MOBILIZING PRIVATE EQUITY AND DEBT FUNDS FOR SME AND INFRASTRUCTURE FINANCE IN EMERGING MARKETS AND DEVELOPING COUNTRIES

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1 Public Disclosure Authorized Public Disclosure Authorized MOBILIZING PRIVATE EQUITY AND DEBT FUNDS FOR SME AND INFRASTRUCTURE FINANCE IN EMERGING MARKETS AND DEVELOPING COUNTRIES Public Disclosure Authorized Investment Funds Group Team d

2 Outline Part I: Global evolution of private equity and debt funds Section 1: Overall evolution of PE funds Section 2: Emergence of private debt funds Section 3: Venture capital funds Section 4: Infrastructure funds Part II: Mobilizing PE and debt funds in emerging markets and developing countries (EMDEs) Section 1: Developing ecosystem for PE/VC in EMDEs Section 2: Developing the PPP framework in EMDEs Section 3: The role of Strategic Investment Funds (SIFs) 1

3 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Jun-14 Section 1: Private equity funds assets under management (AUM) have grown from US$ 716 billion in 2000 to US$ 3.8 trillion in ,000 Private Equity Assets under Management December June 2014 (US$ billion) 3,500 3,000 2,500 2,546 2,644 2,000 1,500 1,265 1,204 1,413 1,783 2,029 2,332 1, ,011 1,075 1, , ,074 1,144 Source: 2015 Preqin Global Private Equity Report Dry Powder Unrealized Value 2

4 Dry Powder ($bn) Section 1: By geographical area, the main areas of focus are the US and Europe, followed by Asia. The rest of the world is at a low level, but growing slowly. 700 Private Equity Dry Powder by Primary Geographic Focus (US$ billion) Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Source: 2014 Preqin Global Private Equity Report North America Europe Asia Rest of World 3

5 Section 1: Among emerging markets, emerging Asia is the main geographical focus area (with China and India leading), followed by Latin America (with Brazil leading) Evolution on PE investments in Emerging Markets by region, in US$ billion Emerging Asia China India CEE and CIS Russia Latin America Brazil MENA Sub-Saharan Africa Source: EMPEA Database 4

6 Dry Powder ($bn) Section 1: By type of fund, buyout funds dominate, followed by real estate, venture capital and infrastructure. Mezzanine debt represents a small share of the total, but is growing. 1,400 Private Equity Dry Powder by Fund Type (US$ billion) 1,200 1, Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Buyout Distressed Private Equity Growth Infrastructure Mezzanine Real Estate Venture Capital Other Source: 2015 Preqin Global Private Equity Report 5

7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 No. of Exits Section 1: After dropping following the international financial crisis in 2008, private equity-backed exits have rebounded sharply in the period. 450 Private Equity-Backed Exits by Type Q Q Aggregate Exit Value ($bn) IPO Restructuring Sale to GP Trade Sale Aggregate Exit Value ($bn) Source: 2015 Preqin Global Private Equity Report 6

8 Public Pension Funds Fund of Funds Managers High-Net-Worth Individuals Endowment Plans Private Sector Pension Funds Family Offices Foundations Insurance Companies Banks & Investment Banks Government Agencies Corporate Investors Sovereign Wealth Funds Proportion of Capital Committed Section 1: The investor base for private equity funds has undergone major transformation over the past 6 years. 30% 28% Make-up of LPs in the Average Fund by LP Type (Capital Committed to Funds Closed in ) 25% 22% 20% % 10% 5% 13% 13% 3% 10% 8% 6% 7% 10% 4% 6% 6% 6% 3% 12% 5% 3% 5% 4% 2% 3% 1% 2% % Investor Type Source: 2015 Preqin Global Private Equity Report 7

9 Annualized Returns Section 1: In terms of performance, private equity horizon IRR outperformed major market indices in However, this performance was driven by buyout funds, while venture capital underperformed market indices. 35% Private Equity Horizon IRRs vs. Public Indices as of 30 June % 25% 20% 15% All Private Equity Buyout Venture Capital S&P % 5% MSCI Europe MSCI Emerging Markets 0% 1 Year to Jun Years to Jun Years to Jun Years to Jun % Source: 2015 Preqin Global Private Equity Report 8

10 Outline Section 1: Overall Evolution of PE Funds Section 2: Emergence of Private Debt Funds Section 3: Venture Capital Funds Section 4: Infrastructure Funds 9

11 Section 2: Since the international financial crisis in 2008, private debt funds (including mezzanine funds) have grown rapidly Annual Private Debt Fundraising No. of Funds Closed Aggregate Capital Raised ($bn) Year of Final Close Source: 2015 Preqin Global Private Debt Report 10

