Data from PEI Research & Analytics reveals that, at the beginning of May 2015, there are 487 funds in market focusing on emerging regions excluding China. These vehicles are targeting an aggregate of $119.3 billion.
A total of 223 funds are targeting emerging Asia-Pacific (excluding China) which represents 46 percent of all emerging markets vehicles on the road. Venture capital/growth equity funds make up the bulk of funds in market for the region, accounting for 58 percent of the aggregate target size. However, RRJ Capital III, a buyout vehicle, is the largest fund on the road for the region with a target of $4 billion. The Teachers' Retirement System of the State of Illinois, Texas County and District Retirement System and Oregon State Treasury are among the LPs that have committed to the fund, which launched in January 2015.
Middle East/Africa comes second for aggregate target size and number of funds in market, accounting for 41 percent and 23 percent of the market respectively. Funds targeting the region have the largest average fund size of $308 million.