Determinantes de estratégias de desinvestimento em capital de risco

: o caso Inter-Risco SCR S.A./Sotkon

Abstract

The exit stage in private equity investments presents itself as the ultimate stage of a financing transaction of this kind. Its importance is such that the decision of entry into venture capital investment is influenced by the possible exit strategy to be followed and the potential profitability presented by it. Choosing the exit strategy is extremely important and a rather complex decision. This choice is driven by a high number of factors to be analyzed, so the exit stage is presented to a private equity firm as an extremely delicate issue that requires study, analysis and preparation. In this report four sets of determinants affecting the exit strategy choice are identified, namely: legal and institutional factors of each country, the subsidiary firm’s characteristics, characteristics of the private equity firm, and control rights. This work intends to be an extension between the literature of exit strategy and a practical divestment case of a Portuguese private equity operator. The objective is to figure out which exit strategy is more suited to the Inter-RiscoSCR SA / Sotkon case.

Date of Award	6 Mar 2013
Original language	Portuguese
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Ricardo Cunha (Supervisor) & Ana Filipa Castro Côrte-real (Co-Supervisor)