Capital-investissement et stratégies de syndication: le cas de la france

Muriel Dal Pont Legrand and Sophie Pommet

Revue d'économie industrielle, 2011, vol. n° 134, issue 2, 177-190

Abstract: This article proposes to analyze the syndication strategies of the French venture capital firms and to compare them with their European and North-American counterparts. Syndication is a strategy allowing investors to improve their performances for instance through risk-sharing-based and expertise-based cooperation. This paper shows that syndication motives vary depending on the stage of development of the firm financed but also depending on the type of venture capital firms. This detailed examination of the choice for syndication of French venture capital firms, compared with the one located in the United States, seems to reveal a degree of ?specialization? of the French venture capital industry.

Keywords: Innovation; Venture Capital; Syndication; Expertise; Adding- Value Strategy (search for similar items in EconPapers)
Date: 2011
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Working Paper: Capital-Investissement et stratégies de syndication: le cas de la France (2011)
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