Narrowing exit

19 May 2008 By Martin Hutchinson

Capital International’s new fund brings the total raised for the asset class to well over $60bn since early 2007. That may be too much emerging market IPOs spiked to $140bn last year, but totalled only $38bn in 2005. If funds can’t exit, they’ll suffer negative returns.

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The private equity division of Capital International has raised a $2.25bn fund to invest in emerging markets private equity, the largest such fund closed in 2008. Currently more than 400 private equity funds are raising capital for emerging market investments, with an aggregate fundraising target of $160bn. Emerging market private equity funds raised a total of $59bn in 2007, up 78% from $33bn in 2006. Globally, private equity funds raised $590bn last year.

Emerging market IPO volume was approximately $140bn in 2007 and $15bn in the first quarter of 2008, compared to $100bn in 2006 and $38bn in 2005.

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