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Abstract(s)
O processo de tomada de decisão e os critérios de selecção de oportunidades
de investimento das sociedades de capital de risco têm sido alvo de diversos estudos
académicos desde a década de 1970. Em Portugal, a pesquisa existente neste domínio
é escassa e generalista, i.e., as suas conclusões não têm em consideração as diferentes
estratégias de investimento das sociedades de capital de risco.
Este estudo pretende verificar o alinhamento existente entre a literatura
existente e as práticas de uma sociedade de capital de risco portuguesa, a Inter-Risco,
especialmente direccionada para investimentos buyout, numa perspectiva de
consolidação sectorial. Especial enfoque é dado às fases de origination, screening e
avaliação de oportunidades de investimento. Os resultados apresentados foram
obtidos através de um período de inserção na organização em estudo.
O processo de tomada de decisão da Inter-Risco vai ao encontro dos modelos
propostos pela literatura, sendo possível estabelecer relações de equivalência entre as
várias fases que o compõem. No entanto, ao contrário do que é sugerido pela
literatura, o processo é mais interactivo e dinâmico, não existindo uma divisão
estanque entre etapas.
Relativamente aos critérios de screeening e avaliação de oportunidades de
investimento em buyouts, verifica-se que as características do mercado assumem um
papel mais preponderante na análise de investimentos do que as características da
equipa de gestão, contrariamente ao que é sugerido pela literatura. No entanto, em
situações de investimento de expansão, a relevância das competências da equipa de
gestão e suas referências é elevada. Por outro lado, a estratégia de desinvestimento apresenta-se como um dos critérios fundamentais considerados pela empresa, tal
como concluem os estudos existentes sobre o mercado de capital de risco português.
The decision-making process and the investments’ selection criteria among private equity firms have been broadly studied by the academic community since 1970. However, the research found for the Portuguese private equity market is scarce and general, i.e., it doesn’t take into account the differences among private equity firms regarding their investment strategies. This study intends to verify the relation between the findings of academic research on this matter and the practices of a Portuguese private equity player, Inter- Risco, specialized in buyout investments, with a perspective of sectoral consolidation. Special focus is given to the phases of origination, screening and evaluation of investment opportunities. The study was undertaken through a period of insertion in the organization, participating in its daily activities. The findings suggest that the Inter-Risco’s decision-making process is in accordance with the models proposed by the academic research and equivalence relations are established between the different phases. However, the process appears to be mora interactive and dynamic than what is usually portrayed in previous models. Regarding the criteria applied during the screening and evaluation of investment opportunities for buyouts, the results indicate that market characteristics are more relevant than the management team characteristics, going against what is stated by several authors. Nonetheless, when we analyze the case of expansion investments, the management team skills and references assume a prominent role. Finally, the divestment strategy appears to be one of the fundamental criteria considered by the portuguese private equity firm, being in accordance with the academic research on the portuguese private equity market.
The decision-making process and the investments’ selection criteria among private equity firms have been broadly studied by the academic community since 1970. However, the research found for the Portuguese private equity market is scarce and general, i.e., it doesn’t take into account the differences among private equity firms regarding their investment strategies. This study intends to verify the relation between the findings of academic research on this matter and the practices of a Portuguese private equity player, Inter- Risco, specialized in buyout investments, with a perspective of sectoral consolidation. Special focus is given to the phases of origination, screening and evaluation of investment opportunities. The study was undertaken through a period of insertion in the organization, participating in its daily activities. The findings suggest that the Inter-Risco’s decision-making process is in accordance with the models proposed by the academic research and equivalence relations are established between the different phases. However, the process appears to be mora interactive and dynamic than what is usually portrayed in previous models. Regarding the criteria applied during the screening and evaluation of investment opportunities for buyouts, the results indicate that market characteristics are more relevant than the management team characteristics, going against what is stated by several authors. Nonetheless, when we analyze the case of expansion investments, the management team skills and references assume a prominent role. Finally, the divestment strategy appears to be one of the fundamental criteria considered by the portuguese private equity firm, being in accordance with the academic research on the portuguese private equity market.
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Keywords
Capital de risco Tomada de decisão Critérios Origination Private equity Decision-making Criteria Screening