor

Phillip ReidFinancial Controller

Aisha RichardsonExecutive Assistant to the CEO, Office Manager

1077 30th Street NW • Suite 100 • Washington, DC 20007 USAPhone: +1.202.333.8171 • Fax: +1.202.333.3162 • Web: empea.org