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Development of the Hungarian Venture Capital and Private Equity Industry over the Past Two Decades

  • Judit Karsai

    ()

    (Institute of Economics Research Centre for Economic and Regional Studies Hungarian Academy of Sciences)

In Hungary, the previously non-existing venture capital and private equity industry has strengthened over the past two decades, and it has become one of the leaders of the CEE region. Approximately 90% of the capital allocated to investments overall were raised from private sector investors. The volume of VC & PE fluctuated cyclically following international capital market cycles and the changes of domestic economic policy. The Hungarian market became a preferred area for foreign capital investors in the last third of the 1990s. Later on its position became even more favourable due to Hungary's accession to the EU. Between 2007 and 2008 the Hungarian market, similarly to the whole region, earned also profit from a transitory situation at the beginning of the crisis when the investment problems in Western Europe did not extend to the CEE region for some time. From 2009 on, however, the crisis in CEE also resulted in a very serious drop in investments, in spite of the significant amount of uninvested capital accumulated in recent years. In addition, the crisis affected the already weakened Hungarian economy more seriously than the other parts of the region, which was reflected by the drop in investments in 2010.

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Paper provided by Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences in its series IEHAS Discussion Papers with number 1201.

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Length: 39 pages
Date of creation: Jan 2012
Date of revision:
Handle: RePEc:has:discpr:1201
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  1. Judit Karsai, 2013. "Venture capital and private equity industry in Hungary," Acta Oeconomica, Akadémiai Kiadó, Hungary, vol. 63(1), pages 23-42, March.
  2. Zsolt Darvas & Jean Pisani-Ferry, 2011. "Europe's growth emergency," Policy Contributions 623, Bruegel.
  3. Schertler, Andrea & Tykvová, Tereza, 2009. "Venture capital and internationalization," ZEW Discussion Papers 09-055, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  4. László Szerb & Gábor Rappai & Zsolt Makra & Siri Terjesen, 2007. "Informal Investment in Transition Economies: Individual Characteristics and Clusters," Small Business Economics, Springer, vol. 28(2), pages 257-271, March.
  5. Priscilla Chu & Robert D. Hisrich, 2001. "Venture capital in an economy in transition," Venture Capital, Taylor & Francis Journals, vol. 3(2), pages 169-182, April.
  6. Zsolt Darvas, 2011. "Beyond the crisis: prospects for emerging Europe," Working Papers 466, Bruegel.
  7. Judit Karsai, 2009. ""The End of the Golden Age" - The Developments of the Venture Capital and Private Equity Industry in Central and Eastern Europe," IEHAS Discussion Papers 0901, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  8. Mayer, Colin & Schoors, Koen & Yafeh, Yishay, 2005. "Sources of funds and investment activities of venture capital funds: evidence from Germany, Israel, Japan and the United Kingdom," Journal of Corporate Finance, Elsevier, vol. 11(3), pages 586-608, June.
  9. Zsolt Darvas & Jean Pisani-Ferry & Andre Sapir, 2011. "A Comprehensive Approach to the Euro-Area Debt Crisis," IEHAS Discussion Papers 1110, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  10. Groh, Alexander Peter & von Liechtenstein, Heinrich, 2009. "How attractive is central Eastern Europe for risk capital investors?," Journal of International Money and Finance, Elsevier, vol. 28(4), pages 625-647, June.
  11. Mike Wright & Ken Robbie (ed.), 1999. "Management Buy-outs and Venture Capital," Books, Edward Elgar, number 1663, 6.
  12. Gabor Kezdi & Gergely Csorba, 2011. "Estimating the Lock-in Effects of Switching Costs from Firm-Level Data," IEHAS Discussion Papers 1108, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  13. Jean Pisani-Ferry & Zsolt Darvas, 2010. "The threat of 'currency wars': a European perspective," Policy Contributions 461, Bruegel.
  14. Judit Karsai & Mike Wright & Zbigniew Dudzinski & Jan Morovic, 1998. "Screening and valuing venture capital investments: evidence from Hungary, Poland and Slovakia," Entrepreneurship & Regional Development, Taylor & Francis Journals, vol. 10(3), pages 203-224, January.
  15. Darek Klonowski, 2005. "The Evolution of the Venture Capital Industry in Transition Economies: The Case of Poland," Post-Communist Economies, Taylor & Francis Journals, vol. 17(3), pages 331-348.
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