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2012 | OriginalPaper | Chapter
Martin Escobari, Managing Director, Advent International
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I mentioned in Chapter 12 that South America has a boom-and-bust, famine-and-feast reputation as a destination for private equity investment. At the time of writing, the market was exhibiting both characteristics simultaneously: boom in that investors’ capital continued to flow into the region and, in Brazil especially, owners’ valuation expectations for private businesses remained frothy; bust in that the region’s key stock market, Brazil’s Bovespa, remained subdued, trading at a PE ratio of less than six on the back of sober projections of Asian demand for the commodities and energy that comprise much of the index, due to concerns about anaemic recovery in Western consumer markets.