Proces redukcji zaangażowania kapitałowego funduszy private equity w spółki portfelowe metod pierwszej oferty publicznej

Abstract

The main objective of this paper is to recognize the dynamics and duration of disinvestment processes undertaken by the private equity funds through the Warsaw Stock Exchange. To achieve the goal of the research, it has been formulated the hypothesis affirming that the initial public offering as a method of divestment is mainly used to make a partial exit from an investment and the total sale of securities of companies usually occurs at a later date. Presented in the paper results of empirical research on the dynamics of an exit from the investment show that private equity fund remained as a shareholder after 1 year of the IPO in majority of the portfolio companies.