The "Plateau effect" in the Russian market of private equity
Musatova M.M.1
1 Институт экономики и организации промышленного производства Сибирского отделения Российской Академии наук
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Journal paper
Journal of International Economic Affairs (РИНЦ, ВАК)
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Volume 9, Number 4 (October-December 2019)
Indexed in Russian Science Citation Index: https://elibrary.ru/item.asp?id=42446302
Cited: 4 by 07.12.2023
Abstract:
The article analyzes the dynamic characteristics of the private equity (Private Equity, PE) market, formed after the sanctions regime against the Russian economy implementation. The influence of the spectrum of risks on the stagnation of the Russian PE market is considered. Among those risks there are currency and political risks, risks of heavy "inputs and outputs" of funds. The factors contributing to the formation of a protracted "plateau effect" are discussed. They are as follows: capital outflow and withdrawal of foreign funds (Private Equity Funds, PEF) from Russia, lack of competition, sectoral imbalances in the development of the Russian industry of venture funds (PE/VC), institutional barriers in the development of the Russian PE industry for Russian and foreign agents. The specific features of the private equity industry functioning in developed and developing markets are systematized. The activity of PE funds in the Russian venture capital market is estimated. The current and preferred format of investors' participation in the PE market in the conditions of adaptation of the Russian economy to the sanctions regime is discussed. The conducted factor analysis showed that overcoming the prolonged "plateau effect" in the Russian PE market is most likely impossible without institutional changes. The results of the analysis of the "plateau effect" can be useful for government agencies to activate possible economic policy measures to stimulate the growth of PEF investments in various sectors of the Russian economy for the implementation of the national project of Russia for the development of small and medium-sized enterprises.
Keywords: institutional barriers, investment projects, private equity funds, private equity, risks and factors of the "plateau effect"
JEL-classification: G34, C10, C19
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