Coleção de Artigos Acadêmicos

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

Navegar

Filtros

2014 - 20172

Configurações

Palavra-chave: search.filters.subject.emergingÁrea do Conhecimento: search.filters.subjectcnpq.Ciências Exatas e da Terra

Resultados da Pesquisa

Agora exibindo 1 - 2 de 2
  • Imagem de Miniatura
    Artigo Científico
    Private Equity and Venture Capital Industry Performance in Brazil: 1990–2013
    (2014) ANDREA MARIA ACCIOLY FONSECA MINARDI; Kanitz, Ricardo Vinicius; Bassani, Rafael Honório
    This article investigates the performance of Brazilian private equity (PE) and venture capital funds between 1990 and 2013. The Spectra-Insper database is used for information about gross returns and multiples. Investment amounts are collected from what General Partners report in Private Placement Memorandum or that are hand collected by the CVM (Brazilian Security Exchange Commission) or other commercial sources. The performance of 46 funds is analyzed. The average IRR of Brazilian funds is higher than the average of U.S. funds over the same period. We observe that Brazilian funds with vintage years between 1990 and 1997 underperform U.S. PE funds on average, but those with vintage years between 1998 and 2008 outperform U.S. PE funds. This pattern may reflect a learning curve in Brazilian PE industry. We find evidence that performance in Brazil has a higher cyclicality than in the U.S., but this may be due to the small sample size rather than the emerging market effect.
  • Imagem de Miniatura
    Artigo Científico
    Currency Impact in Brazilian PE/VC Deals’ Performance
    (2017) ANDREA MARIA ACCIOLY FONSECA MINARDI; Kanitz, Ricardo Vinicius; Bassani, Rafael Honorio; Schittkowski, Pedro Robelo
    Brazil is an emerging market that has attracted a lot of private equity (PE) and venture capital (VC) investment in the last 20 years. Foreign exchange rates fluctuated significantly during this period, as in many emerging markets. This article investigates the currency impact on Brazilian PE/VC deal performance during this period. Our main findings are that in the long run, currency risk is irrelevant, but it is substantial at the deal level and, depending on the vintage, also at the fund level. Funds raised in the beginning of a devaluation cycle have their performances significantly deteriorated by currency movements, and the opposite is true for funds raised in the beginning of a currency appreciation cycle. Although there is diversification across deals, depending on the vintage, some funds may not be able to diversify across cycles, and foreign exchange risk may affect funds’ performance and fees and may distort general partners’ track records.