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The patterns of venture capital investment in Europe

Author

Listed:
  • Fabio Bertoni

    (EM - EMLyon Business School)

  • Massimo G. Colombo

    (POLIMI - Politecnico di Milano [Milan])

  • Anita Quas

    (EM - EMLyon Business School)

Abstract

We study the investment strategies of different types of Venture Capital investors (VCs) using a unique dataset that includes 1,663 VC first investments made by 846 investors in 737 young high-tech entrepreneurial ventures located in seven European countries between 1994 and 2004. Using a transformed Balassa index, we analyze the relative investment specialization of independent VCs, corporate VCs, bank-affiliated VCs and governmental VCs along several dimensions that characterize investments (e.g., syndication, duration and exit mode) and investee companies (e.g., industry of operation, age, size, development stage, location and distance from investor's premises at the time of the investment). Our findings indicate that VC types in Europe differ markedly in their patterns of investment specialization, especially governmental VC on the one side and private VC on the other. We compare our findings with evidence from the USA and find some interesting differences, notably regarding independent and governmental VCs.

Suggested Citation

  • Fabio Bertoni & Massimo G. Colombo & Anita Quas, 2015. "The patterns of venture capital investment in Europe," Post-Print hal-02313273, HAL.
    • Handle: RePEc:hal:journl:hal-02313273
    DOI: 10.1007/s11187-015-9662-0
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    Keywords

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    JEL classification:

    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship

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