Bain: GDP doesn’t indicate private equity capacity
The number of large companies in a country, not the size of its economy, is the most important indicator of a market’s capacity to absorb private equity capital, according to Bain & Company. Other key factors include the depth and liquidity of capital markets, protection of investor rights, the strength of the legal system and the availability of debt financing.
Bain makes its cases by comparing South Africa and Russia. The former has a GDP of $400 billion and a private equity penetration of 0.3%, while the latter has a GDP of more than $1.5 trillion but private...
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