Private Equity and Venture Capital Industry Performance in Brazil: 1990–2013

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dc.contributor.authorANDREA MARIA ACCIOLY FONSECA MINARDI
dc.contributor.authorKanitz, Ricardo Vinicius
dc.contributor.authorBassani, Rafael Honório
dc.coverage.paisNão Informadopt_BR
dc.creatorKanitz, Ricardo Vinicius
dc.creatorBassani, Rafael Honório
dc.date.accessioned2022-08-12T11:40:22Z
dc.date.available2022-08-12T11:40:22Z
dc.date.issued2014
dc.description.abstractThis 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.pt_BR
dc.format.extentp. 48-58pt_BR
dc.format.mediumDigitalpt_BR
dc.identifier.doihttps://doi.org/10.3905/jpe.2014.17.4.048pt_BR
dc.identifier.issue4pt_BR
dc.identifier.urihttps://repositorio.insper.edu.br/handle/11224/3952
dc.identifier.volume17pt_BR
dc.language.isoInglêspt_BR
dc.publisherPortifolio Management Researchpt_BR
dc.relation.ispartofThe Journal of Private Equitypt_BR
dc.rights.licenseO INSPER E ESTE REPOSITÓRIO NÃO DETÊM OS DIREITOS DE USO E REPRODUÇÃO DOS CONTEÚDOS AQUI REGISTRADOS. É RESPONSABILIDADE DOS USUÁRIOS INDIVIDUAIS VERIFICAR OS USOS PERMITIDOS NA FONTE ORIGINAL, RESPEITANDO-SE OS DIREITOS DE AUTOR OU EDITORpt_BR
dc.subjectPrivate equitypt_BR
dc.subjectemergingpt_BR
dc.subjectperformance measurementpt_BR
dc.subjectquantitative methodspt_BR
dc.titlePrivate Equity and Venture Capital Industry Performance in Brazil: 1990–2013pt_BR
dc.typejournal article
dspace.entity.typePublication
local.identifier.sourceUrihttps://jpe.pm-research.com/content/17/4/48
local.subject.cnpqCiências Exatas e da Terrapt_BR
local.typeArtigo Científicopt_BR
relation.isAuthorOfPublication4f89a841-117c-473d-8798-96eb2d9ce1cf
relation.isAuthorOfPublication.latestForDiscovery4f89a841-117c-473d-8798-96eb2d9ce1cf
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