High-growth SMEs and the availability of private equity and venture capital in Brazil
Autor(a) principal: | |
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Data de Publicação: | 2008 |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Institucional do FGV (FGV Repositório Digital) |
Texto Completo: | http://hdl.handle.net/10438/13458 |
Resumo: | This chapter discusses private equity and venture capital (PE/VC) in Brazil. Firstly, it is shown that PE/VC has a strong impact in the Brazilian capital markets, with PE/VC-backed companies representing close to half the amount raised by initial public offerings (IPOs) in the stock exchanges. By examining two of these deals, which involved small and mediumsized enterprises (SMEs), it is argued that PE/VC managers have acted as catalysts of the impressive growth rates experienced before these companies entered the stock markets. Indeed, PE/VC firms represent an important segment of the capital market, with specialization to invest in high-growth innovative SMEs. PE/VC managers exercise superior selection, monitoring and governance that mitigate the uncertainty and risks of investing in such companies. Despite its successes in Brazil, PE/VC is still very much restrained by the challenging local economic and institutional environment. Thus, changes in the legal and fiscal system, simplification in bureaucratic procedures, and other such improvements will most likely result in a sensible growth in the Brazilian PE/VC industry, with positive impact in the SME access to finance in Brazil. Since most countries in Latin America share similar economic and institutional traits with Brazil, the path followed by the local PE/VC industry can serve as an example for other countries to learn with its successes and failures. |
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Ribeiro, Leonardo de LimaDemais unidades::RPCA2015-02-27T19:17:52Z2015-02-27T19:17:52Z2008http://hdl.handle.net/10438/13458This chapter discusses private equity and venture capital (PE/VC) in Brazil. Firstly, it is shown that PE/VC has a strong impact in the Brazilian capital markets, with PE/VC-backed companies representing close to half the amount raised by initial public offerings (IPOs) in the stock exchanges. By examining two of these deals, which involved small and mediumsized enterprises (SMEs), it is argued that PE/VC managers have acted as catalysts of the impressive growth rates experienced before these companies entered the stock markets. Indeed, PE/VC firms represent an important segment of the capital market, with specialization to invest in high-growth innovative SMEs. PE/VC managers exercise superior selection, monitoring and governance that mitigate the uncertainty and risks of investing in such companies. Despite its successes in Brazil, PE/VC is still very much restrained by the challenging local economic and institutional environment. Thus, changes in the legal and fiscal system, simplification in bureaucratic procedures, and other such improvements will most likely result in a sensible growth in the Brazilian PE/VC industry, with positive impact in the SME access to finance in Brazil. Since most countries in Latin America share similar economic and institutional traits with Brazil, the path followed by the local PE/VC industry can serve as an example for other countries to learn with its successes and failures.engArtigo publicado na revista Social Science Research Networkreponame:Repositório Institucional do FGV (FGV Repositório Digital)instname:Fundação Getulio Vargas (FGV)instacron:FGVFinançasEconomiaFinançasHigh-growth SMEs and the availability of private equity and venture capital in Brazilinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleinfo:eu-repo/semantics/openAccessFGVcepe - Centro de Estudos em Private Equity (FGV EAESP)FGV EAESP - GVcepe - Centro de Estudos em Private EquityFGV EAESP - GVcepe - Working PapersORIGINALSSRN-id1082438.pdfSSRN-id1082438.pdfPDFapplication/pdf815851https://repositorio.fgv.br/bitstreams/a89af63a-34aa-4558-8029-e4928b6e90f5/download20eed490f3e00cb34e6b775140a4d160MD51LICENSElicense.txtlicense.txttext/plain; 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dc.title.eng.fl_str_mv |
High-growth SMEs and the availability of private equity and venture capital in Brazil |
title |
High-growth SMEs and the availability of private equity and venture capital in Brazil |
spellingShingle |
High-growth SMEs and the availability of private equity and venture capital in Brazil Ribeiro, Leonardo de Lima Finanças Economia Finanças |
title_short |
High-growth SMEs and the availability of private equity and venture capital in Brazil |
title_full |
High-growth SMEs and the availability of private equity and venture capital in Brazil |
title_fullStr |
High-growth SMEs and the availability of private equity and venture capital in Brazil |
title_full_unstemmed |
High-growth SMEs and the availability of private equity and venture capital in Brazil |
title_sort |
High-growth SMEs and the availability of private equity and venture capital in Brazil |
author |
Ribeiro, Leonardo de Lima |
author_facet |
Ribeiro, Leonardo de Lima |
author_role |
author |
dc.contributor.unidadefgv.por.fl_str_mv |
Demais unidades::RPCA |
dc.contributor.author.fl_str_mv |
Ribeiro, Leonardo de Lima |
dc.subject.por.fl_str_mv |
Finanças |
topic |
Finanças Economia Finanças |
dc.subject.area.por.fl_str_mv |
Economia |
dc.subject.bibliodata.por.fl_str_mv |
Finanças |
description |
This chapter discusses private equity and venture capital (PE/VC) in Brazil. Firstly, it is shown that PE/VC has a strong impact in the Brazilian capital markets, with PE/VC-backed companies representing close to half the amount raised by initial public offerings (IPOs) in the stock exchanges. By examining two of these deals, which involved small and mediumsized enterprises (SMEs), it is argued that PE/VC managers have acted as catalysts of the impressive growth rates experienced before these companies entered the stock markets. Indeed, PE/VC firms represent an important segment of the capital market, with specialization to invest in high-growth innovative SMEs. PE/VC managers exercise superior selection, monitoring and governance that mitigate the uncertainty and risks of investing in such companies. Despite its successes in Brazil, PE/VC is still very much restrained by the challenging local economic and institutional environment. Thus, changes in the legal and fiscal system, simplification in bureaucratic procedures, and other such improvements will most likely result in a sensible growth in the Brazilian PE/VC industry, with positive impact in the SME access to finance in Brazil. Since most countries in Latin America share similar economic and institutional traits with Brazil, the path followed by the local PE/VC industry can serve as an example for other countries to learn with its successes and failures. |
publishDate |
2008 |
dc.date.issued.fl_str_mv |
2008 |
dc.date.accessioned.fl_str_mv |
2015-02-27T19:17:52Z |
dc.date.available.fl_str_mv |
2015-02-27T19:17:52Z |
dc.type.status.fl_str_mv |
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info:eu-repo/semantics/article |
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http://hdl.handle.net/10438/13458 |
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http://hdl.handle.net/10438/13458 |
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eng |
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eng |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
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openAccess |
dc.source.por.fl_str_mv |
Artigo publicado na revista Social Science Research Network |
dc.source.none.fl_str_mv |
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