Magister Legum - LLM / Private equity is a critical vehicle of entrepreneurship development that is essential in reducing unemployment and boosting the economic growth of South Africa. There has, however, been a decline in private equity investment (PEI) activity in South Africa compared to the 2006-2007 peak and seed capital by venture capitalists has been affected the most. This has been attributed to a number of factors mainly related to financial and tax regulation. This study critically reviews the financial regulation of the PEIs in South Africa with a view to elucidating potential pitfalls that may be affecting the competitiveness of the industry. A comparison with the regulation of PEIs in the United Kingdom (which is generally regarded as functioning well) is also made in order to provide a basis for recommendations to improve private equity activity in South Africa. The main legal structures for PEIs in South Africa are the en commandite partnerships and the bewind trusts, of which en commandite partnerships are the most common legal structure. The private equity industry is mainly regulated by common law. However, there are various, separate sections of legislation that regulate private equity transactions as well as public companies. These fragmented pieces of legislation and regulations include the Financial Advisory and Intermediary Services Act, the Broad-based Black Economic Empowerment Act and the Black Economic Empowerment policy framework, the Companies Act, the Pension Funds Act, the Financial Markets Act, the Exchange Control Regulations 1961, the Competition Act, the Johannesburg Stock Exchange Listing Requirements and the King Reports on Corporate Governance. Of these, the most influential is the Financial Advisory and Intermediary Services Act which regulates financial service providers or fund managers. A comparison with the PEIs regulatory framework in the UK showed that the UK, apart from having a consolidated legislation regulating the legal structure of PEIs, generally, has a more comprehensive scope of regulation that includes self-regulation, co-regulation, and regional regulations, in addition to the traditional, conservative common law. This integration of regional requirements through EU’s Directive 2011/61/EU and the Walker Guidelines has probably helped the UK to open up new markets in the region. Although there are some positives in the regulation of PEIs in South Africa, notably the regulation of financial markets to prevent market abuse and insider trading, it appears financial regulation may benefit from drawing lessons from the law and regulatory framework of the UK. It is therefore recommended that the South African private equity industry develops a consolidated and facilitative regulatory framework. This can be based on co-regulation along the lines of the Walker Guidelines (which encourages more disclosure and transparency) as well as a consolidated Act to control all PEIs activities.

La compétence des gestionnaires de placements est l'un des sujets les plus étudiés en finance, de sorte que les lecteurs peuvent se demander pourquoi il existe encore des thèses comme celle-ci qui lance trois nouveaux Essais sur le sujet. Pris ensemble, ces essais contribuent à divers flux de la littérature de gestion des investissements en jetant un regard neuf sur les compétences dans les classes d'actifs où il est difficile de mesurer (private equity), ou si le sujet n'a pas été étudié en profondeur.). Les résultats donnent des résultats contrastés, car il existe des preuves substantielles de compétences pour le capital-investissement, même après les frais, mais moins de preuves de compétences pour les familles de fonds communs de placement. Les raisons possibles de cette divergence peuvent inclure des incitations élevées des gestionnaires de fonds dans le secteur du capital-investissement, des rendements d'échelle décroissants dans le secteur des fonds communs de placement, des coûts de recherche pour les investisseurs, une inefficacité du marché ou une combinaison de ces facteurs. Ces Essais contiennent également des informations utiles pour les praticiens et les investisseurs. En identifiant au moins quelques déterminants de compétence, les praticiens peuvent avoir une idée des comportements qui ajoutent (ou soustraient) à la valeur de leurs fonds. En quantifiant et en localisant les compétences dans différents types de fonds, les résultats des études peuvent également aider les investisseurs à concentrer leur recherche de compétences, et au moins augmenter la probabilité de trouver un gestionnaire de fonds qualifiés. Pour conclure cette introduction, le sujet de la compétence dans la gestion de fonds est extrêmement important pour beaucoup de gens, mais c'est un sujet complexe qui nécessite encore beaucoup de recherches sérieuses. Le mieux que je puisse espérer, c'est que ces Essais apportent un éclairage nouveau sur certains aspects du sujet qui n'ont pas encore été complètement explorés dans la littérature existante. Sur une note personnelle, j'ai trouvé que la recherche était une tâche très intéressante et stimulante qui fournissait un cadre riche pour faire progresser mes compétences en tant que chercheur financier empirique. J'espère que vous aimez lire ces Essais autant que j'ai aimé les assembler. / Investment manager skill is one of the most researched topics in finance, so readers may wonder why there are still theses such as this one which launches three new Essays on the topic. There are two parts to the answer. The first part lies in the fact that the issue is an extremely important one for many people, organizations, and even governments, at all levels of society and in all corners of the globe. The second part of the answer lies in the fact that, despite intensive research going back 50 years at least, investment manager skill is not yet a well understood phenomenon. Taken together, these Essays contribute to various streams of the investment management literature by taking a fresh look at skill in asset classes where it is difficult to measure (private equity), or where the topic has not previously been studied in depth (mutual fund families). These Essays also contain useful information for practitioners and investors. By identifying at least some determinants of skill, practitioners can get a sense of the behaviors which add to (or subtract from) the value of their funds. By quantifying and locating skill in different type of funds, the papers' findings can also aid investors to focus their search for skill, and at least increase the probability of finding a skilled fund manager.

