分化的全球投资机会有限合伙的视角

SIGULERGUFF&COMPANY12004:--Dr.PatriciaDinneenSigulerGuff&Co.December17,2004SIGULERGUFF&COMPANY2¾¾¾¾¾/SIGULERGUFF&COMPANY3SigulerGuff¾PaineWebber1995¾¾¾“”¾7027¾SIGULERGUFF&COMPANY4SigulerGuff’s¾30¾⇒⇒⇒⇒¾⇒(1990)⇒(1990)⇒(1990)⇒(2002--2006)⇒()¾SIGULERGUFF&COMPANY5¾:⇒⇒⇒⇒⇒7.5%8.2%()⇒4%4.5%()¾“”*SurveysconductedbyGoldmanSachs,RussellInvestmentGroup,2003,2004SIGULERGUFF&COMPANY61998-2002Source:3i,PricewaterhouseCoopers,GlobalPrivateEquity2003Total=$788BillionTotal=$660Billion2%2%19%70%7%1%2%19%70%8%SIGULERGUFF&COMPANY71998-200217%/5%)77%72%/3%24%Source:3i,PricewaterhouseCoopers,GlobalPrivateEquity2003560520SIGULERGUFF&COMPANY8200320¾1.($592)¾2.¾3.¾4.¾5.¾6.¾7.¾8.¾9.($16.7)¾10.Source:PwCGlobalPrivateEquityReport2004¾11.¾12.¾13.¾14.($9)¾15.¾16.¾17.¾18.¾19.¾20.SIGULERGUFF&COMPANY9“BRICG6——%”–DreamingwithBRICs:ThePathto2050,October2003*G6includesUS,Japan,UK,Germany,FranceandItalySIGULERGUFF&COMPANY10SIGULERGUFF&COMPANY11Source:CAProprietarydatabase,basedondatacompiledfrom146emergingmarketsventurecapitalandprivateequityfunds,includingfullyliquidatedpartnerships,formedbetween1989and2003.Internalratesofreturnsarenetoffees,expensesandcarriedinterest.Vintageyearfundsformedsince2000aretooyoungtohaveproducedmeaningfulreturns.Analysisandcomparisonofpartnershipreturnstobenchmarkstatisticsmaybeirrelevant.Vintageyear1993and2002hasaninsufficientsampletoproduceminimumandmaximum.Becauseofonefund’sunusuallyhighreturns,the2001pooledmeanbenchmarkisskewed.Excludingthisfundfromthebenchmark,the2001vintageyearmean,minimum,maximumare–14.1%(nettolimitedpartners),-22.2%,and0.9%respectively.AsofMarch31,2004-100-80-60-40-2002040608010019921993199419951996199719981999200020012002NettoL.P.'s(%)MeanMaximumMinimumSIGULERGUFF&COMPANY12¾–?¾¾;IPO¾¾;¾¾–?SIGULERGUFF&COMPANY13¾10–¾–¾–¾¾“”“”¾“”SIGULERGUFF&COMPANY14/¾:⇒⇒“”¾⇒:/⇒“”“”