12 Proportion of Funds Section 2: By geographical area, the main areas of focus are North America, followed by Europe and Asia and the rest of the world. 100% Breakdown of the Number of Private Debt Funds Closed by Primary Geographic Focus YTD (As at ) 90% 80% 70% 60% 62% 31% 65% 57% 66% 52% North America 50% Europe 40% 30% 20% 10% 0% 22% 26% 33% 22% 20% 21% 17% 17% 15% 17% 13% 14% YTD Year of Final Close Asia & Rest of World Source: Preqin Special Report: Private Debt Report, November

13 Section 2: By type of fund, mezzanine funds dominate, followed by direct lending and distressed debt. Primary Strategy of Private Debt Fund Managers Established Since % 15% 23% Direct Lending Distressed Debt Mezzanine Special Situations 16% Venture Debt 42% Source: 2015 Preqin Global Private Debt Report 12

14 Outline Section 1: Overall Evolution of PE Funds Section 2: Emergence of Private Debt Funds Section 3: Venture Capital Funds Section 4: Infrastructure Funds 13

15 Section 3: After reaching a peak in 2008, venture capital fund raising dropped significantly following the international financial crisis in 2009 and It rebounded significantly in 2011, but has tapered off since then in 2012 and 2013 followed by another peak in Evolution of Venture Capital Fundraising, (US$ billion) Source: 2015 Preqin Global Private Equity Report 14

16 Proportion of Total Section 3: By stage, venture capital deal flow is led by angel/seed deals, followed by round 1 deals and round 2 deals, showing the critical role played by private equity at early stages of development of SMEs. Venture debt represents less than 7% of the total. 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Proportion of Number and Aggregate Value of Venture Capital Deals by Stage % 6% 32% 1% 2% 1% 2% 2% 3% 5% 3% 3% 4% 13% 8% 8% 13% 22% No. of Deals 13% 5% 27% 12% 12% 10% 2% Aggregate Deal Value 7% 6% 32% 13% 25% No. of Deals 10% 8% 9% 30% 2% 3% 12% 9% 12% 10% 3% Aggregate Deal Value 6% 31% 1% 3% 3% 5% 9% 16% 20% No. of Deals Angel/Seed Series A/Round 1 Series B/Round 2 Series C/Round 3 31% 4% 22% 1% 2% 13% 9% 11% 7% 1% Aggregate Deal Value Series D/Round 4 and Later Growth Capital/Expansion PIPE Unspecified Round Venture Debt Source: Preqin Global Private Equity Reports, 2014 & 2015 Add-on & Other 15

17 Proportion of Aggregate Deal Value Section 3: By geographical area, venture capital deal flow is highly concentrated in North America, followed by Europe and China. The rest of the world represents a small share of the total. Proportion of Aggregate Value of Venture Capital Deals by Region, * 100% 90% 80% 70% 60% 1% 3% 1% 1% 1% 2% 1% 2% 1% 2% 1% 3% 1% 1% 2% 2% 1% 4% 5% 3% 1% 1% 8% 8% 3% 6% 12% 12% 17% 11% 7% 14% 15% 15% 13% 14% 12% 17% 11% 11% 50% 40% 30% 73% 69% 73% 69% 67% 71% 67% 62% 20% 10% 0% North America Europe China India Israel Other Source: 2015 Preqin Global Private Equity Report * Figures exclude add-ons, grants, mergers, secondary stock purchase and venture debt 16

18 Proportion of Total Section 3: By industry, venture capital deal flow is led by internet, followed by software, healthcare and telecoms. 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Proportion of Number and Aggregate Value of Venture Capital Deals by Industry % 3% 3% 3% 2% 3% 3% 3% 3% 2% 3% 2% 4% 2% 2% 1% 2% 2% 2% 2% 3% 4% 3% 3% 4% 3% 3% 3% 3% 3% 2% 3% 3% 2% 9% 8% 2% 8% 9% 9% 7% 8% 12% 14% 10% 15% 16% 9% 18% 18% 27% No. of Deals 25% 14% 16% 22% 15% 15% 21% 20% 22% 25% 23% 26% 29% Aggregate Deal Value No. of Deals Aggregate Deal Value 20% No. of Deals Internet Software & Related Healthcare Telecoms 17% Aggregate Deal Value Other IT Business Services Clean Technology Consumer Discretionary Industrials Semiconductors & Electronics Other Source: Preqin Global Private Equity Reports, 2014 &

19 Outline Section 1: Overall Evolution of PE Funds Section 2: Emergence of Private Debt Funds Section 3: Venture Capital Funds Section 4: Infrastructure Funds 18

