Um estudo sobre os desafios do investimento baseado em capital intelectual
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2015-02-24
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Migueles, Carmen Pires
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The long-term investments are important for pension funds, due to the longevity of their commitments. Most of the investments of these entities are allocated to the fixed-income segment; however, pension funds are identified as potential investors on developments related to innovation for their long-term interests. In September 2009, by Resolution of the National Monetary Council, pension funds were allowed to invest in investment funds in participation - private equity funds. These investments are characterized by long-term returns and attractive real gains; nevertheless, these investments are still insignificant compared to traditional markets. In this context, this study aims to understand the difficulties in carrying out longterm investment through intellectual capital and, by the study of a specific case, investigate how this investor has been performed the analysis of this type of investment. To this end, an exploratory study in a mid-sized pension fund was performed through the document analysis, the open-ended and unstructured interviews and the observation of the decision-making process. This Fund is located in the city of Rio de Janeiro and it was chosen by the nonprobabilistc aspect of accessibility. It was identified that is spite of the attractiveness of return on private equity investments, this asset class are still below the regulatory limit, owing to the high risks related to trust, term and autonomy in the decision-making process concerning investment in innovation