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Determinants Of Private Equity Fundraising In Western Europe

Listed author(s):
  • José Martí Pellón

    (Universidad Complutense de Madrid)

  • Marina Balboa

    (Universidad de Alicante)

Registered author(s):

    The aim of this paper is to identify the key factors that lie behind venture capital/private equity fundraising in countries where there is scarce and asymmetric information about final returns. The main contribution of this paper is to explain fundraising by means of variables directly related to the venture capital process rather than by macroeconomic ones. We use panel data techniques on data from 16 European countries during the nineties. In the light of the long period required for investing committed capital and the illiquid nature of investments until the fund is divested, the focus is placed on the investing capabilities of fund managers. We find that the amounts invested in the previous year have a positive and significant impact on fundraising. In this sense, the market would be regarding the ability of fund managers to invest the total amounts investors have previously committed.

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    File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-2001-15.pdf
    File Function: Fisrt version / Primera version, 2001
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    Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 2001-15.

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    Length: 26 pages
    Date of creation: May 2001
    Publication status: Published by Ivie
    Handle: RePEc:ivi:wpasad:2001-15
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    1. Mitchell Berlin, 1998. "That thing venture capitalist do," Business Review, Federal Reserve Bank of Philadelphia, issue Jan, pages 15-26.
    2. Bernard S. Black & Ronald J. Gilson, 1999. "Does Venture Capital Require An Active Stock Market?," Journal of Applied Corporate Finance, Morgan Stanley, vol. 11(4), pages 36-48.
    3. Jeng, Leslie A. & Wells, Philippe C., 2000. "The determinants of venture capital funding: evidence across countries," Journal of Corporate Finance, Elsevier, vol. 6(3), pages 241-289, September.
    4. Amit, Raphael & Brander, James & Zott, Christoph, 1998. "Why do venture capital firms exist? theory and canadian evidence," Journal of Business Venturing, Elsevier, vol. 13(6), pages 441-466, November.
    5. Manuel Arellano & Olympia Bover, 1990. "La econometría de datos de panel," Investigaciones Economicas, Fundación SEPI, vol. 14(1), pages 3-45, January.
    6. Paul A. Gompers & Josh Lerner, 1999. "What Drives Venture Capital Fundraising?," NBER Working Papers 6906, National Bureau of Economic Research, Inc.
    7. James M. Poterba, 1989. "Venture Capital and Capital Gains Taxation," NBER Chapters,in: Tax Policy and the Economy, Volume 3, pages 47-68 National Bureau of Economic Research, Inc.
    8. Sahlman, William A., 1990. "The structure and governance of venture-capital organizations," Journal of Financial Economics, Elsevier, vol. 27(2), pages 473-521, October.
    9. Samuel Kortum & Josh Lerner, 1998. "Does Venture Capital Spur Innovation?," NBER Working Papers 6846, National Bureau of Economic Research, Inc.
    10. Gompers, Paul A., 1998. "Venture capital growing pains: Should the market diet?," Journal of Banking & Finance, Elsevier, vol. 22(6-8), pages 1089-1104, August.
    11. Christopher B. Barry, 1994. "New Directions in Research on Venture Capital Finance," Financial Management, Financial Management Association, vol. 23(3), Fall.
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