Abstract

The fast-growing private equity (PE) and venture capital (VC) activities in emerging markets increase the ratio of a firm’s investment-to-staff, which raises the question of whether the growth in the investments’ number will negatively impact a fund’s performance. We analyzed data at the deal level in Brazil, where the industry is relatively young but has raised a significant amount of capital. The results indicate that a higher number of deals reduces the probability of total loss for both PE and VC. However, when we exclude total losses, we find that it has a negative effect on PE deals but not VC deals.

中文翻译：

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新兴市场私募股权和风险投资活动的增长和表现

摘要

新兴市场快速增长的私募股权 (PE) 和风险投资 (VC) 活动提高了公司投资与员工的比例，这引发了投资数量增长是否会对基金业绩产生负面影响的问题. 我们分析了巴西交易层面的数据，该行业相对年轻，但已经筹集了大量资金。结果表明，更多的交易减少了 PE 和 VC 的总亏损概率。然而，当我们排除总损失时，我们发现它对 PE 交易有负面影响，但对 VC 交易没有。