Is a VC Partnership Greater than the Sum of its Partners?

Michael Ewens and Matthew Rhodes-Kropf

No 19120, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper investigates whether individual venture capitalists have repeatable investment skill and to what extent their skill is impacted by the VC firm where they work. We examine a unique dataset that tracks the performance of individual venture capitalists' investments across 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 partner's human capital is two to five times more important than the VC firm's organizational capital in explaining performance.

JEL-codes: G24 G30 G32 L26 (search for similar items in EconPapers)
Date: 2013-06
New Economics Papers: this item is included in nep-bec
Note: CF IO PR
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Citations: View citations in EconPapers (4)

Published as Michael Ewens & Matthew Rhodes-Kropf, 2015. "Is a VC Partnership Greater Than the Sum of Its Partners?," Journal of Finance, American Finance Association, vol. 70(3), pages 1081-1113, 06.

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Journal Article: Is a VC Partnership Greater Than the Sum of Its Partners? (2015)
Working Paper: Is the VC Partnership Greater than the Sum of its Partners?
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