20 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Jun-14 Assets under Management ($bn) Section 4: Unlisted infrastructure funds AUM have grown from US$ 7 billion in 2002 to US$ 296 billion in Unlisted Infrastructure Assets under Management December June Unrealized Value ($bn) Dry Powder ($bn) Source: 2015 Preqin Global Infrastructure Report 19

21 Section 4: By project stage, infrastructure fund deals are led by secondary stage, followed by greenfield and brownfield. Breakdown of Unlisted Infrastructure Deals by Project Stage % Secondary Stage 28% 59% Greenfield Brownfield Source: 2014 Preqin Global Infrastructure Report 20

22 Assets under Management ($bn) Section 4: By geographical area, the main areas of focus are North America, followed by Europe and Asia. 160 Unlisted Infrastructure Assets under Management by Fund Primary Geographic Focus as of June Unrealized Value ($bn) Dry Powder ($bn) North America Europe Asia Rest of World Fund Primary Geographic Focus Source: 2015 Preqin Global Infrastructure Report 21

23 Proportion of Deals Section 4: By industry, infrastructure fund deal flow is led by renewable energy, followed by transport, social infrastructure and energy. Breakdown of Infrastructure Deals by Industry, % 90% 80% 70% 60% 50% 40% 30% 2% 3% 2% 1% 2% 2% 1% 3% 4% 3% 3% 2% 4% 1% 14% 16% 15% 12% 19% 17% 20% 8% 13% 13% 10% 15% 13% 14% 15% 14% 8% 17% 18% 11% 16% 19% 15% 17% 14% 17% 14% 13% Other Telecoms Utilities Energy Social Transport Renewable Energy 20% 39% 35% 33% 34% 36% 39% 41% 10% 0% Source: 2015 Preqin Global Infrastructure Report 22

24 Superannuation Scheme Endowment Plan Public Pension Fund Private Sector Pension Fund Foundation Asset Manager Average Infrastructure Allocation (As a Proportion of AUM) Section 4: By type of investor, superannuation schemes dominate, followed by endowment plans, public pension funds and private sector pension funds. 10.0% 9.0% 8.0% 7.0% Average Current and Target Allocations to Infrastructure by Investor Type, % 9.0% 6.6% Average Current Allocation 6.0% 5.0% 4.0% 3.0% 4.4% 3.3% 5.2% 2.7% 4.9% 3.1% 4.5% 4.4% 4.4% Average Target Allocation 2.0% 1.0% 0.0% Source: 2015 Preqin Global Infrastructure Report 23

25 Index Returns (Rebased to 100 as of 31 December 2007) Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Section 4: Since 2007, infrastructure investment funds have outperformed the private equity class. 180 PrEQIn Index: Infrastructure vs. All Private Equity December 2007 June PrEQIn All Private Equity Index PrEQIn Infrastructure Index Source: 2015 Preqin Global Infrastructure Report 24

26 Section 4: Following low levels of activity until 2005, unlisted private infrastructure debt funds increased rapidly until the financial crisis in Following a sharp drop in 2009, infrastructure debt funds recovered quickly, raising US$ 7.5 billion in Annual Infrastructure Debt Fund Raising, No. of Funds Closed Aggregate Capital Raised ($bn) Year of Final Close Source: 2014 Preqin Global Infrastructure Report 25

27 Section 4: By geographical area, the main areas of concentration are North America, followed by Europe and the rest of the world 25 Breakdown of Unlisted Infrastructure Debt Fund Universe by Primary Geographic Focus, No. of Funds Closed/Raising Aggregate Capital Raised/Targeted ($bn) North America Europe Asia Rest of World Source: 2014 Preqin Global Infrastructure Report 26

28 No. of Funds Section 4: The number of listed infrastructure funds raised increased from 2001 to 2011 with a drop in 2012 and peaking in Listed Infrastructure Fund Launches, No. of Funds De-Listed No. of Funds Launched No. of Funds Already Trading Source: 2015 Preqin Global Infrastructure Report 27

29 Section 4: Listed infrastructure funds AUM have grown from US$ 4.6 billion in 2004 to US$ 21.4 billion in 2013 (valued at vintage). 25 AUM of Listed Infrastructure Funds (US$ billion) Source: Preqin Database and staff calculations Note: The table represents 44 listed infrastructure funds from Preqin database and AUM shown is at vintage 28

30 Part II: Mobilizing PE and debt funds in EMDEs Section 1: Developing the ecosystem for PE/VC in EMDEs Three pillars: Pillar 1: legal and regulatory framework for PE/VC operations Pillar 2: legal and regulatory framework for investments by institutional investors in asset class Pillar 3: business enabling environment 29

