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    O panorama das aceleradoras de Startups no Brasil
    (Centro de Estudos em Private Equity e Venture Capital (GVcepe), 2016-07) Abreu, Paulo R. M.; Campos Neto, Newton Monteiro de
    Este estudo tem como objetivo analisar o papel das aceleradoras de Startups no início deste século no Brasil. Entre seus objetivos inclui-se informações sobre o mercado, identificação de seu nível de contribuição para o ecossistema empreendedor brasileiro, verificação das principais características do processo de aceleração, comparação entre conceitos ou ferramentas utilizadas no processo de seleção de Startups e oferecimento de informações que auxiliem no desenvolvimento de novos negócios. De forma a atender os objetivos do estudo, foi realizada uma pesquisa documental, seguida de uma pesquisa quantitativa, esta última baseada na aplicação de um questionário online respondido pelas principais aceleradoras do ecossistema empreendedor brasileiro.
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    Private equity na carteira de investimentos das entidades de previdência privada
    (2005) Lopes, Alexsandro Broedel; Furtado, Cláudio Vilar
    Este trabalho visa examinar e discutir o investimento em cotas de fundos de private equity, venture capital e mezaninos, denominados pela legislação recente, no Brasil, de fundos de investimento em participações e em empresas emergentes (FIPs e FIEEs), nos investimentos de entidades de previdência complementar, considerando as características singulares dessa classe de investimentos alternativos (carteira de participações).
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    Private equity and venture capital in an emerging economy: evidence from Brazil
    (2006) Ribeiro, Leonardo de Lima; Carvalho, Antonio Gledson de; Furtado, Cláudio Vilar
    This article, based on the Brazilian experience, examines how Private Equity and Venture Capital (PE/VC) adapts to an emerging economy Our dataset is based on two extensive questionnaires answered by each of the 65 PE/VC organizations with offices in Brazil. The results reveal that a lack of infrastructure and security create investment opportunities. However, institutional idiosyncrasies represent a major barrier and force PE/VC – a U.S. investment model – to adapt by investing in different stages of business development, avoiding LBOs, taking a generalist industry approach, geographically concentrating in the financial cluster and relying on arbitration for dispute resolution.
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    The role of venture capitalists in the identification and measurement of intangible assets
    (2006) Ribeiro, Leonardo L.; Tironi, Luis Fernando
    The increase in the importance of intangibles in business competitiveness has made investment selection more challenging to investors that, under high information asymmetry, tend to charge higher premiums to provide capital or simply deny it. Private Equity and Venture Capital (PE/VC) organizations developed contemporarily with the increase in the relevance of intangible assets in the economy. They form a specialized breed of financial intermediaries that are better prepared to deal with information asymmetry. This paper is the result of ten interviews with PE/VC organizations in Brazil. Its objective is to describe the selection process, criteria and indicators used by these organizations to identify and measure intangible assets, as well as the methods used to valuate prospective investments. Results show that PE/VC organizations rely on sophisticated methods to assess investment proposals, with specific criteria and indicators to assess the main classes of intangible assets. However, no value is given to these assets individually. The information gathered is used to understand the sources of cash flows and risks, which are then combined by discounted cash flow methods to estimate firm's value. Due to PE/VC organizations extensive experience with innovative Small and Medium-sized Enterprises (SMEs), we believe that shedding light on how PE/VC organizations deal with intangible assets brings important insights to the intangible assets debate.
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    Ativos intangíveis: avaliação e mensuração no contexto de private equity e venture capital
    (2007) Ribeiro, Leonardo de Lima; Tironi, Luis Fernando
    The increase in the importance of intangibles in business competitiveness has made investment selection more challenging to investors and banks that, under high information asymmetry, tend to charge higher premiums to provide capital or simply deny it. Private Equity and Venture Capital (PE/VC) organizations developed contemporarily with the increase in the relevance of intangible assets in the economy. They form a specialized breed of financial intermediaries that are better prepared to deal with information asymmetry. This paper is the result of ten interviews with PE/VC organizations in Brazil. Its objective is to describe the selection process, criteria and indicators used by these organizations to identify and measure intangible assets, as well as the methods used to valuate prospective investments. Results show that PE/VC organizations rely on sophisticated methods to assess investment proposals, with specific criteria and indicators to assess the main classes of intangible assets. However, no value is given to these assets individually. The information gathered is used to understand the sources of cash flows and risks, which are then combined by discounted cash flow methods to estimate firm's value. Due to PE/VC organizations extensive experience with innovative Small and Medium-sized Enterprises (SMEs), we believe that shedding light on how PE/VC organizations deal with intangible assets brings important insights to the intangible assets debate.
