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The Exit Rates of Liquidated Venture Capital Funds

  • Markus Laine

    (Eqvitec Partners)

  • Sami Torstila

    (Helsinki School of Economics)

Registered author(s):

    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.

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    File URL: http://jefsite.org/RePEc/pep/journl/jef-2005-10-1-e-laine.pdf
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    Article provided by Pepperdine University, Graziadio School of Business and Management in its journal Journal of Entrepreneurial Finance and Business Ventures.

    Volume (Year): 10 (2005)
    Issue (Month): 1 (Spring)
    Pages: 53-73

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    Handle: RePEc:pep:journl:v:10:y:2005:i:1:p:53-73
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