Investimentos Alternativos 2020: O Futuro do Capital para Empreendedores e PMEs

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Este relatório do Fórum Econômico Mundial de fevereiro de 2016 descreve as principais novas fontes de capital que surgiram na última década, examina seus motivadores e explica seus efeitos e importância para a sociedade.
(Artigo em Inglês) 

Over the past decade, the external environment for alternative investments has seen enormous changes. The areas affected the most are start-up capital and venture funding for entrepreneurs, crowdfunding and marketplace lending for small businesses, and private debt for mid-market enterprises.

In all three cases, a set of interlocking factors is driving the emergence of new capital sources:

1 - Regulation: where regulation constrains a capital flow for which there is demand, a new source of capital will emerge to fulfil that demand;

2 - Changes in demand for capital: where capital destinations develop demand for new forms of funding, investors will innovate to meet it;

3 - Technology: where technology enables new types of origination, investors will take advantage of those opportunities.

Each area of the financial system is affected differently by these factors. In the case of start-up capital, it’s becoming easier to invest in seed and early-stage start-ups, lowering barriers to entry for high-net worth individuals to make angel investments. Meanwhile, regulations incentivizing start-ups to stay private longer have created demand for high volumes of late stage funding, which asset managers and institutional investors have recently been providing alongside venture capitalists.

In the case of crowdfunding, at the same time that regulators are encouraging traditional banks to pull back, online marketplace technology is enabling lenders to provide loans to currently underserved borrowers.

Lastly, the growth in private debt to mid-market businesses is predominantly fuelled by regulations restricting bank activity, creating a gap in the market that is addressed by alternative investors.

The results in each of these areas are similar: traditional players find themselves flanked by new entrants providing products and services that are either complementary to traditional offerings (such as late stage venture funding) or in direct competition (such as private debt lending).

The effects will impact key stakeholders in different ways. 

— Alternative investors (GPs): New players increase competition and drive existing GPs to consolidate and differentiate. This trend can be observed in venture funding and the issuance of private debt.

— Capital providers (LPs): New types of destinations for capital become available to LPs, offering different return profiles.

— Society (broader economy and the public): The three cases we examined are generally positive for the broader economy and public. Increased funding for entrepreneurs and businesses generally results in more economic activity. 

This report describes the principal new capital sources that have emerged over the past decade, examines their drivers, and explains their effects and importance for society.

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PUBLICADA EM: 25/01/2018 11:56:16 | VOLTAR PARA: Relatórios | OUTRAS PUBLICAÇÕES

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