Submitted by Maykon Nascimento (maykon.albani@hotmail.com) on 2015-03-02T19:14:36Z No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertação Ricardo dos Santos.pdf: 849191 bytes, checksum: 6b7ff768a31fcbd40a6b330171bf102a (MD5) / Approved for entry into archive by Elizabete Silva (elizabete.silva@ufes.br) on 2015-03-06T19:11:13Z (GMT) No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertação Ricardo dos Santos.pdf: 849191 bytes, checksum: 6b7ff768a31fcbd40a6b330171bf102a (MD5) / Made available in DSpace on 2015-03-06T19:11:13Z (GMT). No. of bitstreams: 2 license_rdf: 23148 bytes, checksum: 9da0b6dfac957114c6a7714714b86306 (MD5) Dissertação Ricardo dos Santos.pdf: 849191 bytes, checksum: 6b7ff768a31fcbd40a6b330171bf102a (MD5) Previous issue date: 2015-03-02 / O estudo tem por objetivo avaliar os fatores que possam explicar a captação de recursos (fundraising) dos fundos de Private Equity e Venture Capital (PE/VC). Em linhas gerais, a proposta é averiguar empiricamente quais são os fatores que impactam na captação de recursos pelos fundos de PE/VC. A amostra foi formada por 25 países e em um espaço temporal de 6 anos (2006-2011). Foram identificados seis fatores: atividade econômica, desenvolvimento do mercado de capitais, governança corporativa, desenvolvimento socioambiental, empreendedorismo e tributação. Assim, construiu-se através de Análise Fatorial seis fatores que foram compostos por 26 variáveis. Por meio de regressão múltipla foram investigadas as relações entre a captação de recursos por parte dos fundos PE/VC e os fatores gerados. Os resultados demonstraram que apesar dos fatores testados serem significativos, a captação dos recursos é fortemente influenciada pelo nível de desenvolvimento do mercado de capitais. Os resultados aqui encontrados se tornam relevantes, pois discutem uma realidade crescente tanto no Brasil quanto no mundo, visto que o mercado de PE/VC solidifica-se como alternativa de captação de recursos. / This study aims to evaluate the factors that might explain the fundraising of Private Equity and Venture Capital funds (PE/VC). Generally, the proposal is to investigate empirically what are the factors that impact on fundraising of PE/VC funds. The sample was composed of 25 countries and a timeline of 6 years (2006-2011). Six factors were identified: Economic Activity, Development of Stock Markets, Corporate Governance, Social-environmental Development, Entrepreneurship and Taxation. I constructed through factor analysis six factors that were composed of 26 variables. Through multiple regression were investigated relationships between fundraising of PE/VC funds and the factors generated. The results showed that despite the significant factors being tested, the uptake of resources is strongly influenced by the level of development of the stock market. The findings become relevant because argue a growing reality in Brazil and the world, since the market for PE/VC solidifies itself as an alternative of fundraising.

