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Venture capitalists' Decision to Syndicate

På svenska

Author

  • S Manigart
  • A Lockett
  • M Meuleman
  • M Wright
  • Hans Landström
  • H Bruining
  • P Desbrieres
  • U Hommel

Summary, in English

Financial theory, access to deal flow, selection, and monitoring skills are used to explain syndication in venture capital firms in six European countries. In contrast with U.S. findings, portfolio management motives are more important for syndication than individual deal management motives. Risk sharing, portfolio diversification, and access to larger deals are more important than selection and monitoring of deals. This holds for later stage and for early stage investors. Value adding is a stronger motive for syndication for early stage investors than for later stage investors, however. Nonlead investors join syndicates for the selection and value-adding skills of the syndicate partners.

Publishing year

2006

Language

English

Pages

131-153

Publication/Series

Entrepreneurship Theory and Practice

Volume

30

Issue

2

Document type

Journal article

Publisher

Wiley-Blackwell

Topic

  • Social Sciences Interdisciplinary
  • Business Administration
  • Economics and Business

Status

Published

ISBN/ISSN/Other

  • ISSN: 1042-2587