Private equity fondovi i hrvatsko iskustvo

Dr. sc. Morana Derenčinović Ruk, Hrvatska agencija za nadzor financijskih usluga (HANFA), Franje Račkoga 6, 10 000 Zagreb; mderencinovic@gmail.com, morana.derencinovic@hanfa.hr; ORCID ID: orcid.org/0000-0002-6624-7896

Sažetak
U radu se analiziraju private equity fondovi i njihove posebnosti te se prikazuju hrvatska iskustva u tom području. Daje se određenje pojmova private equity i private equity fondovi, nakon čega se pojašnjavaju osnovne karakteristike private equity fondova, koje utječu na način njihova rada. Također se prikazuju strukture private equity fondova u svijetu, formirane ponajprije zbog poreznih i pravnih razloga. Nadalje se iznose razlike u odnosu na Hrvatsku te pravne prepreke koje hrvatski zakonodavni okvir postavlja efikasnom i efektivnom funkcioniranju private equity fondova te prijedlozi de lege ferenda. Na kraju se prikazuje hrvatsko iskustvo, s opisom prvih takvih fondova u Hrvatskoj i posebnim osvrtom na fondove za gospodarsku suradnju kao posebnost hrvatskog tržišta kapitala i private equity industrije.

Ključne riječi: private equity; alternativni investicijski fond; fond za gospodarsku suradnju; strategija

Hrčak ID: 252331

URI: https://hrcak.srce.hr/252331

Stranice: 783-824

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Private Equity Funds and Croatian Experience

Morana Derenčinović Ruk, Ph. D., Croatian Financial Services Supervisory Agency, Franje Račkoga 6, 10 000 Zagreb, Croatia; mderencinovic@gmail.com, morana.derencinovic@hanfa.hr; ORCID ID: orcid.org/0000-0002-6624-7896

Summary
Private equity funds are important players in the capital market, investing billions of dollars and euros in portfolio companies every year worldwide and in Europe, thus improving their business and development at almost all stages of their life cycle. Although Croatia lags far behind in this respect - both in terms of foreign private equity funds investing in Croatian companies and in terms of developing the private equity industry in Croatia - we believe it is important to analyze private equity funds and their characteristics in order to gain a full understanding of them . Therefore, this paper will try to define private equity funds and private equity and their interconnection, and explain the various forms and types of equity issued in private equity investments. Furthermore, the paper outlines the basic characteristics of private equity funds, which are crucial for understanding the way they operate, the relationship with the portfolio company and investors. Private equity funds have a specific lifespan and term, and bear significant risks (greater than those of the “infamous” hedge funds). They are meant for professional investors whose approach in portfolio companies is “hands on”. The paper also presents the most common structures of private equity funds, which differ significantly from those in Croatia, whose legislative framework unfortunately still places strong legal obstacles for the efficient and effective functioning of private equity funds. Finally, the paper presents the Croatian experience with private equity funds, with a description of the first private equity funds in Croatia and a special reference to economic cooperation funds, as a special feature of the Croatian capital market and private equity industry.

Keywords: private equity; alternative investment fund; economic cooperation funds; strategy

Hrčak ID: 252331

URI: https://hrcak.srce.hr/252331

Pages: 783-824