Andreas Woeller


This Article investigates the legal and economic environment for private equity investments in Brazil, Russia, India and China (“BRIC”). In contrast with disappointing returns in the 1990s, private equity investment has soared in developing countries over the past decade. To explain what has led to the recent success of private equity in the BRICs, this Article will first give an overview of the challenges faced generally when investing in portfolio companies in developing markets and then analyze the legal and economic framework for each of the four BRICs. This Article finds that Brazil and China offer the best opportunities for private equity because investors can rely on strong domestic capital markets for the exit. While India is not far behind, Russia still has room for improvement, particularly with regard to the reliability of its legal system and the attractiveness of its capital markets.


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