Private Equity Investing in Emerging Markets

Roger Leeds is a Professor at the Johns Hopkins School of Advanced International Studies (SAIS). He was founding Chairman of the Emerging Markets Private Equity Association and serves on the board of directors. Previously, he was an international finance practitioner for 25 years, including positions with a Wall Street investment bank, the International Finance Corporation, and a private equity firm. He has served on numerous boards, been published widely in his field, and is a member of the Council of Foreign Relations. He received his undergraduate degree from Columbia University, his PhD from SAIS.

'For anyone with more than a fleeting interest in private equity in emerging markets, Roger Leeds' book is an invaluable resource. Private equity is so fundamentally different in emerging economies that it barely merits the same nomenclature. Leeds makes this clear and provides readers a roadmap for taking advantage of the opportunities these differences present. As he rightly points out, 'the case for private equity is even more compelling in developing countries, where alternative sources of capital and business expertise are relatively scarce.' He relays his insights through aptly chosen case studies' - Diana Noble, CEO, CDC 'Roger Leeds has written a definitive and broad-ranging review of the little-known but fast-growing field of private equity in emerging markets. Combining a historical perspective that few can match with an insider's understanding of the workings of financial markets and a globalist's appreciation of different countries and cultures, Leeds gives even the most expert reader something new, while providing newcomers with a foundation of understanding few could match. A worthwhile read for professionals and amateurs alike.' - Nicolas S. Rohatyn, CEO/CIO, The Rohatyn Group 'To learn about private equity investing in emerging markets, read Roger Leeds' book. He expertly captures the growth drivers that distinguish the asset class in countries like China from their counterparts in Western countries, highlighting the numerous risks and challenges, as well as opportunities associated with investing in these markets.' - John Zhao, Founder and CEO, Hony Capital and Executive Vice President, Legend Holdings Corporation (Beijing, China) 'Emerging market private equity which has experienced explosive growth over the last decade has the potential to transform for the better the lives of literally billions of people. Roger Leeds has been intimately involved with this sector in his role as a practitioner, a founder of the Emerging Market Private Equity Association, and an educator. His book gives a cogent introduction to this fascinating and important sector of economic activity.' - Josh Lerner, Jacob H. Schiff Professor of Investment Banking and head of the Entrepreneurial Management unit, Harvard Business School

• 1. A Private Equity Primer 2. Private Equity Ecosystems: A Stark Contrast Between Developed and Developing Countries 3. The Private Equity Advantage: Operational Value Creation 4. Private Equity Performance Before the Global Financial Crisis 5. A Post-Crisis Assessment: New Opportunities and Challenges 6. China: Private Equity With Chinese Characteristics 7. Brazil: The Country of the Future 8. Kenya: Challenges and Opportunities in a Frontier Market 9. Looking Through a Crystal Ball