Adrian Mucalov coverage in Kristie Neo’s Substack: General Atlantic’s Actis challenges the emerging market risk narrative
Adrian Mucalov, Head of Long Life Infrastructure at Actis, spoke with Kristie Neo for her Substack piece on perceived emerging market risk. Click here to read the full article online or read on below for a snapshot of Adrian’s comments.
Adrian Mucalov, Managing Director, Head of Long Life Infrastructure at Actis, commented:
“We find that one of the most persistent misconceptions (LPs have) is that growth markets are synonymous with higher risk. Growth markets aren’t defined by higher risk; they’re defined by greater inefficiency. And where there is inefficiency, there is opportunity… At Actis, we believe creating value starts with structuring risk intelligently, understanding which variables truly matter, and pricing them with discipline.
“Ultimately, effective risk management in growth markets is about understanding risk probabilistically, pricing it accurately, and assembling portfolios intelligently. The question should not be whether to invest in growth markets, but how: which risks to own, which to mitigate, and which to avoid entirely.”
Disclaimer
The statements contained herein by Adrian Mucalov are as of 3 December 2025 and represent the views of Actis or the source cited which is not research and should not be treated as research. The case studies and figures are presented for informational purposes only and were selected to demonstrate the type of investments that Actis will seek to make. There can be no guarantee that transactions with similar characteristics will be available to Actis. Moreover, there is no assurance historical trends will continue. Historic market trends are not reliable indicators of actual future market behaviour or future performance of any particular investment which may differ materially and should not be relied upon as such. References to ‘structuring risk intelligently’ and ‘effective risk management’ does not guarantee against risk and does not protect against losses.