Venture Capital and Other Private Equity: A Survey
AbstractWe review the theory and evidence on venture capital (VC) and other private equity: why professional private equity exists, what private equity managers do with their portfolio companies, what returns they earn, who earns more and why, what determines the design of contracts signed between (i) private equity managers and their portfolio companies and (ii) private equity managers and their investors (limited partners), and how/whether these contractual designs affect outcomes. Findings highlight the importance of private ownership, and information asymmetry and illiquidity associated with it, as a key explanatory factor of what makes private equity different from other asset classes.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 16652.
Date of creation: Dec 2010
Date of revision:
Publication status: published as “Venture Capital and other Private Equity: a Survey” (wi th Ayako Yasuda), European Financial Management 17, 619 - 654 .
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Find related papers by JEL classification:
- G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-01-16 (All new papers)
- NEP-CFN-2011-01-16 (Corporate Finance)
- NEP-CTA-2011-01-16 (Contract Theory & Applications)
- NEP-ENT-2011-01-16 (Entrepreneurship)
- NEP-MIC-2011-01-16 (Microeconomics)
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- Robinson, David T. & Sensoy, Berk A., 2011.
"Do Private Equity Fund Managers Earn Their Fees? Compensation, Ownership, and Cash Flow Performance,"
Working Paper Series, Ohio State University, Charles A. Dice Center for Research in Financial Economics
2011-14, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
- David T. Robinson & Berk A. Sensoy, 2013. "Do Private Equity Fund Managers Earn Their Fees? Compensation, Ownership, and Cash Flow Performance," Review of Financial Studies, Society for Financial Studies, Society for Financial Studies, vol. 26(11), pages 2760-2797.
- Aleksandar Bradic, 2012. "The Role of Social Feedback in Financing of Technology Ventures," Papers 1301.2196, arXiv.org.
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