The business angel portfolio under the European Angels Fund: An empirical analysis

Salome Gvetadze, Kristian Pal and Wouter Torfs

No 2020/62, EIF Working Paper Series from European Investment Fund (EIF)

Abstract: This paper analyses the Business Angel (BA) portfolio of the European Angels Fund (EAF), an initiative of the European Investment Fund, which engages in co-investment relationships with experienced business angels across Europe. It uses EIF's proprietary database to shed light on a specific subset of the European BA sector. The first section covers the basic characteristics of EAF's BAs and draws comparisons with existing studies wherever possible. In addition, it provides a basic description of EAF's investment portfolio, outlining the geographical distribution of its portfolio companies and the sector in which they are active. The next section focusses on BAs' investment practices. For example, we take a closer look at the geographical and sectoral investment strategies, and investigate aspects related to investment timing. We also examine the innovative capacity of the investees, by analysing patenting activity during the first years of the EAF program. Finally, a brief descriptive analysis provides an overview of the post-investment growth patterns experienced by EAF's investee companies.

Keywords: EIF; business angels; venture capital; equity financing (search for similar items in EconPapers)
JEL-codes: G24 G38 L25 (search for similar items in EconPapers)
Date: 2020
New Economics Papers: this item is included in nep-cfn, nep-ent, nep-eur and nep-sbm
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Downloads: (external link)
https://www.econstor.eu/bitstream/10419/213873/1/1689254033.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:zbw:eifwps:202062

Access Statistics for this paper

More papers in EIF Working Paper Series from European Investment Fund (EIF) Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().