RT Journal Article SR Electronic T1 Using Performance-Based Share-Adjustment Mechanisms or “Ratchets” in Economies in Transition JF The Journal of Private Equity FD Institutional Investor Journals SP 53 OP 62 DO 10.3905/jpe.2008.710905 VO 11 IS 4 A1 Darek Klonowski A1 Daria Golebiowska-Tataj YR 2008 UL https://pm-research.com/content/11/4/53.abstract AB While “ratchets” have been widely used by venture capitalists when making transactions in Western countries, these instruments are only now being tested in transition economies. This article focuses on performance-based share adjustment mechanisms, in the context of one of the leading producers of ice cream in Russia. The case describes the challenges of using these types of instruments in the Russian environment.TOPICS: Private equity, emerging, legal/regulatory/public policy, fundamental equity analysis