nÃo hà / Este trabalho busca uma anÃlise aprofundada sobre o Private Equity no Brasil, mais especificamente sob a Ãtica de como o artigo: o ranking âMaiores e Melhoresâ, da revista Exame, reflete o assunto, alÃm de um paralelo de rentabilidade com o CDI e o Ibovespa. A metodologia empregada consiste em desenvolver comparaÃÃes que quantifiquem a presenÃa de fundos Private Equity no ranking da revista, alÃm de comparar a variaÃÃo dos preÃos das aÃÃes pÃs IPO com a taxa CDI e o Ibovespa, a comparaÃÃo serà da data de seu IPO em um prazo seguinte de 30 e 360 dias. Para o experimento, foram coletados os IPOs realizados na Bovespa do ano de 2011 ao ano de 2013, totalizando 24 IPOs. A partir destas anÃlises pode-se concluir que a presenÃa de fundos Private Equity evidenciou que o aporte por parte dos fundos de investimentos tem grande relevÃncia para seu IPO e o bom desempenho organizacional futuro, alÃm de explicitar que a compra de aÃÃes no momento de sua abertura de capital quando comparada ao CDI e a Bovespa mostrou-se, na grande parte das observaÃÃes, que possuem retornos iguais ou mais rentÃveis do que a CDI e o Ibovespa isso em um curto prazo e em um longo prazo. / Este trabalho busca uma anÃlise aprofundada sobre o Private Equity no Brasil, mais especificamente sob a Ãtica de como o artigo: o ranking âMaiores e Melhoresâ, da revista Exame, reflete o assunto, alÃm de um paralelo de rentabilidade com o CDI e o Ibovespa. A metodologia empregada consiste em desenvolver comparaÃÃes que quantifiquem a presenÃa de fundos Private Equity no ranking da revista, alÃm de comparar a variaÃÃo dos preÃos das aÃÃes pÃs IPO com a taxa CDI e o Ibovespa, a comparaÃÃo serà da data de seu IPO em um prazo seguinte de 30 e 360 dias. Para o experimento, foram coletados os IPOs realizados na Bovespa do ano de 2011 ao ano de 2013, totalizando 24 IPOs. A partir destas anÃlises pode-se concluir que a presenÃa de fundos Private Equity evidenciou que o aporte por parte dos fundos de investimentos tem grande relevÃncia para seu IPO e o bom desempenho organizacional futuro, alÃm de explicitar que a compra de aÃÃes no momento de sua abertura de capital quando comparada ao CDI e a Bovespa mostrou-se, na grande parte das observaÃÃes, que possuem retornos iguais ou mais rentÃveis do que a CDI e o Ibovespa isso em um curto prazo e em um longo prazo.

Made available in DSpace on 2016-12-23T13:42:10Z (GMT). No. of bitstreams: 1 Andre Abreu de Almeida.pdf: 396896 bytes, checksum: 704d9dbf4cef2a6c34705a4089d16012 (MD5) Previous issue date: 2013-03-22 / Esta pesquisa teve como objetivo investigar a influência do PE/VC sobre a informatividade dos lucros contábeis das empresas listadas na BM&FBovespa. Considerou-se informatividade a intensidade da relação entre o lucro contábil e o retorno das ações, apurada pelo coeficiente angular da reta estimada entre as variáveis PEVC e Lucro Líquido Ajustado (LLA). Adicionalmente, a pesquisa abordou a Influência do efeito conjunto PE/VC e governança sobre a informatividade dos lucros contábeis. Espera-se com esta pesquisa contribuir com a ampliação do conhecimento sobre o papel da contabilidade no mercado de capitais. A amostra foi composta por 1.177 observações de empresas não-financeiras listadas na BM&FBovespa no período de 2004 a 2011. O resultado apurado confirma hipótese de que a informatividade dos lucros contábeis é positivamente relacionada com a existência de PE/VC / This research aimed at investigating the influence of PE / VC on the informativeness earnings of companies listed on the BM&FBovespa. It was considered informativity as the intensity of the relationship between accounting profit and stock returns, calculated by the slope estimated between the variables PEVC and Adjusted Net Income (LLA). Additionally, the study investigated the influence of the combined effect of PE / VC and governance on the informativeness earnings. It is expected that this research contribute for the expansion knowledge improvement on the role of accounting in capital markets. The sample consisted of 1177 observations of nonfinancial companies listed on the BM & FBovespa in the period from 2004 to 2011. The result of this research confirm the hypothesis that the informativeness of earnings is positively related to the existence of PE / VC

Inom den ekonomiska forskningen finns en tydlig diskrepans gällande synen på private equitybolags inverkan på avkastningen efter en börsintroduktion. Denna studie tar sin utgångspunkt ur detta och syftar till att vidare analysera den långsiktiga avkastningen för private equity-ägda börsintroduktioner på den svenska marknaden. Den svenska börsen är intressant då få vetenskapliga studier har genomförts där med aktuell frågeställning. Studien sker med en kvantitativ metod där t-test och regressionsanalys används för att jämföra avkastningen mellan private equity-ägda och icke private equity-ägda börsintroduktioner under en treårsperiod. Datainsamling görs från 65 bolag som introducerats på Stockholmsbörsen mellan åren 2000-2014. Studien finner inga vetenskapliga belägg för någon skillnad i avkastning mellan icke private equity- och private equity-ägda börsintroduktioner. Däremot finns indikationer på att private equity-ägda börsintroduktioner istället genererar en sämre avkastning under en treårsperiod. Studiens resultat indikerar vidare att ett private equity-ägande bidrar till en mer positiv avkastning under de första sex månaderna efter börsintroduktionen relaterat icke private equity-ägda introduktioner. Denna positiva effekt övergår sedan till en mer negativ avkastning när private equity-ägandet minskas i bolaget.

