From SuperReturn TV Chris Meyn (Gavea Investimentos) and Simon Thornton (PEARonline) at SuperReturn International 2013 in Berlin. Massive shift in LP interest from Europe to emerging markets -- more economic growth and EMs are outpacing developed markets in quite a consistent manner from a GDP and company growth standpoint. Re Brazil, we've seen a tripling of the capital available for companies in the region through PE. This competition has affected valuations and the market overall. We're still at an early phase of emerging markets for PE so there aren't many strategy shifts. It's just that our market is starting to develop and deepen. Both on a local basis as well as the large global PE firms -- all of them are now working in the region. How do you differentiate Gavea re LPs and staff? We've been around for a while and we're the largest local manager in the region and there will always be an important role for the local firm with local relationships on a corporate and political level. But we also partner a lot with the global firms -- it's not a market where you need to think "all for one" and competition -- it can be cooperative. That's something we're exploring -- how to combine our local knowledge and abilities with the global experience that some of these firms have. What due diligence question would you tell an LP looking to invest in Brazil to ask? What is the right risk premium for Brazil? There is too much comparison to other markets instead of comparing to the asset classes available within the market. In my opinion, LPs don't require a high enough return from PE in Brazil. Quoting Pat Dinneen -- "When it comes to emerging markets, you shouldn't confuse risk with ignorance."