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    Remuneração dos fundos de PE&VC: um estudo empírico no Brasil
    (2007) Siqueira, Eduardo Madureira Rodrigues; Gioielli, Sabrina Patrocinio Ozawa
    Este trabalho procurou investigar os fatores que influenciam a remuneração dos fundos de Private Equity e Venture Capital (PE/VC) no Brasil. O estudo empírico foi realizado utilizando-se uma amostra de 55 fundos com dados do 'Primeiro Censo Brasileiro de PE/VC'. Os resultados obtidos indicam que organizações gestoras mais antigas recebem uma remuneração fixa significativamente maior do que as organizações mais novas. Fundos especializados em empresas de alta tecnologia e em estágios iniciais de desenvolvimento também recebem uma compensação fixa maior do que os fundos com foco em empresas de outros setores e em outros estágios de desenvolvimento. Estas evidências são um misto das premissas derivadas dos modelos de aprendizado e de sinalização. Não foram encontrados resultados significativos que expliquem os fatores que influenciam a sensibilidade da compensação dos gestores ao desempenho dos fundos sob sua administração. A falta de constatação empírica de algumas das hipóteses testadas pode ser um indicativo de que as organizações gestoras de PE/VC ainda estão em processo de formação de sua reputação no mercado brasileiro.
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    High-growth SMEs and the availability of private equity and venture capital in Brazil
    (2008) Ribeiro, Leonardo de Lima
    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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    Toward convergence? The Brazilian stock market concentration and the role of private equity in its diversification
    (2010) Ramalho, Caio
    Using quantitative data obtained from public available database, this paper discusses the difference between of the Brazilian GDP and the Brazilian Stock Exchange industry breakdown. I examined if, and to what extent, the industry breakdowns are similar. First, I found out that the Stock Exchange industry breakdown is overwhelming different from the GDP, which may present a potential problem to asset allocation and portfolio diversification in Brazil. Second, I identified an important evidence of a convergence between the GDP and the Stock Exchange in the last 9 years. Third, it became clear that the Privatizations in the late 90’s and IPO market from 2004 to 2008 change the dynamics of the Brazilian Stock Exchange. And fourth, I identified that Private Equity and Venture Capital industry may play an important role on the portfolio diversification in Brazil.
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    Fostering innovation and entrepreneurship in Brazil through private equity and venture capital public policies
    (2010) Ramalho, Caio
    It is well documented the positive impact of the Private Equity and Venture Capital (PE/VC) industry on the creation and development of highly successful innovative companies in a few countries, mainly in the United States. PE/VC firms provide not only capital to startups and small and medium enterprises (SMEs) that usually have financing gap, especially in emerging markets, but also strategic resources that enable these enterprises to commercialize innovation. As consequence, government incentive and nurture of local PE/VC industries would be expected in emerging economies due to innovation‟s importance to economic growth. This paper aims to identify if the Brazilian government has supported local PE/VC industry throughout the years in order to foster favorable conditions to creating and developing successful innovative businesses. It also analyzes Brazil‟s main public policies towards PE/VC and if they encompass all the three stages of its cycle – fundraising, investing and exiting. I conducted an empirical research which collected primary data from a sample of 127 PE/VC firms (90% of the population) operating in Brazil as of June, 2008. All firms answered a webbased questionnaire that collected quantitative data regarding their investment vehicles, portfolio companies, investments and exits. I compared the data obtained from the survey with the main local governmental PE/VC support programs. First, I confirmed the hypothesis that the Brazilian government has been using the PE/VC industry as a public policy towards entrepreneurship and innovation. Second, I identified that although PE/VC public policies in Brazil are mostly concentrated in fundraising phase, they have been able to positively impact the whole cycle. Third, it became clear that the Brazilian government became more concerned about Seed and Venture Capital (VC) Early stages due to their importance to the entire PE/VC value chain. As consequence, I conclude that those public policies have been very important to build a dynamic and strong local PE/VC industry, whose committed capital grew 50% per year between 2005 and 2008 to achieve US$27 billion, which invested US$ 11 billion, which employs 1,400 professionals (75% with postgraduate degrees) and maintains 482 portfolio companies, mostly SMEs. In addition, PE/VCbacked companies represented one third of the Initial Public Offerings (IPOs) that occurred in Brazil between 2004 and 2008 (approximately US$15 billion).
