Emerging Market Investment Opportunities

𝗘𝘂𝗿𝗼𝗽𝗲’𝘀 𝗹𝗮𝗴𝗴𝗶𝗻𝗴 𝗽𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝘃𝗶𝘁𝘆 𝗮𝗻𝗱 𝗥&𝗗: 𝗠𝘂𝗰𝗵 𝗺𝗼𝗿𝗲 𝗿𝗶𝘀𝗸 𝗰𝗮𝗽𝗶𝘁𝗮𝗹 𝗻𝗲𝗲𝗱𝗲𝗱 ‼️ Last week the International Monetary Fund published a very interesting and comprehensive paper about the need for more venture capital in Europe to tackle our continents challenges. To name a few: ✔️productivity per hour worked is app 30% lower in 🇪🇺compared to the 🇺🇸 ✔️R&D investments are still way below the target of 3% per annum ✔️Within the top 100 tech companies worldwide merely a handful are European Is it all about 💶 I here you say? No it is about keeping up our welfare for future generations. And about a liveable planet. And increasing our innovation and competitiveness are crucial to do so. Which is also the key message of Mr. Draghi’s report I hope. The IMF report takes a deeper dive into the underlying issues: ✔️ VC investments are only 0,4% of GDP. In the US it is 3x as much ✔️Europeans park their savings in bank accounts. And banks are very risk aversie when it comes to financing hightech startups. ✔️Long term savings go primarily via pension funds, who hardly invest in VC in Europe (despite some positive signs recently) ✔️The EU has fewer and smaller VC funds leading to smaller rounds, less opportunities for scale-up financing and limited exit options ✔️ European scale-ups end up listing in the US instead of Europe itself ✔️ National fragmentation within the EU leads to a lot of barriers for scaling What has to be done? ✅ Increase efforts on a real single European market, for example by consolidating stock market exchanges and diminishing cross border red tape ✅ Make it more attractive for pension funds and insurers to step into VC ✅ Enhance the capacity of European Investment Bank (EIB), European Investment Fund (EIF) and national promotional institutes, like Invest-NL ✅ Implement preferential tax treatments for equity investments in startups and VC funds ✅ Encourage more funds-of-funds And I would like to ad to the findings in the report two things: 1️⃣ We need a cultural mind shift, more urgency and embracing true entrepreneurship 2️⃣ We have to step up our game when it comes to tech transfer. Transforming our high quality academic knowledge into economic and societal impact via startups.

Want to hear about a $4.7B opportunity that's about to change everything? After months of deep research across Queensland's Bowen Basin, our team at Coreo has uncovered something extraordinary. While 58 mining operations have been managing their waste streams separately, we've proven there's a transformative alternative, and the numbers are staggering. The opportunity: A Multi-Mine Circular Resource Recovery Facility that could unlock up to $4.7 billion in 10-year net present value while diverting over 110,000 tonnes of waste from landfill annually. This isn't just another sustainability project. It's a complete reimagining of how an entire industry can collaborate to turn so-called waste into wealth. From timber pallets to mining tyres, from food scraps to diesel filters, we've identified 23 circular solutions that transform today's disposal costs into tomorrow's revenue streams. The validation speaks volumes: the The World Bank is preparing to tender for this work based on our comprehensive prospectus. When global institutions recognise the scalability and impact potential of a regional Australian innovation, you know something special is happening. To every stakeholder who poured their expertise into this 104-page blueprint: this recognition belongs to you. We've proven that rigorous analysis, stakeholder collaboration, and systems thinking can unlock value that others said was impossible. Sometimes the biggest breakthroughs come from asking the simplest question: What if we stopped working in isolation? The future of mining isn't just about what we take from the ground – it's about what we choose to give back to the system.

Family offices are eager to invest in sports, but only in specific sectors, according to new Goldman Sachs data 👀 Out of 245 family office decision-makers surveyed: • 50% said they are already invested in sports or plan to be • 71% of those prioritize major-league men’s teams as the top investment Beyond that, here’s where family offices see the most opportunity 👇 Top sports investment targets according to Goldman Sachs: • 📺 Streaming tech (31%) • 🏟 Venues & real estate (31%) • 🎮 Gaming (26%) • 🏆 Events & tournaments (25%) • 🥋 Emerging sports (25%) • 🎫 Ticketing (22%) • 🎮 Esports (20%) • 👩🦰 Women’s established leagues (19%) • 👩🦰 Women’s emerging leagues (16%) • ⚾️ Men’s minor leagues (16%) • 👕 Apparel (16%) • 🤑 Betting (15%) Three takeaways that stood out to me: ➊ Women’s sports are still far down the list, meaning there’s massive white space for those who truly understand the growth trajectory ➋ Betting ranks lowest, yet the upside is enormous as legalization expands ➌ Venues & real estate could quietly outpace most of these sectors over time thanks to new revenue streams, diversification, valuation drivers, and tax incentives Sports is transforming into a serious asset class, and family offices are positioning accordingly. Subscribe to the Vetted Sports weekly newsletter to get more industry news, trends, and updates 📩 www.vettedsports.com

