Venture Capital Activities

Brazilian capital market development has been built on four basic pillars: (1) a normalisation of the capital markets through the introduction of legislation and regulations that provide a stable legal structure; (2) development of a broader and more active stock market; (3) creation of financial institutions that mobilise capital and intermediate investment funds; and (4) development and encouragement of venture capital activities. We have discussed the first and third of these in Chapter 9, which focuses on the capital market. Development of the stock market has been considered in Chapters 9–10. In this chapter we focus on the development of venture capital activities.