Ideas
Fresh thinking on global private markets
Incisive commentary and insightful analysis for forward-leaning entrepreneurs and investors.
The Portico Podcast
Listen to our latest episodes and learn more about each interview.
Episode List
Jake Cusack on Investing in Frontier & Fragile Markets
An interview with Jake Cusack, co-founder and Managing Partner of The CrossBoundary Group, on investing in frontier and fragile markets.
Weijian Shan on Leverage and Turnarounds in Asia
An interview with the Chairman and CEO of PAG, a leading Asia-focused alternative investments firm with ~$40 billion in AUM.
Tom Burgis on the Rise of Kleptocracy
An interview with Tom Burgis, investigations correspondent at the Financial Times, and author of Kleptopia and The Looting Machine
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Our Thinking
Peruse previous editions of Portico Perspectives and read our research studies.
An Extractive Industry
The Toys “R” Us bankruptcy prompts a jeremiad on LBOs; Abraaj: Redux; CEE; India; Turkey; Grapes of Wrath
The Wealth of Nations
A walking safari in Tanzania prompts a question: who’s wealthier, a Maasai elder or your average American?
Questions of Leadership
Key themes from IFC and EMPEA’s Global Private Equity Conference included leadership, governance, and transparency
Transparency & Governance
A reflection on transparency and governance. Also features: Abraaj, Norway’s sovereign wealth fund, Bain & Co, The Dhammapada
The White Stripe
Drama at The Abraaj Group continues, EM Fundraising trends, Performance of EM PE, Persistence
The Evolution of Private Equity in Emerging Markets
A brief history of private equity in emerging markets, an analysis of industry performance, and thoughts on its future.
Veritas
Last month, the New York Times published a fascinating article about the market for followers on Twitter. (Disclosure: shareholder of NYT and TWTR). The manufacture…
Bulls on Parade
The animal spirits are palpable. Though U.S. markets have seemed to be fully valued for some time, the price action since the ball dropped on…
Does EM PE Scale?
Does the emerging markets private equity asset class scale? No. I don’t believe it does. In fact, I think the absorptive capacity of EM PE…
Does the Emerging Markets Private Equity Asset Class Scale?
An analysis of exits in emerging markets suggests EM PE / VC fundraising may need to come down to $16 billion per year
Dumb Money
An LP calls private equity the dumb money in emerging markets, more than $34 billion is being raised in Asia and KKR is bringing leveraged loans to China, LP views on Latin America, Facebook enters small business lending, Turkey turns around? Eric Hoffer’s “The True Believer”
Super Sized
Discusses whether distributions from larger funds is leading to capital concentration in emerging markets, Indonesia’s first startup IPO (Kioson), SoftBank, SMEs and the GST tax in India, lifestyle diseases in emerging markets, Katherine Boo’s “Behind the Beautiful Forevers”
Status Update
Provides a first anniversary update on Portico, discusses the societal parasite that is Facebook, who will make money in emerging markets venture capital, world awash in capital (featuring corporations as asset managers, passive investing, asset scarcity, and U.S. housing as political time bomb), and Musashi
The Mid-Market Squeeze
Discusses KKR’s report on Indonesia, Abraaj Group’s acquisition of the coffee chain Nairobi Java House, challenges Aubrey Hruby’s article in the FT that private equity will drive manufacturing sector development in Africa, shares some beach reading ideas
More Dickensian by the Day
LP sentiment toward emerging markets, high net worth investor interest in private equity, Helios-GBFoods, Hispanophone deals in Africa, Baring Asia and CPPIB take Nord Anglia private, Blackstone joins the private debt party in India, The Ramayana