转移到新兴市场
Hi,
我有兴趣在新兴市场中追求私募股权，主要是为了体验（例如，增长重点，独特的所有权结构，文化背景，“野生西部”的投资），并且因为我喜欢旅行 /体验新的文化。我可以想象仅仅是一年的高级合伙人，或者要待更长的时间，具体取决于它的发展。
I think India, or South Africa would be most suitable (business in English), followed by Indonesia, Malaysia (stationed in SG?) and the rest of South East Asia (e.g., Cambodia, Vietnam); other regions/countries such as China and LatAm may be tricky given language barriers - I only speak English, German, some Spanish/French and very limited Mandarin.
My background is - Native European, white (i.e., no EM background), top-university MSc,MBB在我们和现在PEAssociate at a top-10 global fund in the US.
- Has anybody in the forum transferred from the US, or Europe to an EM? Would be great to learn about your experience/ process.
- 哪些市场对PE最有吸引力？标准可以包括资金水平（超额资助），资金来源（本地/外国），监管环境（所有权限制，腐败等）交易流量，市场增长率等？
- 什么国家/地区最容易转移,given my profile above? Criteria include language for meetings, primary research, culture, trust, etc.
- 收入和退出机会 - 即，这会更像是短期的经验演出，还是长期的机会和持续的学习潜力？
- 工资，福利和津贴；这是最不重要的，但对于设定期望很有用。我在美国的收入非常好，也不指望我当前的工资水平，甚至适应PPP。
非常感谢您的回复。
评论 （12)
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I do see Europeans getting transferred over but they are usually transferred to Singapore/HKwhen thePEfirm is expanding their global presence. In my opinion, the main reason whyPEfirms will consider taking a non local is due to their experience in the U.S e.g. M&A transaction experience. However, based on my observations, if you are non-local and non-Asian, the barrier to entry is quite high as the buyside industry is very small in Asia and there are tons of Asian bankers which they can hire from (they usually hire associates with 3~6 years ofIBDEXP，与WSO中提到的2年规范不同。
每个市场都有自己的利弊，我将简要提及主要的考虑点。您也是正确的，腐败在新兴市场中非常糟糕，看来某些法律没有执行。此外，腐败对美国的资金无关，因为它们需要通过SEC的合规性。
印度尼西亚 - 腐败。所有者的估值期望很高。负投资清单
Malaysia - Corruption. Political instability
Singapore - No corruption. No growth due to population size
Other parts of SEA - Limitation of foreign ownership e.g. Thailand. The rest of the SEA have deals that are too small as well.
India - High valuation expectation. Small deal size. Tough management team to work with (I do know that most funds would not consider India unless they have a local guy / local team presence)
China - Most funds will invest outside of China and then enter China through organic growth. Just look up the multiples on the stock exchange and you will understand why.
4/5。PEin general pay lower thanBBIBDin Asia (even for quite a few of those globalPEfirms). If you are looking for those local shops, the pay will be much lower. Honestly, I would expect you to make significantly lower than what you are getting after paying for the rent and having a much lower pay in Asia. On the other hand, if Asia is where you would like to be in the long run, you can definitely try recruiting and see how it goes.
以下是一些PEprofiles which you can check out.
Vietnam - Mekong Capital
Indonesia - Northstar Group (affiliated with TPG)
Cambodia, Vietnam and other EM - Leopard Capital
Malaysia - Southern Capital (MMLBO)
India - Everstone Capital
Hope it helps.
Long story short - The wild west is not fun if you are getting less than half of what you are getting now in pay if you can get in for some reason.
我是第二年PEaMFin Brazil (is Brazil still an EM or former EM? who knows). So I can help you a little with questions 3-5. Keep in mind that I am a Brazilian though.
Language is indeed a barrier, I think you should cross out any countries where the main language is one you are not fluent.
I believe there is long term potential for a career in an EM like Brazil. Teams are much smaller than the US and if GDP growth returns (or you choose an EM that is effectively growing), there will be significantly long term opportunities.
Some funds (mine included) pay the exact same US$ amounts for their纽约，SF，伦敦，巴西，中国，印度专业人士。这是疯狂的钱，尤其是当您考虑到过去几年的EM FX贬值时。其他国际资金向下调整薪酬，但仍然不错，可能比纽约或者SF when adjusted for cost of living.
perfect - those are very helpful answers - I'll definitely have a closer look at the funds you listed.
哇，你在工作吗PEin EM, or what is the source of insight? Would you mind if I ping you directly as follow-up?
我只是根据自己的观察分享。在这里发布您的问题，我会尽力回答。
Thanks.
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告诉您的老师您不在乎子工业。您关心二级市场PEs.
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