Africa’s next billion-dollar opportunity isn’t in fintech. It’s in food. Everyone talks about mobile money and apps. Few are talking about the fact that Africa: ✔️ Imports $50 billion in food annually. ✔️ Has 60% of the world’s uncultivated arable land. ✔️ Loses up to 40% of its harvest post-harvest due to poor storage and logistics. We don’t have a farming problem. We have a value chain problem. The opportunity? ✔️ Build local processing industries. ✔️ Invest in cold storage and transport. ✔️ Empower smallholder farmers with finance and market access. This is where Africa’s quiet giants are being made — not just tech founders, but the people fixing the system beneath the surface. What do you believe is the biggest unlock Africa’s agri sector needs right now? I’m interested in hearing real insights. 🎙️ Share this & help Africa grow!

Based on a recent study by S&P Global, emerging markets will play a crucial role in shaping the global economy, contributing about 65% of global economic growth by 2035. While being present in well-established markets across the world is rewarding, it is equally important for businesses to invest in emerging markets, as they offer significant growth potential thanks to a rapid economic development, a rising middle class, and an evolving consumer behaviour influenced by a huge use of digital solutions. To succeed, businesses should tailer their operations, services, or products to match with local consumer habits. Affordability is crucial, as many consumers in emerging markets have lower purchasing power, so offering cost-effective solutions can help businesses reach a wider audience. Forming local partnerships can also provide valuable market insights, easing entry and building long-term trust. While emerging markets offer plenty of opportunities, risks such as currency fluctuations, and regulatory changes must be carefully and proactively managed. By staying proactive and investing in local expertise, businesses can successfully navigate these challenges and focus on the growth potential of emerging markets. #CEO #Leadership #business #Emergingmarkets #BFLGroup

I am very happy to share insights from my recent op-ed in the Financial Times. Emerging markets have often been viewed as risky, but new data from the Global Emerging Markets Risk Database Consortium paints a different picture. With comparable default rates and superior recovery rates, investing in emerging markets offers resilience and potential. The statistics, spanning 30 years of lending, show that the risks in emerging markets compare favorably with other asset classes. Additionally, the portfolio diversification they offer proves beneficial during global stress periods. As a co-founder and major contributor to GEMs, IFC is committed to providing crucial data to help investors make informed decisions about emerging markets. Reallocating just 1% of global assets each year could significantly impact growth and development in these countries. Read more: http://wrld.bg/PWRb50Ro0tq The World Bank IFC - International Finance Corporation

Contrarian view: India is not a 1.4B population market. The real TAM for D2C brands is only 130M – <10%. This is the India with actual consuming power – roughly the size of Mexico. The remaining billion are focused on necessities, with almost nothing left to spare. Beyond being a socioeconomic observation, it's a blind spot. When we estimate scale possibility and real market size for our brands – these are the real numbers. Why do brands get stuck at 50–70 Cr scale in a country of 1.4B+? I guess this is the answer. Look at how middle-class India is actually living today: → The middle 50% of taxpayers have seen their real income halve over the past decade when adjusted for inflation → Household financial savings are at a 50-year low according to RBI → The wealth gap is widening dramatically — the top 10% now control 57.7% of national income (up from 34% in 1990) It's a tale of two Indias: one buying Coldplay tickets and iPhone 15 Pros, the other counting every rupee at a kirana store. So yes, the biggest opportunities are in mass-scale products. Think Amul (₹55,000 Cr), Parle G (the world’s largest-selling biscuit), and Jio. So, is there no opportunity in premium India? 130M Indians or 30M households is also large. But one needs to be fully aware that this is the size of this segment when building. Will a premium women’s handbag do ₹2000 Cr in sales? My view: No. It won’t have 1000s of crores in sales or unicorn valuations. But they will build value and profit. So, the typical tech investing lens may not be the right way to invest in these businesses. Enter early, look for a higher rate of success, and underwrite realistic outcomes (USD 100M or below). What do you think of the premium consumer opportunity in India? #India #Consumption #Entrepreneurship