31 Pillar 1: legal and regulatory framework for PE/VC operations Fund regulator and capacity PE/VC fund and fund manager regulations fund legal structure (incl compartments) qualified assets qualified investors management company legal structure qualification of persons who conduct the business of management company disclosure of ultimate controllers of management company disclosure and resolution of conflict of interest delegation of core manager functions own funds asset valuation rules content of fund prospectus disclosure to investors auditing reporting depositary rules cooperation with supervisory agency penalties 30

32 Pillar 1: legal and regulatory framework for PE/VC operations Tax treatment tax residency for foreign investment funds tax pass through for fund legal structures (capital gains tax, withholding tax) double taxation agreements Investor protection protection of minority shareholder rights protection for investors in funds Interest in portfolio companies restrictions on issue or transfer of shares Buyouts regulations on buyouts by public auction regulations on buyouts of listed companies Protection of intellectual property rights legal and regulatory framework for patents and trademarks international treaties enforcement Bankruptcy procedures/creditor rights/partner liability legal and regulatory framework for bankruptcy treatment of foreign and domestic creditors partner liability enforcement 31

33 Pillar 1: legal and regulatory framework for PE/VC operations Exits listing rules on main exchange listing rules on SME exchange Exchange controls regulations on inward investments regulations on outward transfers of profits and capital gains Corporate governance requirements corporate governance requirements for funds corporate governance requirements for investee companies Contract enforcement contract enforcement through court system contract dispute resolution framework Perceived corruption transparency international index doing business index Accounting IFRS implementation 32

34 Pillar 2: Legal and regulatory framework for investments by institutional investors in asset class Laws/regulations for investments by pension funds in PE/VC asset class rules-based regime: limits on investment in asset class risk-based regime: benchmark portfolio Laws/regulations for investments by insurance companies in PE/VC asset class rules-based regime: limits on investment in asset class risk-based regime: roadmap to Solvency II/risk-based regulatory regime 33

35 Pillar 3: Business enabling environment Supply side Business incubators Business accelerators Angel investors Angel investor groups Demand side Seed co-investment funds Hybrid PE/VC funds 34

36 Section 2: Developing the PPP framework in EMDEs Legal framework enable contract form encompassing multiple obligations (DBFOM: design-build-finance-operate-maintain) enable DBFOM contract for both user-pay and government-pay models enable tender model based on dialogue with prospective bidders Selection, preparation and appraisal guidelines to assess and select PPP projects at all levels of government focus on affordability, commercial feasibility and value for money Fiscal management relevance for government-pay projects valuation of contingent liabilities public debt limits Institutional framework and architecture roles of procuring agency, promoter, treasury, general attorney creation of specialized bodies 35

37 Section 2: Developing the PPP framework in EMDEs (cont d) Key drivers for mobilization of institutional investors including infrastructure PE/debt funds Significant project pipeline Successful track record including resolution of disputes Strong process management framework Clarity of legal framework (PPP legality, enforceability and procurement transparency) Strong political commitment and support Public acceptability Fiscal sustainability 36

38 Section 3: The role of Strategic Investment Funds (SIFs) SIFs being created by increasing number of governments and regional economic communities to serve as anchor investors for international and domestic institutional investors in domestic projects Sectors: SOE turnaround, infrastructure PPP projects, SMEs Original inspiration: Singapore Temasek, Malaysisa Khazanah, South Africa Public Investment Corporation More recent examples: EU: European Fund for Strategic Investments (EFSI) Sénégal: Fonds Souverain d Investissement Stratégique (FONSIS) Chile: Strategic Investment Fund Under preparation Indonesia, Congo, Côte d Ivoire, Morocco 37

39 Section 3: The role of SIFs (cont d) SIF Feasibility: key elements governance structure: separation between ownership and management functions fund board defining overall investment strategy fund management company responsible for investment and exit decisions funds/compartments targeting specific sectors/investor risk profile regulatory framework funds regulated by capital market authority investment strategy SIF to invest as GP in infrastructure fund SIF to invest as LP in SME PE/VC funds managed by private manager and GP 38

40 Section 3: The role of SIFs (cont d) human resource strategy recruitment from private sector (investment banking, project finance, private equity/venture capital) through international private recruitment agency project selection criteria double trigger: IRR/ERR fund manager remuneration fund management fees, share of carry, hurdle rate preliminary market sounding international and domestic institutional investors incl pension funds, insurance companies, sovereign wealth funds (SWFs), private equity and debt funds 39

41 Investment Funds Group Team Sevara Atamuratova Research Analyst Shanthi Divakaran Sr. Financial Sector Specialist Honglin (Holly) Li Learning Analyst Samuel Schneider Consultant Michel Noel Head Thelma Ayamel Program Assistant Havard Halland Economist Patrick J. McGinnis Consultant Contact information: Michel Noel

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