lp survey findings 2009

Limited Partners Opinion Survey Highlights

Findings from the most recent LP Opinion Survey by the Latin American Venture Capital Association

Q1, 2009

w w w . l a v c a . o r g

©2009La(nAmericanVentureCapitalAssocia(on.Allrightsreserved.Visitusatwww.lavca.org

Survey description

• The survey was sent to a LAVCA-selected sample of over 100 Limited Partners that in the past have indicated that they do or will do business in the region

• A total of 40 representative Limited Partners answered the full survey, and several more sent partial responses

• Survey was conducted in February 2009 through an online questionnaire


Sample Demographics 31%

10% 10% 10%7%

3% 3%

0%

5%

10%

15%

20%

25%

30%

35%Toptypesofinves4ngins4tu4on 88%

72%63%59%

41%34%31%

19%16%13%9% 9% 9% 6%

0%10%20%30%40%50%60%70%80%90%

100%Investmentstrategies

44%

22%

16%

9%9%

Es4matedassetsallocatedtoLa4nAmerica

Lessthan$50million

$50million‐$100million

Morethan$1B

$100million‐$500million

$500million‐$1billion

DoingduediligencetoinvestinLa(n

America;39%

Alloca(ngfundsinLa(n

America;33%

Noneoftheabove;28%

Areyoucurrently:


Selected charts show confidence in the region How do you predict your portfolio allocation to Latin America GPs will change over the next 12 and 36 months?

Name the best market opportunities to invest your portfolio in

Deal flow opportunities

How would you qualify the following in terms of private capital markets in Latin America

Availability of experienced GPs

VeryPosi(ve;11%

Posi(ve;39%

Neutral;42%

Nega(ve;8%

VeryPosi(ve;11%

Posi(ve;28%

Neutral;25%

Nega(ve;36%

10%15%

3%

44%

Decrease Increase

Next12Months

Next36Months

0%

5%

10%

15%

20%

25%

30%

35%

Brazil Mexico Colombia Peru Chile Other


Key findings

• More than 65% of respondents indicated that they see the region better positioned than other Emerging Markets in the long term

• 82% of respondents selected Brazil as one of their top 3 choices for best investment opportunities in the region

• The biggest negative influences on the LPs perception of the region were the level of political and economic risk and the availability of experienced GPs.

• However, almost the same % of respondents saw the availability of experienced GPs as a positive influence. Other positive influence widely mentioned was the availability of deal flow


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lp survey findings 2009

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