Modelo de optimización de determinantes de la estructura de capital óptima en los fondos inmobiliarios de capital privado : caso aplicado al entorno colombiano

Abstract

Currently, there is no theory that allows an accurate approach towards the capital structure that maximizes profitability and minimizes the risk of an investor with resources invested in a real estate equity funds. However, it is possible to identify variables that act as key determinants when making financing decisions in this matter. An appropriate reading and definition of these variables framed in specific market moments allow managers to make strategic decisions and maximize the performance of their investor’s portfolio. In Colombia´s specific case, the information available is still very limited due to market restrictions, asymmetric information, lack of competitors and the short lifespan of the local industry. Financing decisions are taken without considering the appropriate amount of variables and, therefore, the creation of a tool that works as a guide to make educated and reasonable decisions becomes essential for the segment’s growth and development.