The funds and venture capital companies operating in Portugal in 2013 invested a further € 282 million on the previous year. Was an increase of 10%, bringing the total invested to 3085 million, spread over 606 companies. The numbers are the latest of the Securities Market Commission (CMVM) and included in a report on the sector, released on Thursday.
Of around EUR 4500 million available for investment, a significant share has not been impacted. “The equity componen t unrealized reached EUR 1 400 million (ie 30.5% of the total). This means that there is a commitment on the part of investors to place funds in the venture capital available, ie, there is capital available to invest immediately in venture capital, “says CMVM report.
On the other hand, investment in shares accounted for only 25.5% of the total, classified as “other investments” to add the majority of the capital invested. The regulatory review in that regard, the fact that venture capital operators do not take risks and shareholders have a funding approach that “is often closer to banking”, by granting credit.
During the year, assets under management of venture capital operators increased by 10% to 3600 million. Also the net investment – the difference between acquisitions and disposals of investments made – had a positive result, around 160 million euros. The value contrasts with 2012, the year in which the net investment had been in negative territory, with a difference of 76 million euros.
As for the divestment strategies of the Portuguese venture capital, which does not pass the entrance on the stock exchange, also deserved a repair CMVM. “Venture capital is still not direct investments for the introduction of new companies in the capital market, with the divestment via initial public offering (IPO) to be again nonexistent,” the report said, adding that “there are companies in the sphere venture capital with conditions for holding IPO. “
The data also show that in Portugal, the sector is characterized by a” significant concentration in a small number of funds, “indicates the CMVM. Assets under management, 61% were in the hands of only four of the 77 venture capital funds and were managed by only four companies.
The ECS company ended the year with the largest market share, with a share of almost 36%. The company, which manages three funds with an average size of 426 million euros was very distant second place, occupied by Caixa Capital, the CGD, which had about 13% of the market. In the group of the five largest sector entities is still Espírito Santo Capital (which is soon followed by Espírito Santo Ventures), a company of the Holy Spirit universe, which last year collapsed.
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