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Article

ЭФФЕКТИВНОСТЬ ФОНДОВ ПРЯМЫХ ИНВЕСТИЦИЙ НА РАЗВИВАЮЩИХСЯ РЫНКАХ

Корпоративные финансы. 2015. №  № 4 (36), 2015. С. 122-137.
Гусамов С. А., Родионов И. И.

Because of the lack of data on cash flows, it is impossible to use traditional measures of return such as IRR and TVPI for evaluation the performance of private equity funds in emerging markets.

In this study, we proposed an approach based on the use of adjusted rates of return for the PE funds, which can be implemented without the use of data on cash flows and net assets of the funds. The proposed indicators can be calculated on the basis of the publicly available data on portfolio transactions of the fund.

The study was presented methodology based on the performance of private equity portfolio transactions as well as the analysis of empirical data on a sample of 1957 deals in BRIC countries from 2000 to 2012.

The results of the empirical analysis largely support a number of fundamental characteristics of the PE funds, previously identified for the developed capital markets such as:

1. Private equity deals in developing countries are more risky assets than traditional instruments.

2. The return on the majority of transactions is below the return of the stock market, however, the most successful are significantly ahead of the market.

3. Coefficient β of buyout funds is less than one, indicating the low exposure to systemic risk.

Some characteristics were confirmed only in part:

1. The investments of venture capital funds have a coefficient β is greater than one for the markets of Brazil and India, and less than one for Russia and China.

2. Return on investment is higher for buyout funds than for venture capital funds in Russia and China. In India and Brazil - the opposite result.

The rest of the characteristics are fundamentally different from the identified in the developed capital markets:

1. The period of ownership for the private equity fund investment in developing countries is less than for developed countries and is an average of 3.3 years.