Private Equity e Venture Capital no Brasil: uma Análise de sua Evolução
| Autor | Antonio Gledson Carvalho - Humberto Gallucci Netto - Joelson Sampaio |
| Cargo | Fundacao Getulio Vargas. School of Business at Sao Paulo - Fundacao Getulio Vargas. School of Business at Sao Paulo - Fundacao Getulio Vargas. School of Business at Sao Paulo |
Private Equity and Venture Capital in
Brazil: An Analysis of its Evolution
(Private Equity e Venture Capital no Brasil: Uma An ´
alise de sua
Evoluc¸˜
ao)
Antonio Gledson de Carvalho*
Humberto Gallucci Netto**
Joelson Oliveira Sampaio***
Abstract
This article focuses on the main idiosyncrasies of Private Equity and Venture Capi-
tal (PEVC) in Brazil and its evolution from 2004 to 2009. The main idiosyncrasies
are the participation of limited partners in the investment process, absence of lever-
aged buyouts, shared control of the portfolio companies and use of special rights
to compensate for the lack of full control. The main changes observed recently
are the increase of private equity investments vis-`a-vis venture capital, in the ef-
ficiency of managers in the screening of proposals, in the use of special rights to
compensate for the lack of control of the portfolio companies, in the use of arbi-
tration panels for conflict resolution, and in the par ticipationo f limited partners in
the investment process.
Keywords:private equity; venture capital; Brazil.
JEL code: G24.
Resumo
Este artigo analisa as principais idiossincrasias dos investimentos em Private Eq-
uity e Venture Capital no Brasil e sua evoluc¸˜ao entre 2004 e 2009. As principais
idiossincrasias s˜ao: participac¸˜ao de limited partners no processo de investimento,
Submitted 15 January 2015. Reformulated 12 February 2015. Accepted 13 February
2015. Published on-line 3 November 2015. The article was double blind refereed and
evaluated by the editor. Supervising editor: Ricardo P.C. Leal. We are thankful to Eduardo
Luzio for his invaluable comments. Gallucci and De Carvalho acknowledge the financial
support from CNPq and Capes. Errors or omissions are of our own responsibility
*Fundac¸ ˜ao Getulio Vargas. School of Business at Sao Paulo. E-mail: gledson.
carvalho@fgv.br
**Fundac¸ ˜ao Getulio Vargas. School of Business at Sao Paulo. E-mail: humberto.
netto@gvmail.br
***Fundac¸ ˜ao Getulio Vargas. School of Business at Sao Paulo. E-mail: joelson.
sampaio@fgv.br
Rev. Bras. Financ¸as (Online), Rio de Janeiro, Vol. 12, No. 4, December 2014, pp. 499–515
ISSN 1679-0731, ISSN online 1984-5146
c
2014 Sociedade Brasileira de Financ¸as, under a Creative Commons Attri bution3.0 license -
http://creativecommons.org/licenses/by/3.0
Carvalho, A., Netto, H., Sampaio, J.
a inexistˆencia de leverage buyouts, o controle compartilhado das empresas investi-
das e o uso de direitos especiais para compensar a falta de controle total. As
principais mudanc¸as observadas recentemente s˜ao: o aumento de investimentos
em private equity ante a venture capital, eficiˆencia dos gestores no processo de
selec¸ ˜ao das empresas investidas, uso dos pain´eis de arbitragem na resoluc¸˜ao de
conflitos e na participac¸ ˜ao de limited partners no processo de investimento.
Palavras-chave:private equity; venture capital; Brasil.
1. Introduction
The literature on private equity and venture capital (PEVC) in Brazil
is short, mostly due to the lack of data. Checa et al. (2001) present the
history of the PEVC industry in Brazil in its early years (prior to 2000).
Mariz & Savoia (2005) compare Brazil and the USA in order to exploit
the challenges for the PEVC in Brazil. Supported by interviews with five
PEVC organizations, Pavani (2003) also describe the critical factors for the
development of the industry. Based on questionnaires answered by CEOs
of portfolio companies (PC), Botelho et al. (2003) study value addition
by general partners. Based on a survey of general partners (GP) in the
period when the Brazilian IPO market was inactive, Ribeiro & Almeida
(2005) found that the exit strategy influences the entire investment cycle,
and that trade sale was the preferred means of exit. Finally, Minardi et al.
(2013) study the long term price performance of Brazilian IPOs and find
that PEVC-sponsored IPOs outperforms Non-PEVC-sponsored ones.
De Carvalho et al. (2006) were the first to provide systematic data on
the characteristics and practices of the Brazilian PEVC industry. They
obtained information from all managing organizations with office in the
country. ABDI (2011) was the second systematic data collection, updat-
ing De Carvalho et al. (2006). Ribeiro & De Carvalho (2008) discuss how
PEVC adjusted to the Brazilian environment and present a comparison with
PEVC in the US. The main similarities were: industry composed mostly of
independent organizations, institutional investors are the main source of
capital, both commitments and portfolio are regionally concentrated, and
IT is the most invested industry. The main Brazilian idiosyncrasies are the
near absence of leveraged buyouts and concentration of investments in late
stages.
This article focuses on the main changes that occurred in the Brazilian
PEVC between 2004 and 2009, the two year for which there are system-
atic data on the PEVC industry. Our analysis is based on several sources,
500 Rev. Bras. Financ¸ as(Online), Rio de Janeiro, Vol. 12, No. 4, December 2014
Para continuar a ler
PEÇA SUA AVALIAÇÃO
COPYRIGHT TV Trade Media, Inc.
COPYRIGHT GALE, Cengage Learning. All rights reserved.
COPYRIGHT GALE, Cengage Learning. All rights reserved.
