Investment funds in emerging markets:
Saved in:
| Format: | Book |
|---|---|
| Language: | English |
| Published: |
Washington, DC
1996
|
| Edition: | 1. print. |
| Series: | International Finance Corporation: Lessons of experience series
2 |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | 71 S. graph. Darst. |
| ISBN: | 0821336762 |
Staff View
MARC
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Record in the Search Index
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| adam_text | Contents
Executive Summary 1
Expanded Opportunities 1
Measuring the Change 2
Why Did It Happen So Quickly? 2
The Virtuous Circle of Funds 3
IFC s Experience and Role 3
The Lessons of IFC s Experience 4
International Portfolio Equity Funds 4
Venture Capital Funds 4
Private Equity Funds 5
Domestic Mutual Funds and Pension Funds 5
Future Directions 5
1 Investment Funds: An Explosion of Activity 7
What Exactly Are Funds? 8
A Large, Diverse Family 8
Funds in Emerging Markets 10
Why Have Funds Invested in Emerging Markets? 12
Investors 12
Firms 12
Host Governments 12
Legal and Regulatory Environment for Funds 14
2 IFC s Experience Base 17
Many Funds, Mostly Recently 17
Early Years: FY77 FY86 18
Acceleration: FY87 FY92 18
Explosion of Activity: FY93 FY95 18
Fund Approvals... 19
... and Actual Commitments 20
Regional Distribution 21
Asia 21
Latin America 21
Eastern Europe and the FSU 21
Sub Saharan Africa 22
Middle East and North Africa 23
Successful Mobilization 23
Mostly Foreign, but More Local Investors Emerging 23
More Funds in Riskier Countries 24
A Growing Funds Portfolio 25
Financial Performance of IFC s Funds Portfolio 25
Returns on Portfolio Funds 26
Returns on Venture Capital Funds 27
Why Persevere? 30
Two Caveats to the VC Return Figures 30
Fund Managers 30
Private Equity Funds: Rates of Investment 31
3 IFC s Role in Promoting Funds 33
A Proactive Approach 33
Pushing the Edge of the Envelope 34
Sequencing Fund Promotion Within Countries: No Single Pattern 34
IFC s Specific Roles in Promoting Funds 34
International Portfolio Funds 36
Rolling Out the Concept 36
Reaching More Investors 38
Underwriting and Placement 38
Building Fund Management Capability 38
Fund Governance 39
Venture Capital Funds 39
Advice 40
Assessing the Market 40
Identifying Key Investors and Managers 41
Structuring 41
Mobilizing Capital 42
Governance 42
Private Equity Funds 42
Mobilization 42
Governance 43
Environmental Risk Management 44
Local Financing: Mutual Funds and Pension Fund Managers 44
Mutual Funds 45
Pension Funds 46
4 Assessing the Impact 47
An Overview 47
The Catalytic Effect of Portfolio Funds 49
Successful New Products Are Disseminated Fast 52
Unlisted Firms Also Gain from More Developed Listed Markets 53
VC Funds Can Finance Small to Medium Sized Firms 54
Venture Capital Funds Provide More Than Just Capital 54
Building Fund Managers 55
Future IFC Work to Promote Funds 55
Appendix Tables 57
Table Al: Portfolio Equity and Financing Flows to Developing Countries 57
Table A2: Number of International Emerging Market Equity Funds, 1981 1994 58
Table A3: Net Assets of International Emerging Market Equity Funds, 1981 1994 59
Tables A4: IFC Fund Approvals and Commitments, 1972 June 1995 60
Box A1: Ingredients of Success in Developing and Structuring Venture Capital Funds 69
Box A2: Fund Structures 70
Bibliography 73
Text Boxes
Box 1.1: Defining and Categorizing Funds 9
Box 1.2: Venture Capital: Entering, Managing and Exiting Investments 10
Box 1.3: The Korea Fund: Catalyzing a US Billion Industry 11
Box 1.4: Growing Firms Benefit from Equity Markets 14
