PEVCPrivate Equity and Venture Capital (graduate studies)
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The steep rise of the Brazilian PEVC industry in the beginning of the XXI century can be related to a myriad of changes occurring at the macroeconomic level.
Many PEVC have been focused on low income, e.g., large scale low fee universities, building and construction, and low-income consumption goods.
The evolution of aggregate commitments (Table 1) shows a sharp rise of PEVC in Brazil.
Table 5 reports exits in the PEVC industry from 1999 to 2009.
Further, the largest share of PEVC deal activity is held by the U.S.
Apesar de conhecermos as estrategias usadas pelos gestores de PEVC na estruturacao e administracao dos investimentos, pouco sabemos acerca da influencia das mesmas sobre o sucesso dos investimentos (Gompers & Lerner, 1998).
A literatura sobre determinantes de sucesso em PEVC e breve e apenas exploratoria: Sorensen (2007) analisa os determinantes de sucesso em PEVC nos Estados Unidos usando uma amostra de 1666 empresas investidas entre 1982 e 1995.
Zarutskie (2010) investiga a importancia das caracteristicas de gestores de PEVC para o sucesso dos veiculos de investimento (medido como a proporcao de saidas realizadas na forma de IP O ou venda-estrategica).
(2003) investigam os determinantes do sucesso em investimento de PEVC usando a rodada de financiamento (financing round) como unidade de analise.
In this article we study the dynamics of EM around the IPO to investigate differences in EMs between PEVC and non-PEVC-sponsored IPO.
PEVC is relatively recent in Brazil but has been rising sharply.
For the PEVC sample the average is R$ 692 MM while for the non-PEVC sample it is R$ 832 MM, but such difference is not statistically significant.