“Some $200 billion of new capital went to private equity (PE) and venture capital management partnerships globally in 2012. For the first time, 20% of that total — some $40 billion — went to fund managers in emerging market countries. Surprisingly, of that amount, only $15 billion went to the BRICs (Brazil, Russia, India and China). That leaves $25 billion that went into non-BRIC emerging markets, such as Columbia, Chile, Peru and Mexico. What’s more, Sub-Saharan Africa has witnessed solid growth in fund managers and capital under management. Turkey also has emerged as a destination, as have Malaysia, Thailand, Vietnam and Indonesia. The 2013 Wharton Private Equity Review, sponsored by Ernst & Young, explores this major shift in articles based on the 2013 Wharton Private Equity & Venture Capital Conference. Also included are articles that look at: U.S. regulatory developments in PE; how one company helped to recapitalize a troubled Irish bank, and how PE helps to create value more generally. Finally, a piece on venture capital considers the challenge of generating consistent returns and the growing allure of New York City over Silicon Valley. Some of the articles included here were written by Wharton MBA students from the Class of 2013.”