Venture capital in Brazil: early experience of emerging company investment funds
by Walter L. Ness Jr., Valdir De Jesus Lameira
International Journal of Entrepreneurship and Innovation Management (IJEIM), Vol. 6, No. 4/5, 2006

Abstract: This article examines the recent Brazilian experience with Emerging Company Investment Funds, created to permit Brazilian institutional investor participation in venture capital. Such funds began to be authorised in 1994. Twenty funds existed at the end of 2003. They have raised only slightly more than $US100 million in capital to date and have invested in 74 different firms. To date the funds have given investors, on balance, slightly negative nominal returns. This performance is hardly encouraging for investors in venture capital in Brazil. The effect of fund structure on fund returns is examined through multiple regression analysis. It is found that approximately 30% of the variability of returns can be attributed to structural factors, leaving the remainder of the variability to be explained by investment selection.

Online publication date: Mon, 17-Jul-2006

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