The Italian private equity funds: an analysis of the portfolio companies’ economic and financial conditions
AbstractThis paper analyses the financial and economic conditions of the companies in the portfolios of Italian private equity funds. Information from an ad hoc survey of Italian asset management companies, combined with accounting data for 2008 drawn from the Central Credit Register, is used to develop a number of indices for 341 Italian investee companies. A multivariate statistical analysis on accounting and credit quality data (from the Central Credit Register) finds 41 companies with high credit risk and low profitability; taking additional financial indices and ratios into account, the number of “critical” companies rises to 137 (40 percent of the total). Most of these investments in critical companies by the private equity funds are quite recent; the returns appear to be affected adversely by the economic situation.
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Bibliographic InfoPaper provided by Bank of Italy, Economic Research and International Relations Area in its series Questioni di Economia e Finanza (Occasional Papers) with number 98.
Date of creation: Jul 2011
Date of revision:
private equity; societÃ target; bilancio; rating; leva;
Find related papers by JEL classification:
- C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
- G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
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