VENTURE CAPITAL AND PRIVATE EQUITY INVESTMENTS IN HUNGARY – CHARACTERISTICS AND PROSPECTS

Yıl 2012, Cilt: 4 Sayı: 2, 91 - 100, 01.12.2012

Jeno Konecsny Dora Havay

Öz

Hungary, just like the other countries in the Central-Eastern-European (CEE)
region passed through a specific transition process during the late 1980s and the
early 1990s when it started to lay down the basics of a market economy. Near at
the time of the transmission, venture capital (VC) and private equity (PE)
appeared as an alternative vehicle of corporate financing. As an industry, the VC
and PE market built itself a quite well developed status relative to its counterparts
in the CEE region. But the industry had to adapt to the country’s peculiar
economic, political and capital market conditions and also to its entrepreneurial
and business culture, which all determined the frames of the investors’ operating
environment.
Our paper’s aim is to shed light on those attributes which characterize the
Hungarian VC and PE industry and which can also relate to the country’s specific
economical-cultural circumstances mentioned above. Nevertheless, the paper
deals with the VC and PE market’s future prospects, while stressing some of the
key factors which are essential for the industry’s successful development.

Anahtar Kelimeler

venture capital, private equity, characteristics

Kaynakça

• Anson, M. (2003), „Private equity investing in Central and Eastern Europe”, The Journal of Investing, winter, pp. 15-21.
• Bliss, T. R. (1999), „Venture capital model for transitioning economies: the case of Poland”, Venture Capital, Vol. 1, No. 3, pp. 241-257.
• EVCA (2004): „Central and Eastern Europe Success Stories”, Special Paper, EVCA Central and Eastern Europe Task Force, October pp. 1-70.
• EVCA (2005-2011): Central and Eastern Europe Statistics 2004-2010. Special Paper, European Private Equity and Venture Capital Association, pp. 1-100.
• EVCA (2012): EVCA yearbook, European Private Equity and Venture Capital Association, 30 May, 2012.
• HVCA (2010/a): A magyar kockázati és magántőke piac fejlődése 2009. Hungarian Private Equity and Venture Capital Association, Budapest, pp. 1-10.
• HVCA (2010/b): HVCA yearbook 2010, Hungarian Private Equity and Venture Capital Association, Budapest. HVCA (2011): Jubilee 20 years yearbook. Hungarian Private Equity and Venture Capital Association.
• Farag, H., Ulrich H., Peter W. and Mike W. (2004), „Contracting, monitoring, and exiting venture investments in transitioning economies: a comparative 100