The Performance of Publicly Managed Venture Capital Funds

Andrei Dubovik and Joep Steegmans

No 355, CPB Discussion Paper from CPB Netherlands Bureau for Economic Policy Analysis

Abstract: Governments, when designing support for venture capital financing, face a choice to either sponsor existing private VC funds or organize and manage their own public VC funds. There is emerging evidence that syndicated financing by private and publicly sponsored VC funds is correlated with better exit performance. At the same time little research has been done into the effectiveness of publicly managed VC funds. We show that syndicated financing by private and publicly managed VC funds leads to a 5.1 p.p smaller chance of a successful exit compared to purely private financing. This finding is robust to reputation and culture/distance effects.

JEL-codes: G24 G28 (search for similar items in EconPapers)
Date: 2017-06
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Citations: View citations in EconPapers (7)

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