Pensijų fondų investicijų į rizikos kapitalą skatinimas: galimybės Europos Sąjungos šalyse
STIMULATING PENSION FUNDS INVESTMENTS TO VENTURE CAPITAL: OPPORTUNITIES IN EUROPEAN UNION COUNTRIES

Summary/Abstract: Pension funds investments to venture capital funds make not more than 25 % of pension funds assets in Europe and are constantly increasing. Pension funds invest the largest part of their assets to venture capital in Great Britain, Sweden and Netherlands, though pension funds investments to venture capital is underdeveloped in Europe in comparison to USA, where pension funds investments make more than 50 % investments to venture capital (Barros et al., 2005). Venture capital is important ensuring sustainable growth and the increase of employment. Considering the impact that venture capital could make on the long-term economic growth, most of the European countries have pointed the development of venture capital as one of the major priorities. Investments of well capitalized pension funds to venture capital are very important sources of long-term financing, which might ensure sustainable and continuous risk capital growth. Despite of that, private pension funds have to be developed themselves in most of the European Countries. Only at the end of the 20th century most European countries have transformed their pension systems from the public to the private ones, considering the ageing tendencies and the increasing elderly population. Venture capital investments usually are made through risk capital funds, which act as financial intermediates between venture capital investors and the enterprise, which is included to the portfolio of venture capital fund. Pension funds, as institutional investors, are investing to venture capital funds as well. This type of investments is typical to capital market orientated financial systems.

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