SUMMER 2011



Africa: Burgeoning opportunities in
VC & PE

The future of private equity and venture capital in India

Dr. Roman Fleck: An Interview

In Other News

PROGRAMS & EVENTS

July 7, 2011
Thunderbird/SEC/PWC 2nd Annual European Private Equity Forum
Zurich, Switzerland

Oct. 6-7, 2011
Thunderbird's 2nd Annual Southeast Asia PE Investing Conference
Ho Chi Minh City,
Viet Nam

Oct. 26-27, 2011
PEI Brazil Forum
Rio de Janiero, Brazil

Nov. 10-11, 2011
Thunderbird Global Business Dialogue
Phoenix, AZ

Jan. 4-12, 2012
U.S. PE & VC
Certified Trade Mission
Santiago, Chile; Bogota, Colombia; Lima, Peru

Message from the Managing Director

With renewed financial uncertainty in Europe and looming concern regarding the US government’s ability to tackle its debt, it is no wonder that private equity investors remain optimistic about opportunities in the emerging markets. The conversation is the same, but the argument is different. Rather than leaving the relative safety of the US for the emerging markets, investors are looking to escape the uncertainty of the developed world for what many believe are calmer markets in the emerging economies.

This issue of the TPEC Quarterly is dedicated to expert commentary on the unique investment opportunities of emerging markets - particularly Africa and India - as well as interviews with leaders in the European Life Science and Sub-Sahara Africa Clean tech. This theme will also be prevalent in the agenda at the Private Equity & Corporate Finance Conference that Thunderbird, in partnership with SECA, PricewaterhouseCoopers, and the Swiss-American Chamber of Commerce, is presenting in Zurich on July 7, 2011.

I trust you will receive insight and encouragement in the articles published here - and I invite you to continue the conversation with us as we gather in Zurich July 7.

Sincerely,

Jim La Marche
Thunderbird Private Equity Center Managing Director

Africa: Burgeoning opportunities in VC & PE

By Gloria Mamba, Divisional Executive: Investment
Banking at the Development Bank of Southern Africa
African private equity is increasingly a topic of business, political and investment discussions and rightly so. The world of private equity typically includes matters such as partners, culture and influence, business plans, currency and exits to name but a few, and in Africa many of these considerations are new and different. How then to play?

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The future of private equity and venture capital in India

By Arvind P. Mathur, Chairman, Private Equity Pro Partners
Private equity and venture capital was heralded in India in the 1980s. While these early efforts were successful, they were characterized by typical deal sizes in the range of $2 million to $20 million mostly in early stage and start-up enterprises. Deal volume had rocketed to nearly $8 billion in about 325 deals in 2010. We will examine the key drivers of a thriving private equity industry, which bode well for the future of private equity in India.

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Interviewed by Ryan Collins, T-bird '12
Dr. Roman Fleck is a principal in the Life Sciences Division at Index Ventures in Geneva, Switzerland. Currently, he serves on the boards of GlycoVaxyn, Novocure and Versartis, while remaining closely involved with Funxional Therapeutics, Normoxys and OncoEthix. Ryan Collins, Thunderbird Class of 2012, recently sat down with Dr. Fleck in the firm’s Geneva office to find out about his role within the firm and to learn the firm’s investment approach.

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• Thunderbird PEVC Club competes in Venture Capital Competition.
• Thunderbird Global Private Equity Center was selected by the U.S. Commerce Department to serve as a Certified Trade Mission Organizer for private equity trade missions to Latin America.
• Thunderbird School of Global Management introduces its Thunderbird 2020 Vision.

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