Box 2.1: Debt Equity Conversion Funds: Responding to Market Needs 20
Box 2.2: Helping to Build Chile s Equity Markets 23
Box 2.3: Stimulating Portfolio Investment in Africa 23
Box 2.4: Mobilizing US $2.6 Billion with Under US Million 24
Box 2.5: Some Improvement: IFC s Second Round of VC Funds 28
Box 2.6: Pitfalls Aplenty in Venture Capital: Some Examples 29
Box 2.7: Competing in Turbulent Markets: Investing in the Gold Fund 31
Box 3.1: Building Domestic and Foreign Participation in Funds: Thailand 55
Box 3.2: Informing Investors 36
Box 3.3: Why Closed End Country Funds? 37
Box 3.4: Targeting Japanese Investors ... and Introducing Them to Latin America 38
Box 3.5: VC Fund Size: Is There Enough Demand? 40
Box 3.6: Structuring to Meet Investor Preferences 41
Box 3.7: Privatization Generates Deal Flow in Morocco 42
Box 3.8: Enhancing Value Through Environmental Assessments 44
Box 3.9: Chile s Bold Pension Reform Delivered Results 45
Box 4.1: Financing Developing Country Firms 48
Box 4.2: Foreign Portfolio Investment Catalyzes the Mauritian Stock Market 52
Box 4.3: New Product Expands Dramatically: Global Index Fund 53
Box 4.4: Venture Capital in an Uncertain Environment 54
Box 4.5: Spotting Opportunities and Adding Value to a Philippines Cable Company 55
Box 4.6: Building Local Fund Managers 56
Text Figures
Figure 1.1: Many Investors Reaching Many Firms 8
Figure 1.2: Net Private Capital Flows to Developing Countries, 1987 1994 11
Figure 2.1: Cornerstones of a Funds Industry / 7
Figure 2.2: IFC s Fund Approvals, 1977 1995 18
Figure 2.3: Regional Distribution of IFC s Fund Approvals, FY73 FY95 22
Figure 2.4: More Funds in Riskier Countries 25
Figure 2.5: IFC s Funds Portfolio, 1992 1995 25
Figure 2.6: VC Funds: Positive Returns Take Time 27
Figure 3.1: Intermediating Savings to Investing Firms 33
Figure 3.2: IFC s Specific Roles in Promoting Funds 35
Figure 4.1: Local Investors Own 90% of Emerging Stock Markets 49
Figure 4.2: Demanding Fund Managers Drive Institutional Development 50
Figure 4.3: How Foreign Funds Catalyze a Virtuous Circle of Market Deepening and Broadening 51
Figure 4.4: Exit Possibilities Encourage More Entry 53
Text Tables
Table 1.1: Portfolio Equity Flows, 1989 1994 12
Table 1.2: Welcoming Foreign Investors 13
Table 2.1: Evolution of IFC s Funds Activities 19
Table 2.2: IFC s Fund Approvals by Vehicle Type, 1972 1995 21
Table 2.3: IFC s Commitments to Funds by Date, June 1995 21
Table 2.4: Fund Approvals by Region, FY73 FY95 22
Table 2.5: Mobilization Rates, 1972 June 1995 24
Table 2.6: IFC s Funds Portfolio by Type, 1992 1995 26
Table 2.7: IFC s Funds Portfolio by Region, 1992 1995 26
Table 2.8: Financial Rates of Return on IFC s Fund Investments, as of June 1995 26
Table 2.9: Financial Performance of Portfolio Funds Which IFC Underwrote 27
Table 2.10: Disaggregating Returns on IFC s Venture Capital Investments, FY78 FY90 28
Table 2.11: Reaching Hundreds of Small Companies 29
Table 2.12: Typical Ranges of Management Fees in IFC s Funds 31
Table 3.1: Helping to Push the Edge of the Envelope 34
Table 3.2: Opening Markets to Foreign Portfolio Investors 37
Table 3.3: Examples of Portfolio Fund Technical Partners and Managers 39
Table 3.4: Early VC Funds, by Country 40
Table 3.5: Examples of IFC Sponsored Private Equity Funds 43
Table 3.6: IFC s Governance Role in a Sample of Private Equity Funds 43
Table 3.7: IFC s Investments in Mutual Funds and Pension Fund Managers 45
Table 4.1: Indicators of Stock Market Development and the Funds Industry, 1985 1994 48
Table 4.2: Sample Indicators of Stock Market Development, 1986 49
