• How do the drivers of risk and return compare and differ between emerging markets PE (commonly growth capital) and developed markets PE commonly LBOs)?
• How can EM PE be modeled separately from developed market PE in an asset allocation model, given differences in return and risk characteristics?
• Are there sufficient differences between EM PE and EM listed equities in terms of sector coverage, and size and stage of companies, to justify allocating separately to EM PE?

Eric Johnson, Managing Director, Cambridge Associates LLC
Ralph Jaeger, Consultant, Cambridge Associates LLC

• Is strong vintage year fundraising a predictor of poor returns or vice versa in developed markets? Is there sufficient data or reason to conclude the same for emerging markets?
• What does the current data suggest about EM?
  • Are EM countries and/or regions over- or under-penetrated currently, and how does this compare to the past?
  • How do entry valuations compare across a range of markets and historically (pre-crisis) versus today?
• What are good measures of PE absorptive capacity in emerging markets, and does this differ from developed markets?
  • Is capital raised or capital invested/GDP a good measure? How can one apply this metric in markets without strong debt markets/financing alternatives?
  • In EM, how can one predict changes in the supply side (i.e., availability of good deals, of companies seeking/needing PE capital)?
• Is the flow of capital likely to expand in the future due to improvements in local conditions?
• Can we predict which emerging market countries are likely to see improvements in either supply of deals or
  access to capital?

Hugh MacArthur, Director, Head of Global Private Equity Practice, Bain & Company
Suvir Varma, Partner, Head of Asia Pacific Private Equity and Sovereign Wealth Fund Practice, Bain & Company

• Scott Kalb, Chief Investment Officer, Korea Investment Corporation (KIC)
• David Krasnostein, Head, MLC Private Equity