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Private Equity e Venture Capital no Brasil: uma Análise de sua Evolução

Author

Listed:
  • Antonio Gledson Carvalho

    () (FGV/EAESP)

  • Humberto Gallucci Netto

    ()

  • Joelson Sampaio

    ()

Abstract

Este artigo analisa as principais idiossincrasias dos investimentos em Private Equity e Venture Capital no Brasil e sua evolução entre 2004 e 2009. As principais idiossincrasias são: participação de limited partners no processo de investimento, a inexistência de leverage buyouts, o controle compartilhado das empresas investidas e o uso de direitos especiais para compensar a falta de controle total. As principais mudanças observadas recentemente são: o aumento de investimentos em private equity ante a venture capital, eficiência dos gestores no processo de seleção das empresas investidas, uso dos painéis de arbitragem na resolução de conflitos e na participação de limited partners no processo de investimento.

Suggested Citation

  • Antonio Gledson Carvalho & Humberto Gallucci Netto & Joelson Sampaio, 2014. "Private Equity e Venture Capital no Brasil: uma Análise de sua Evolução," Brazilian Review of Finance, Brazilian Society of Finance, vol. 12(4), pages 499-515.
  • Handle: RePEc:brf:journl:v:12:y:2014:i:4:p:499-515
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    References listed on IDEAS

    as
    1. Souza-Sobrinho, Nelson, 2003. "Uma Avaliação do Canal de Crédito no Brasil
      [An Assessment of the Credit Channel in Brazil]
      ," MPRA Paper 5160, University Library of Munich, Germany.
    2. Minardi, Andrea Maria Accioly Fonseca & Ferrari, Guilherme Lopes & AraújoTavares, Pedro Carvalho, 2013. "Performances of Brazilian IPOs backed by private equity," Journal of Business Research, Elsevier, vol. 66(3), pages 448-455.
    3. Sahlman, William A., 1990. "The structure and governance of venture-capital organizations," Journal of Financial Economics, Elsevier, vol. 27(2), pages 473-521, October.
    4. Sivakumaran, Karthik & Li, Yuwei & Cassidy, Michael & Madanat, Samer, 2014. "Access and the choice of transit technology," Transportation Research Part A: Policy and Practice, Elsevier, vol. 59(C), pages 204-221.
    5. Ulf Axelson & Per Strömberg & Michael S. Weisbach, 2009. "Why Are Buyouts Levered? The Financial Structure of Private Equity Funds," Journal of Finance, American Finance Association, vol. 64(4), pages 1549-1582, August.
    6. Jeng, Leslie A. & Wells, Philippe C., 2000. "The determinants of venture capital funding: evidence across countries," Journal of Corporate Finance, Elsevier, vol. 6(3), pages 241-289, September.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    private equity; venture capital; Brasil; ; private equity; venture capital; Brasil;

    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

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