74 ABSTRACT This thesis deals with the private equity industry. Its aim is to coherently introduce private equity as a distinctive and integral part of today's economy, to provide relevant insight on the principles of functioning of private equity business model, and to analyse the mechanism of the most commonly used private equity transaction type. The thesis is structured into three chapters with each chapter being dedicated to one of the sub-aims. First chapter defines the notion of private equity and discusses the history of the industry and its economic performance. Private equity encompasses all types of equity investments into non-publicly traded companies. The industry itself has been gaining on significance since its emersion in the 1980s, mainly due to the fact that private equity investments have been consistently outperforming public markets in terms of realized returns. Second chapter is dedicated to the business model of private equity funds, their structure and lifecycle, as well as the investment process itself. Private equity funds take on the limited partnership legal form, which is managed by a professional private equity house while the investors' involvement consists solely in the provision of capital. A fund's lifetime is usually limited by a period of ten years and its lifecycle is...

In recent years, private investment has been recognised as a vital engine for economic growth. This growing significance of private investment is largely due to the need to revive global economic growth and consequent job creation following the 2008 global recession. Governments are operating at, or close to, the limits of their respective fiscal budgets because of the stimulus packages. It has therefore become critical to completely understand the drivers of private investment given the different macroeconomic contexts of different countries. Historically, much of the policies to stimulate private investment were based on investment theories established in the developed economies. However, performance of the investment theories in developing countries yielded mixed results. That led to studies focussed on developing countries with a view to develop relevant neoclassical investment theories for developing countries. Initially, such studies were based on a group of developing countries such as Sub-Saharan African countries. The heterogeneity of developing countries within the group impacted on the validity of the results, necessitating the need for a focus on specific individual countries. This study follows this latter approach and is an attempt to estimate the private investment function for South African economy using the multiple regression model. This study is relevant because recently, private investment in South Africa has declined from the peak of 74% of total investment in 2005 to the current level of 63%. This study contributes to the debate on how to reverse this declining trend of private investment. To this end, the relevant data was collected and analysed. The results of the study revealed that private investment in South Africa is positively influenced by an increase in public investment, in savings rate, and the narrowing of the output gap while negatively influenced by increasing uncertainty, interest rates and to a limited extent real exchange rate appreciation.These empirical results suggest that public investment in core infrastructure— though declining—does ‘crowd in’ private investment. Reduction of uncertainty, together with improved quality and policy certainty, will enhance South Africa’s international standing as an attractive investor destination. This way, South Africa will be able to attract some of the huge global savings for domestic investment- one of the benefit of being an open economy. This is despite South Africa’s relatively low domestic savings rate. The significance of economic growth cannot be overemphasised in terms of creating investment opportunities. Economic growth creates investment opportunities. Further, managing inflation and inflation expectations should be conducted with due consideration for impact of monetary policy on private investment. / Dissertation (MBA)--University of Pretoria, 2013. / ccgibs2014 / Gordon Institute of Business Science (GIBS) / MBA / Unrestricted

M.Com. (Accounting) / Please refer to full text to view abstract

The annual Global Venture Capital and Private Equity Country Attractiveness index which is sponsored by IESE Business school, Ernest&Young and Emlyon Business School, benchmarks the attractiveness of 116 countires for receiving institutional private equity and venture capital allocations. The factors used in determining this ranking are based on the findings from a study conducted by Groh, Liechtenstein and Leiser, (2008). South Africa was ranked 26th above Brazils' 43rd for the 2010 year meaning that as per the indexes criteria's, South Africa should be more attractive desitnation for private equity and venture capital investments over Brazil, yet the aggregate private equity deal value in South Africa in 2010 was US$1.5 billion (2009:24), while Brazil ranked 11th with aggregate deal value of US$6.3 billion (2009:US$940 million, ranking 26th) for the same period (KPMG 2011; Ernst&Young 2011).The objective of this study was to gain understanding into factors that are contributing to the attractiveness of private equity investments into Brazil through the testing of the key drivers as documented by Groh et al. (2008), and incorporating the findings of Leeds (2003) and Klonowski (2011).Throught the use of semi-structured, in-depth expert interviews, this study supported earlier studies such as that by Klonowski (2011) who contributed growth in PE investements inflow to not just the population size of a country but the ability of the inhabitants of that country to drive or stimulate local demand through the purchasing power of the emerging middle class. In the case for Brazil, the norms that have applied in other emerging markets including South Africa in relation to investor and property protection rights, administrative burdens, corporate governance and the quality of legal enforcement do not apply, or at least not to the same extent as experienced in those markets. Lastly the Study established that private equity industry itself can impact attractiveness levels both positively and negatively. / Dissertation (MBA)--University of Pretoria, 2013. / Gordon Institute of Business Science (GIBS) / unrestricted