Table 4.3: Stock Market Development After the Entry of Country Funds 50
Table 4.4: Rising P/E Ratios in Chile 52
Appendix Tables and Text Boxes
Table Al: Portfolio Equity and Financing Flows to Developing Countries 57
Table A2: Number of International Emerging Market Equity Funds, 1981 1994 58
Table A3: Net Assets of International Emerging Market Equity Funds, 1981 1994 59
Tables A4: IFC Fund Approvals and Commitments, 1972 June 1995 60
Box Al: Ingredients of Success in Developing and Structuring Venture Capital Funds 69
Box A2: Fund Structures 70
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| indexdate | 2024-07-09T18:24:25Z |
| institution | BVB |
| isbn | 0821336762 |
| language | English |
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| physical | 71 S. graph. Darst. |
| publishDate | 1996 |
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| series | International Finance Corporation: Lessons of experience series |
| series2 | International Finance Corporation: Lessons of experience series |
| spelling | Investment funds in emerging markets World Bank 1. print. Washington, DC 1996 71 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier International Finance Corporation: Lessons of experience series 2 Société financière internationale International Finance Corporation International Finance Corporation (DE-588)1002285-5 gnd rswk-swf Beleggingsfondsen gtt Kapitaalmarkt gtt Marché financier - Pays en voie de développement Entwicklungsländer Capital market Developing countries Kapitalmarkt (DE-588)4029578-3 gnd rswk-swf Entwicklungsländer (DE-588)4014954-7 gnd rswk-swf Entwicklungsländer (DE-588)4014954-7 g Kapitalmarkt (DE-588)4029578-3 s International Finance Corporation (DE-588)1002285-5 b DE-604 International Finance Corporation: Lessons of experience series 2 (DE-604)BV010606937 2 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008307035&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Investment funds in emerging markets International Finance Corporation: Lessons of experience series Société financière internationale International Finance Corporation International Finance Corporation (DE-588)1002285-5 gnd Beleggingsfondsen gtt Kapitaalmarkt gtt Marché financier - Pays en voie de développement Entwicklungsländer Capital market Developing countries Kapitalmarkt (DE-588)4029578-3 gnd |
| subject_GND | (DE-588)1002285-5 (DE-588)4029578-3 (DE-588)4014954-7 |
| title | Investment funds in emerging markets |
| title_auth | Investment funds in emerging markets |
| title_exact_search | Investment funds in emerging markets |
| title_full | Investment funds in emerging markets World Bank |
| title_fullStr | Investment funds in emerging markets World Bank |
| title_full_unstemmed | Investment funds in emerging markets World Bank |
| title_short | Investment funds in emerging markets |
| title_sort | investment funds in emerging markets |
| topic | Société financière internationale International Finance Corporation International Finance Corporation (DE-588)1002285-5 gnd Beleggingsfondsen gtt Kapitaalmarkt gtt Marché financier - Pays en voie de développement Entwicklungsländer Capital market Developing countries Kapitalmarkt (DE-588)4029578-3 gnd |
| topic_facet | Société financière internationale International Finance Corporation Beleggingsfondsen Kapitaalmarkt Marché financier - Pays en voie de développement Entwicklungsländer Capital market Developing countries Kapitalmarkt |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=008307035&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| volume_link | (DE-604)BV010606937 |