PT  - JOURNAL ARTICLE
AU  - Josh Lerner
AU  - Jake Ledbetter
AU  - Andrew Speen
AU  - Ann Leamon
AU  - Chris Allen
TI  - Private Equity in Emerging Markets: <em>Yesterday, Today, and Tomorrow</em>
AID  - 10.3905/jpe.2016.19.3.008
DP  - 2016 May 31
TA  - The Journal of Private Equity
PG  - 8--20
VI  - 19
IP  - 3
4099  - https://pm-research.com/content/19/3/8.short
4100  - https://pm-research.com/content/19/3/8.full
AB  - This article examines quantitative data on economic growth, market composition, deal structures, exit opportunities, and manager performance in emerging markets relative to developed markets. We find that despite recent downturns, emerging markets are experiencing overall rapid growth. Moreover, private equity investments appear to focus on companies in high-growth sectors that are underrepresented in public markets, thereby allowing limited partners more balanced exposure to a country’s economic drivers. Furthermore, we find that minority investments in private companies tend to perform on par with majority positions. Finally, because fund manager performance varies widely but also exhibits some consistency, our findings stress the importance of manager selection.TOPICS: Private equity, emerging, statistical methods, manager selection