Is a VC Partnership Greater Than the Sum of Its Partners?

Michael Ewens and Matthew Rhodes-Kropf

Journal of Finance, 2015, vol. 70, issue 3, 1081-1113

Abstract: type="main">

This paper investigates whether individual venture capitalists have repeatable investment skill and the extent to which their skill is impacted by the venture capital (VC) firm where they work. We examine a unique data set that tracks the performance of individual venture capitalists' investments over time and as they move between firms. We find evidence of skill and exit style differences even among venture partners investing at the same VC firm at the same time. Furthermore, our estimates suggest the partners' human capital is two to five times more important than the VC firm's organizational capital in explaining performance.

Date: 2015
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Related works:
Working Paper: Is a VC Partnership Greater than the Sum of its Partners? (2013)
Working Paper: Is the VC Partnership Greater than the Sum of its Partners?
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