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The influence of a venture capitalist's source of funds

Author

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  • Mark Van Osnabrugge
  • Robert J. Robinson

Abstract

In observing the growing presence of venture capital firms in our financial landscape, most commentators concentrate on the structural questions of size of deals, sector investing focus, and the issues of risk and reward. Little, if any, consideration is given to the source of the venture capitalist's own funding, and how this may affect the structure, investing behaviour, and informational strategies of the venture capital firm itself. This study examines the management styles and investment preferences of the two primary types of venture capital firms, 'captives' and 'independents', in an effort to gain insight into the sorts of structural and behavioural considerations that help determine a firm's investment strategy, and which may help a firm to capitalize on the structure of its relationship with fund providers. Such considerations may critically determine a firm's performance, if not its ultimate fate.

Suggested Citation

  • Mark Van Osnabrugge & Robert J. Robinson, 2001. "The influence of a venture capitalist's source of funds," Venture Capital, Taylor & Francis Journals, vol. 3(1), pages 25-39, January.
    • Handle: RePEc:taf:veecee:v:3:y:2001:i:1:p:25-39
    DOI: 10.1080/13691060117288
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    Citations

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    Cited by:

    1. Dorothea Schäfer & Dirk Schilder, 2008. "Smart capital in German start-ups -- an empirical analysis," Venture Capital, Taylor & Francis Journals, vol. 11(2), pages 163-183, August.
    2. Sun, Yue & Uchida, Konari & Matsumoto, Mamoru, 2013. "The dark side of independent venture capitalists: Evidence from Japan," Pacific-Basin Finance Journal, Elsevier, vol. 24(C), pages 279-300.
    3. Dominique Dufour & Eric Nasica & Dominique Torre, 2016. "Clusters et efficacité du capital-risque: une analyse des stratégies différenciées des fonds indépendants et des fonds industriels," GREDEG Working Papers 2016-33, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    4. Hideaki Sakawa & Naoki Watanabel, 2020. "IPO underpricing and ownership monitoring in Japan," Asian Business & Management, Palgrave Macmillan, vol. 19(4), pages 480-503, September.
    5. Hideaki Sakawa & Naoki Watanabel, 0. "IPO underpricing and ownership monitoring in Japan," Asian Business & Management, Palgrave Macmillan, vol. 0, pages 1-24.
    6. Hogrebe, Fabian & Lutz, Eva, 2024. "The sunk cost fallacy in venture capital staging: Decision-making dynamics for follow-on investment rounds," Journal of Corporate Finance, Elsevier, vol. 86(C).
    7. Alexander Peter Groh & Heinrich von Liechtenstein, 2011. "The First Step of the Capital Flow from Institutions to Entrepreneurs: the Criteria for Sorting Venture Capital Funds," European Financial Management, European Financial Management Association, vol. 17(3), pages 532-559, June.
    8. Ding, Zhujun & Au, Kevin & Chiang, Flora, 2015. "Social trust and angel investors' decisions: A multilevel analysis across nations," Journal of Business Venturing, Elsevier, vol. 30(2), pages 307-321.
    9. José Martí Pellón & Marina Balboa, 2003. "Characterisation Of The Reputation Of Private Equity Managers: Evidence In Spain," Working Papers. Serie EC 2003-16, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).

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