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https://doi.org/10.1016/b978-0-12-375082-2.10006-0
Copy DOIPublication Date: Jan 1, 2011 |
This chapter discusses the size of the global private equity market, its evolution, and its regional composition. With investors' private equity assets under management (AUM) having grown 16-fold between 1990 and 2009, financial-sponsor led acquisitions increased at a double-digit CAGR over the last couple of decades. Initially, much of private equity's global growth was driven by greater activity in the United States and later in Western Europe. More recently, activity has also picked up noticeably in other regions, including in many emerging economies. However, the catch-up process has been uneven. Although some national markets have enjoyed relatively rapid growth, in others the trajectory has been considerably flatter. This heterogeneity has been attributed to a complex set of factors. In venture capital, the existence of an active IPO market is generally found to play an important role. In the buyout market, the potential for operational engineering, barriers to entrepreneurship, and barriers to international trade are identified as important factors explaining cross-country differences.
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