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Venture Capital and Other Private Equity: A Survey

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  • Andrew Metrick
  • Ayako Yasuda

Abstract

We 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 Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 16652.

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Date of creation: Dec 2010
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Publication status: published as “Venture Capital and other Private Equity: a Survey” (wi th Ayako Yasuda), European Financial Management 17, 619 - 654 .
Handle: RePEc:nbr:nberwo:16652

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Cited by:
  1. 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.
  2. Aleksandar Bradic, 2012. "The Role of Social Feedback in Financing of Technology Ventures," Papers 1301.2196, arXiv.org.

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