Avaliação de desempenho de empresas investidas por private equity e seus gestores através do sistema DuPont

• Autor(a) principal: Ferreira, Rafael Sach
• Data de Publicação: 2017
• Tipo de documento: Dissertação
• Idioma: por
• Título da fonte: Repositório Institucional do FGV (FGV Repositório Digital)
• Texto Completo: https://hdl.handle.net/10438/18505
• topic: Private equity funds; Private equity; Companies already divested; System DuPont; Return on asset; Return on equity; ROA; ROE; Fundo de investimentos em participações; Empresas desinvestidas; Sistema DuPont; PREVI; Taxa de retorno sobre o ativo total; Taxa de retorno sobre o patrimônio líquido; Economia; Private equity (Finanças); Investimentos de capital; Empresas - Avaliação; Fundos de pensão; Taxa interna de retorno

Private Equity investment, which has re-emerged in Brazil in 2005, appears as an alternative to diversify pension fund investments However, for this investment modality to be consolidated, it is necessary to evaluate the performance of the Private Equity industry in the last years. The method used to perform this evaluation was the DuPont System, that acts as a search technique that helps locate the key areas responsible for the company's financial performance. The results showed clear financial and operational differences between the groups of companies that were already disinvested by PEIF and those that are still part of the portfolio. In the first group, approximately 71.42% of the companies had a positive net margin and a stable financial leverage multiplier of around 2.0 times for at least three years before the disinvestment, generating positive impacts on the accumulated results of ROA (Return on Assets) and ROE (Return on Equity) profitability indicators calculated by the System DuPont. From this data analysis it will be possible, for instance, to determine standards that will help managers to satisfactorily complete the divestment process in the companies that are still part of the portfolio. The analysis of the companies already divested in relation to the results obtained and the way they were constructed allows us to conclude that the investment in Private Equity can be an alternative to diversify portfolio of investments, as well as reduce the concentration in segments of variable income and fixed income.