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    Toward a venture capital-backed entrepreneurship model in Brazil
    (2010) Ramalho, Caio
    It is well documented venture capital‟s positive impact on creation and development of highly successful innovative companies worldwide. Venture capital not only provides funding to startups and SMEs (small and medium enterprises) that usually have financing gap, especially in emerging markets, but also brings a whole package of valuable resources that reduces companies‟ mortality rates. Using quantitative data obtained from an empirical survey as background, this paper discusses the role of venture capital in the success of innovative startups and SMEs, and it examines if, and to what extent, venture capitalists are supporting the entrepreneurial activity in Brazil. I focused on the portfolio companies analyzes and confirmed the hypothesis that the venture capital industry has been supporting entrepreneurship in Brazil. Second, I identified an important evidence of a venture capital‟s positive impact on economic activity, especially the capital market. Third, it became clear that venture capital-back entrepreneurship is highly concentrated in the Southeast region. And fourth, I identified that private equity expansion is also playing a key role on that dynamics. As consequence, I conclude that the venture capital (and private equity) industry has been very important to build an enormously dynamic and strong local entrepreneurial economy. Its committed capital grew 50% per year between 2005 and 2008 to achieve US$27 billion, which invested US$ 11 billion, which employs 1,400 professionals (75% with post-graduate degrees) and maintains 482 portfolio companies, mostly SMEs. In addition, venture capital-backed companies represented one third of the IPOs that occurred in Brazil between 2004 and 2008 (approximately US$15 billion).
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    A indústria de private equity e venture capital: 1° censo brasileiro
    (2005) Carvalho, Antonio Gledson de; Ribeiro, Leonardo de Lima; Furtado, Cláudio Vilar
    O primeiro grande ciclo da indústria de private equity e venture capital no Brasil começou com a abertura e estabilização econômica no início dos anos 90 e teve a sua conclusão marcada pela primeira leva de IPOs de empresas investidas de PE/VC nos anos de 2004 e 2005. Ao final de 2005, o PE/VC estava definitivamente estabelecido no país. No entanto, não se dispunha de informações sistematizadas e confiáveis sobre esta indústria. Neste contexto, este trabalho vem oferecer uma primeira fotografia da estrutura do PE/VC no Brasil: características dos seus participantes (organizações gestoras, investidores, veículos de investimento e empresas investidas), práticas correntes e governança.
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    The Brazilian venture capital industry and its strategic role in closing the financing gap of SMEs
    (2006) Furtado, Cláudio Vilar; Cruz, Tiago de Melo
    This discussion paper is a contribution of the Brazilian Government to the 2006 Annual Conference of the OECD High-level Conference on 'Better Financing for Entrepreneurship and SMEs' to be held in Brasilia, Brazil on 27-30 March 2006. It has been prepared by The Center for Studies in Private Equity and Venture Capital of EAESP-Fundação Getúlio Vargas under the auspices of ABDI – Agência Brasileira para o Desenvolvimento Industrial – an agency of the Ministry of Industrial Development and Foreign Trade, in cooperation with ABVCAP – The Brazilian Association of Private Equity and Venture Capital
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    Panorama da indústria brasileira de private equity e venture capital
    (2008)
    Private Equity, em sua definição estrita, refere-se a investimentos em participações acionárias de empresas de capital fechado. Dessa forma, os investimentos de Private Equity podem ser divididos entre Venture Capital (ou Capital Empreendedor) e Buyout, em que o primeiro se refere às participações minoritárias em empresas em estágios iniciais e o último às aquisições de controle em empresas nos estágios mais maduros. Ou seja, Venture Capital é um tipo de investimento de Private Equity que por sua vez é um tipo de investimento alternativo (alternative asset). Entretanto, convencionou-se utilizar no Brasil os termos Private Equity e Venture Capital de forma distinta para separar dois estágios da cadeia de valor e investimento dessa indústria. Também os investimentos de Mezanino e PIPE (Private Investment in Public Equity) são típicos dessa indústria. A pesquisa do Panorama Anual da Indústria Brasileira de Private Equity e Venture Capital – Dezembro 2008 e o Guia GVcepe-Endeavor 2008, este último uma parceria entre o GVcepe – Centro de Estudos em Private Equity e Venture Capital da FGV-EAESP e o Instituto Empreender Endeavor, consideraram os seguintes estágios e modalidades de investimento