Abstract
This paper investigates the performance of Brazilian PE and VC funds between 1990 and 2013. We use Spectra-Insper database, with information about gross returns and multiple of money that General Partners report in Private Placement Memorandum or that are hand collected in CVM (Brazilian Security Exchange Comission) and commercial sources. We analyze performance of 47 funds. The average IRR of Brazilian funds is higher than the average of US funds in the period. We observe that Brazilian funds with vintage year between 1990 and 1997 on average underperform US PE funds, and with vintage between 1998 and 2008 outperform US PE funds. This pattern may reflect a learning curve in Brazilian PE industry. We find evidence that performance in Brazil has a higher cyclicality than in the US, but this may be due to the small sample size rather than the emerging market effect.
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