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Allocation determinants of institutional investments in venture capital and private equity limited partnerships in Central Eastern Europe

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Author Info

  • Groh, Alexander P.

    ()
    (IESE Business School)

  • Liechtenstein, Heinrich

    (IESE Business School)

  • Canela, Miguel A.

    (University of Barcelona)

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    Abstract

    Growth expectations and institutional settings are favorable in CEE to establish a vibrant VC/PE market. However, there is lacking supply of risk capital. We address the obstacles for institutional investments in the region via a questionnaire addressed to (potential) Limited Partners worldwide. The respondents provide information about their criteria for international asset allocation. The protection of property rights is the dominant concern, followed by the need to find local quality General Partners and by the management quality and skills of local entrepreneurs. Further, the expected deal flow plays an important role for the allocation process, while the investors fear bribing and corruption. CEE is regarded as very attractive, especially the economic and entrepreneurial activity. However, the investors are not comfortable there with the protection of their claims.

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    Bibliographic Info

    Paper provided by IESE Business School in its series IESE Research Papers with number D/691.

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    Length: 48 pages
    Date of creation: 07 May 2007
    Date of revision:
    Handle: RePEc:ebg:iesewp:d-0691

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    Postal: IESE Business School, Av Pearson 21, 08034 Barcelona, SPAIN
    Web page: http://www.iese.edu/
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    Related research

    Keywords: Venture capital; Private equity; International asset allocation; Institutional investors;

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    Cited by:
    1. Alexej Sato, 2013. "Private Equity Investment in the Czech Republic," Prague Economic Papers, University of Economics, Prague, vol. 2013(2), pages 240-250.

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