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  • 标题:Determinants of Success in Private Equity-Venture Capital Investments
  • 本地全文:下载
  • 作者:Eduardo Madureira Rodrigues Siqueira ; Antonio Gledson de Carvalho ; Humberto Gallucci Netto
  • 期刊名称:Brazilian Review of Finance
  • 印刷版ISSN:1984-5146
  • 出版年度:2011
  • 卷号:9
  • 期号:2
  • 页码:189-208
  • 语种:Portuguese
  • 出版社:Link to the Brazilian Society of Finance
  • 摘要:This paper investigates the determinants of performance of the investments of private equity and venture capital (PEVC) funds in Brazil. We use two unique databases: the First Brazilian Private Equity and Venture Capital Census and the Guia-GVcepe Endeavor, with information on this industry for the period 1999 to 2007. As measures of performance we use the percentage and number of exits through IPO, acquisition by a company or by another investor. Our results indicate that the factors influencing the performance of investments are: size of the fund, number of investments, the practice of co-investment, experience and foreign origin of the managing organization, focus on late stage, intensity of contact between managers and portfolio companies and the number of seats on the boards of the invested companies. The number of successes grows with the number of investments at a declining rate. This can indicate 1) a limit to the ability of managers or 2) that a large number of investments allows for greater diversification of risk, directing investments to companies of high risk but with a high upside.
  • 其他摘要:This paper investigates the determinants of performance of the investments of private equity and venture capital (PEVC) funds in Brazil. We use two unique databases: the First Brazilian Private Equity and Venture Capital Census and the Guia-GVcepe Endeavor, with information on this industry for the period 1999 to 2007. As measures of performance we use the percentage and number of exits through IPO, acquisition by a company or by another investor. Our results indicate that the factors influencing the performance of investments are: size of the fund, number of investments, the practice of co-investment, experience and foreign origin of the managing organization, focus on late stage, intensity of contact between managers and portfolio companies and the number of seats on the boards of the invested companies. The number of successes grows with the number of investments at a declining rate. This can indicate 1) a limit to the ability of managers or 2) that a large number of investments allows for greater diversification of risk, directing investments to companies of high risk but with a high upside.
  • 关键词:private equity;venture capital;investment exit;performance;private equity;venture capital;saídas;desempenho
  • 其他关键词:business;private equity; venture capital; investment exit; performance;G24
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