The Exit Rates of Liquidated Venture Capital Funds
Exit rates provide a simple yet practical measure for evaluating and benchmarking the performance of venture capital funds. We create a sample of 138 liquidated U.S. venture capital funds and investigate the outcomes of their 4,549 portfolio companies. We study exit rates, proportions of different exit routes, and their determinants. The median fund in our sample exited 19% of portfolio companies through an IPO, 7% through a sale of listed equity, and 23% through mergers or acquisitions. There exist, however, interesting differences between fund types: In particular, large funds and fund management firms have significantly higher exit rates.
Volume (Year): 10 (2005)
Issue (Month): 1 (Spring)
|Contact details of provider:|| Postal: |
Web page: http://bschool.pepperdine.edu/jef
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:pep:journl:v:10:y:2005:i:1:p:53-73. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Craig Everett)
If references are entirely missing, you can add them using this form.