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Material para investidores

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Trabalhamos de forma transparente e dividimos as idéias, conceitos e filosofias, afim de formar a base do nosso pensamento e de nossos processos constantemente além de buscarmos oferecer informações sobre o mundo de investimentos em participações (Venture Capital e Private Equity).

Acreditamos que a inesgotável capacidade do ser humano de inovar e empreender, aliada às mudanças provocadas pelas tecnologias da informação e comunicação, cria um volume cada vez maior de oportunidades de investimento nos mais diversos setores da economia.

Published in: Investor Relations
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Material para investidores

  1. 1. Investimentos emParticipações<br />Venture Capital e Private Equity<br />
  2. 2. Introdução - Classe de Ativos<br />1<br />Fontes: BCG, Morgan Stanley - 2008<br />
  3. 3. 2<br />1<br />Retorno<br />2<br />Diversificação<br />3<br />Volume de oportunidades<br />4<br />Participação ativa<br />5<br />Empreendedorismo e inovação<br />Porque investir em VC?<br />
  4. 4. 3<br />1<br />Retorno<br />Por classe de ativo (20 anos até Dez 2005)<br />boa gestão faz a diferença!<br />na média, não é melhor que outras classes de ativo<br />Spread entre 1º e 3º quartil<br />Retorno mediano<br />Fonte: TetenAdvisors e ThomsonVentureEconomics<br />
  5. 5. 4<br />2<br />Diversificação<br />1 Longo prazo: 30 anos, médio prazo 19 anos. Correlação entre largecap e small cap para ações; <br />Tbills e dívida corporativa para renda fixa<br />2 Longo prazo: 24 anos, médio prazo 16 anos. Correlação entre largecap e small cap para ações; <br />Tbills e dívida corporativa para renda fixa<br />3 Mercado americano<br />Fonte: EuropeanVenture Capital Association<br />
  6. 6. 5<br />3<br />Volume de oportunidades<br /># empresas por tamanho<br />Brasil<br />EUA<br /># empregados<br />por empresa<br />76,9%<br />89,0%<br />6,3%<br />10,5%<br />3,0%<br />1,3%<br />9,4%<br />2,1%<br />0,4%<br />1,1%<br />Fonte: IBGE, USCB<br />
  7. 7. 6<br />4<br />Participação ativa<br />Conhecimento<br />Experiência<br />Relacionamentos<br />
  8. 8. 7<br />4<br />Empreendedorismo e inovação<br />“Um heróilendárioénormalmenteofundador de algo, ofundador de uma nova era, de uma nova religião, uma nova cidade, uma nova modalidade de vida. Para fundaralgo novo, eledeveabandonarovelhoepartirembuscadaidéiasemente, a idéia germinal quetenha a potencialidade de fazerafloraraquelealgo novo.”<br />Fonte: O Herói de Mil faces, Joseph Campbell<br />
  9. 9. 8<br />A<br />Originação<br />B<br />Estruturação<br />C<br />Criação de valor<br />D<br />Desinvestimento<br />Quais são os desafios?<br />
  10. 10. 9<br />A<br />Originação<br />Em busca da onda perfeita! Para se ter sucesso<br />é preciso originar número significativo de oportunidades<br />2.6%<br />0.8%<br />0.2%<br />Fonte: TetenAdvisors<br />
  11. 11. 10<br />B<br />Estruturação<br />Termos e Condições de investimento<br />Alinhamento com empreendedor na maximização de valor pós-investimento <br />Conhecimento sobre as habilidades e capacidades do empreendedores <br />Diferenças de opinião pós-investimento <br />Assimetria de informação<br />
  12. 12. 11<br />C<br />Criação de valor<br />Definir potencial e plano de ação<br />Acelerar performance e alinhar recursos<br />Maximizar geração de caixa e promover cultura de resultado<br />Assegurar a valorização do ativo!<br />
  13. 13. 12<br />D<br />Desinvestimento<br />0<br />Fonte: TheRiskandReturnofVenture Capital, John Cochrane, 2004<br />
  14. 14. 13<br />A Astellainvestecapital, culturaecapacitaçõesemempreendedoresousadosedeterminados a mudaromundoconstruindoempresasextraodinárias.<br />www.astellainvest.com<br />@astellainvest<br />

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