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Why do European Venture Capital Companies Syndicate?

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  • Landström , Hans

    (Department of Business Administration, School of Economics and Management, Lund University)

Abstract

Financial theory, resource-based theory and access to deal flow are used to explain syndication practices among European venture capital (VC) firms. The desire to share risk and increase portfolio diversification is a more important motive for syndication than the desire to access additional intangible resources or deal flow. Access to resources is, however, more important for non-lead than for lead investors. When resource-based motives are more important, the propensity to syndicate increases. Syndication intensity is higher for young VC firms and for VC firms, specialised in a specific investment stage. Finally, syndication strategies are similar across European countries, but differ from North American strategies.

Suggested Citation

  • Landström , Hans, 2004. "Why do European Venture Capital Companies Syndicate?," Working Paper Series 2002/5, Lund University, Institute of Economic Research.
    • Handle: RePEc:hhb:lufewp:2002_005
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    Keywords

    Financial theory; share risk;

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