IDEAS home Printed from https://ideas.repec.org/a/ids/ijeima/v6y2006i4-5p341-355.html
   My bibliography  Save this article

Venture capital in Brazil: early experience of emerging company investment funds

Author

Listed:
  • Walter L. Ness Jr.
  • Valdir De Jesus Lameira

Abstract

This article examines the recent Brazilian experience with Emerging Company Investment Funds, created to permit Brazilian institutional investor participation in venture capital. Such funds began to be authorised in 1994. Twenty funds existed at the end of 2003. They have raised only slightly more than $US100 million in capital to date and have invested in 74 different firms. To date the funds have given investors, on balance, slightly negative nominal returns. This performance is hardly encouraging for investors in venture capital in Brazil. The effect of fund structure on fund returns is examined through multiple regression analysis. It is found that approximately 30% of the variability of returns can be attributed to structural factors, leaving the remainder of the variability to be explained by investment selection.

Suggested Citation

  • Walter L. Ness Jr. & Valdir De Jesus Lameira, 2006. "Venture capital in Brazil: early experience of emerging company investment funds," International Journal of Entrepreneurship and Innovation Management, Inderscience Enterprises Ltd, vol. 6(4/5), pages 341-355.
    • Handle: RePEc:ids:ijeima:v:6:y:2006:i:4/5:p:341-355
    as

    Download full text from publisher

    File URL: http://www.inderscience.com/link.php?id=10369
    Download Restriction: Access to full text is restricted to subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ids:ijeima:v:6:y:2006:i:4/5:p:341-355. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sarah Parker (email available below). General contact details of provider: http://www.inderscience.com/browse/index.php?journalID=7 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.