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Alternativas de Inversión en América Latina La Oportunidad para
Alternativas de Inversión en América Latina La Oportunidad para “Private Equity” Carlos Garcia Managing Partner – DLJ South American Partners Noviembre 2010 Why Investing in Private Equity in Latin America Attractive Growth Profile +1.7 +4.5 Strictly Confidential +4.1 Source: BCG, Estudio Broda Page 2 Why Investing in Private Equity in Latin America Attractive Size of the Markets Strictly Confidential • Combined GDP of US$ 3,010.4 billion, comparable bl to t Germany G Colombia Peru Brazil Chile Argentina • C Combined bi d population l i off 326.0 326 0 million, illi comparable to USA • Very attractive demographics Source: IMF, 2010 estimates at current prices Page 3 Why Investing in Private Equity in Latin America Low Penetration of the Asset Class Strictly Confidential Emerging Market Investments Private Equity Investments As a % of GDP 1H 2010 Emerging Markets Investment Distribution Among Regions Latin America Middle East & Africa CEE / Russia Emerging Asia Source: EMPEA Source: EVCA Annual Survey 2010, EMPEA , IMF Page 4 Why Investing in Private Equity in Latin America Low Penetration of the Asset Class Strictly Confidential Source: EMPEA Page 5 Strictly Confidential Why Investing in Private Equity in Latin America Low Penetration of the Asset Class Fundraising by Region (US$ mm) 39,660 12,000 9,000 6,000 4,461 3 000 3,000 0 66,517 15,938 Emerging Asia 11,197 6,221 2,293 , 48 2,248 2008 Latam 22,607 2009 CEE & CIS MENA 1H 2010 1H 2010 Sub‐Saharan Africa Global EM Source: EMPEA Page 6 Why Investing in Private Equity in Latin America Low Penetration of the Asset Class Strictly Confidential Total Capital Invested by Region (US$ mm) 20,000 15,000 10,000 5 000 5,000 0 28,270 47,834 22,104 13,866 9,471 6,962 Latam 2,054 1,318 2008 Emerging Asia 2009 CEE & CIS 12,954 MENA 1H 2010 1H 2010 Sub‐Saharan Africa Global EM Source: EMPEA Page 7 Strictly Confidential Why Investing in Private Equity in Latin America Low Penetration of the Asset Class Average Size of Investments by Region (US$ mm) 120 100 80 60 40 20 0 108.8 56.5 63.4 57.1 24.4 29.3 32.8 2008 Latam 2009 Emerging Asia 33.7 32.2 1H 2010 Global EM Source: EMPEA Page 8 Strictly Confidential Why Investing in Private Equity in Latin America Limited Ability to Capture PE Opportunities in Public Markets Market Cap (US$ bn) b ) Argentina Brazil Chile Colombia Peru USA $53.6 $1,503.6 $323.6 $226.2 $91.4 $16,479.3 Market Cap / GDP Note: Market cap as of October 2010. GDP corresponds to 2010 estimate Source: world-exchanges.org, IMF Page 9 Strictly Confidential Why Investing in Private Equity in Latin America Limited Ability to Capture PE Opportunities in Public Markets Argentina Brazil Chile Colombia Peru USA Note: Market cap of companies as of 24-Nov-2010 Source: Bloomberg, world-exchanges.org Page 10 Strictly Confidential Why Investing in Private Equity in Latin America Limited Ability to Capture PE Opportunities in Public Markets Argentina Brazil Chile Colombia Peru USA EV/EBITDA LTM P/E 2010E Note: Market data as of November 24, 2010 Source: FactSet Page 11 Strictly Confidential Why Investing in Private Equity in Latin America New Horizon in Returns Expectations One Year 41.65% Three Year 9.92% Five Year 13.73% Ten Year 7.67% Asia (ex-Japan) PE 45.98% 11.23% 13.39% 7.67% Central & Eastern Europe PE 16.52% 0.92% 12.42% 15.07% Latin America & Caribbean PE 59.80% 16.62% 18.32% 2.48% 81.55% 6.50% 22.35% 24.12% 49.77% 5.46% -0.68% 0.68% 1.31% -3.31% -4.17% 16.00% 4.85% 10.35% 15.00% 1.92% 10.11% -3.69% 3.69% 7.19% 15.85% -0.65% Emerging Markets PE & VC MSCI Emerging Markets US VC US PE Western Europe PE S&P 500 Note: Net of fees, expenses and carried interest Source: BCG and Cambridge Associates Page 12
Continuous improvement of performance