Investimentos de capital privado: o impacto dos investimentos de private equity e venture capital nos setores da economia brasileira

Abstract

This dissertation analyzes the evolution of mergers and acquisitions (M&A) in Brazil between 2005 and 2024, focusing on the role of Private Equity (PE) and Venture Capital (VC) funds in driving sectoral consolidation, business innovation, and management professionalization. The study connects the international literature on risk financing with empirical evidence from the Brazilian market, examining how macroeconomic, institutional, and regulatory factors shaped the volume and sectoral distribution of transactions. Data from consulting reports, industry associations (ABVCAP, LAVCA), and M&A databases (EMIS) were combined with an analysis of key regulatory frameworks, such as the restructuring of the Brazilian Competition Authority (Law 12,529/2011), the modernization of rules for Private Equity funds (CVM Instruction 578/2016), and the Startup Legal Framework (Complementary Law 182/2021). The results suggest that PE/VC activity played a decisive role in accelerating consolidation processes in sectors such as education, healthcare, technology, and infrastructure, while fostering improvements in corporate governance and boosting innovation cycles in Brazilian companies. The study concludes that, despite persistent structural challenges, including high taxation and regulatory complexity, institutional and regulatory advances strengthened Brazil’s risk capital ecosystem and expanded the role of PE/VC as key drivers of M&A.