Carlyle Group co-founder David Rubenstein spoke of his global effort to emancipate greenbacks at an emerging markets conference. His comments from that talk include:
"I am very bullish on the prospects for Africa. Nothing compares with Africa in terms of economic growth as a percentage over the next decade, [partly because] it is starting from a low base."
Private equity underwriters (PEU's) will make more money in Asia than in any other region, partly because it can absorb the most capital of emerging markets, Rubenstein added. He said: "In terms of the total amount of money to be made [by private equity firms], China is overwhelming."
Investment in Russia will prove "more complicated" for private equity firms, according to Rubenstein. He said: "We opened an operation in Russia twice and didn't make it work. Western firms have not yet extracted as much in profits from Russia as from other large emerging markets."
The size of Russia's economy and the government's desire to attract private equity firms are likely to make it more appealing in the future, Rubenstein added. He said: "It will be very appealing, but a little more complicated."