Coleção de Artigos Acadêmicos

URI permanente para esta coleçãohttps://repositorio.insper.edu.br/handle/11224/3227

Navegar

Filtros

2015 - 20192

Configurações

Idioma: search.filters.langiso.InglêsPalavra-chave: search.filters.subject.private equity

Resultados da Pesquisa

Agora exibindo 1 - 2 de 2
  • Imagem de Miniatura
    Artigo Científico
    Private Equity and Venture Capital Investments in Brazilian Companies in the Last 30 Years
    (2015) ANDREA MARIA ACCIOLY FONSECA MINARDI; Bassani, Rafael; Kanitz, Ricardo; Moreira Neto, José Candido; Pechlyie, Karim
    This study presents an overview of Brazilian Private Equity and Venture Capital (PE and VC) investments in portfolio companies between 1982 and 2014. Main source of information is Private Placement Memoranda. According to our data, the majority of capital was invested in PE, and most of the deals were in late stage companies (PE type). We observe that deal size has a cyclical behavior for PE and VC, and that the cycle reflects the dynamic of the economic environment and regulatory changes. PE deals have a mean MoM of 3.4. Although 15% of the deals were total losses (or close to total losses), 18% of the deals had extraordinary performance (MoM greater than 5 times invested capital). VC deals have a mean MoM of 1.5, less than half of PE’s MoM. Total losses correspond to 39% of the deals, what is usual in the international industry, but only 5% of the deals were high performers. VC industry was basically sponsored by government resources before 2010, and our sample reflects this period. In an underdeveloped VC ecosystem, it is difficult to fund new rounds for early stage companies’ growth, and therefore to create a high number of outperformers. We expect to have higher returns for VC in future analysis, since there has been significant evolution in the Brazilian early stage ecosystem in the last three or four years.
  • Imagem de Miniatura
    Artigo Científico
    Market Conditions and the Exit Rate of Private Equity Investments in an Emerging Economy
    (2019) ANDREA MARIA ACCIOLY FONSECA MINARDI; ADRIANA BRUSCATO BORTOLUZZO; Rosatelli, Piero; PRISCILA FERNANDES RIBEIRO
    Private Equity (PE) funds are active investors. Besides providing capital, they improve the governance, operational performance and innovation of the investee companies. However, potential misalignment between the fund manager and the company owner regarding exit timing is a limitation of the model. PE funds have a finite-life, and thus they have to liquidate investments after holding them for a certain period. They tend to time the market to exploit favorable market conditions and obtain higher selling prices, and consequently, PE funds may divest before accomplishing the value creation plan. In this article, we use the hazard model to investigate the magnitude of the impact of market conditions on the exit rate of PE deals in Brazil, a volatile emerging economy, and if it increases the chances of exiting investments with holding periods shorter than two years. We analyze a sample of 470 PE deals invested between 1994 and 2014, and we investigate four variables related to market conditions: the stock market price-earnings ratio, the number of IPOs, the Brazilian real (the Brazilian currency) appreciation against the US dollar and the Brazilian interest rate. Our results show that favorable market conditions more than double the exit rate and increase the probability of quick flips.