The currency that gets a Pre-Seed funding round done — a powerful vision and infectious belief — gets dramatically devalued when it's time to raise a Seed round. The new currency is evidence, and founders need to prove that they can mint it. As a Pre-Seed investor, this is one of most common (and painful) hurdles I see founders face. We watch portfolio companies—led by brilliant storytellers—run into walls because they continue to trade on belief when the Seed investors now demand hard data and evidence of what's going right. Here's what I'm seeing working for getting a Seed round ($3-6M) done: 1. Evidence of Habit, Not Just Hype. Initial sign-ups, glowing testimonials, pilot customers get you in the door, but they don't prove a durable business. You must show that a core group of users has deeply integrated your product into their life or workflow. 2. Evidence of a "Pull" from the Market. Pre-seed is often about "pushing" your product into the world through sheer force of will. Seed investors want to see early signs that the market is beginning to "pull" it from you. This is the first indicator of go-to-market fit. This evidence can take many forms: a steady stream of organic customers, a specific acquisition channel that works without massive spend, or a word-of-mouth coefficient where your users are starting to do the marketing for you. It's proof that a scalable, self-sustaining growth loop is possible. 3. Evidence of Learning Velocity. Early-stage investing is always a bet on the team. The best way to de-risk that bet for a Seed investor is to show them how fast you learn. This isn't just about what you've built; it's about what you've learned while building. Be transparent about your experiments—both the winners and the losers and show how specific learnings, even from failures, have directly influenced your roadmap and strategy. The goal posts have changed for getting a Seed round done and it can feel like Seed is the new Series A. We don't see this changing anytime soon, so better to settle into this new normal! 🙌🏼 #Founders #Fundraising #EverywhereVC #Startups #Metrics

Pass the Prosciutto, Please A decade ago, “PIIGS” was a acronym for 5 fiscally challenged European countries: Portugal, Ireland, Italy, Greece, and Spain. The press and financial analysts referred to these proud countries with a negative tone, at the same time that Marathon Asset Management's European Credit team invested capital in these countries, identifying incredibly attractive investments during this time period. Amazing people, proud heritage, yet difficult times for these great countries. Today, they are recognized as rising stars of Europe with some of the fastest growing economies in the EMU. This transformation stands as a testament to economic resilience that was overcome from the 2010-2012 eurozone sovereign crisis. These 5 great nations confronted their respective funding crisis to make adjustments with sovereign debt-to-GDP exceeding 100% in most cases while unemployment soared, and a banking system required several hundred billion Euro bailout packages. The troika's intervention (European Commission, ECB, and IMF) in Greece, Portugal and Ireland led to pension reform, tax increases, labor market liberalization, and a structural rework that created the backdrop for today's success, even more impressive given the popular protests and political upheaval that took place. The turnaround has been nothing short of remarkable. Ireland became a tech and pharma hub with 5% GDP growth. Portugal grew from not only tourism, but also a thriving start-up community and development of clean energy; Spain's unemployment fell from a staggering 27% to single digits. Greece achieved primary budget surpluses and regained investment-grade status leveraging its agriculture and shipping advantage, while Italy with so many natural advantages is most noted for its fiscal discipline. The market recognize the progress, growth and value of these countries and investors are being well rewarded. 2025 Equity Market Performance (y-t-d): Greece +56% Spain +52% Portugal +42% Ireland +39% Italy +38% Europe’s remarkable recovery is one of the most dynamic and resilient investment opportunities globally, delivering highly attractive risk-adjusted returns from strong European companies at valuations that still look compelling versus the U.S. As a credit investor, I’m more excited than ever to invest capital here, a vibrant continent, a perfect complement to the U.S. and diversifier for a global portfolio.

Thinking of entering the Saudi market? You might want to read this👇🏻 With the Vision 2030 plan, the country is moving away from oil and growing new industries. If you’re thinking about entering the Saudi market, here’s a look at some of the hottest sectors right now: 1/ Renewable Energy Saudi Arabia is investing heavily in renewable energy, aiming to generate 50% of its electricity from clean sources by 2030. This is creating huge opportunities in energy production, storage solutions, and sustainable infrastructure. 2/ Tourism & Hospitality The tourism sector is booming, and Saudi Arabia is positioning itself as a top global destination. With projects like the Red Sea Development and Al-Ula, the country is showing its natural beauty and rich history. Plus, entertainment events like the Riyadh Season and Formula 1 Grand Prix are attracting millions of visitors. This opens up opportunities in resorts, hotels, cultural tourism, and entertainment projects. 3/ Technology & Innovation The government is investing in smart cities, digital transformation, and tech ecosystems, which has opened up opportunities for innovation in areas such as e-commerce, digital payments, and AI-driven solutions. 4/ Healthcare With a growing population and rising demand for quality medical services, the country is focusing on modernising healthcare infrastructure and encouraging private investment. Opportunities include hospital operations, medical devices, pharmaceuticals, and healthcare IT solutions. 5/ Logistics & Transportation Thanks to its strategic location between Europe, Asia, and Africa, Saudi Arabia is becoming a key player in global logistics. Major projects like the King Abdullah Port and the Landbridge Railway are improving trade routes and making it easier to move goods across the region. There’s a growing need for warehousing, cold storage, e-commerce fulfilment centres, and freight services. From large-scale infrastructure projects to technological advancements, the landscape is full of potential. If you’re looking to expand or invest, the time to act is now.