Human Capital in Venture Capital: Evidence From 100,000 Venture Capitalists

Blake Jackson and Ilya Strebulaev

No 35501, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: We study human capital in venture capital (VC) using a new dataset covering over 100,000 professionals affiliated with U.S. VC firms. Investment success is extremely concentrated: fewer than 40% of VCs with any investments are ever credited with a successful investment, and 90% of investment profits are generated by 5% of VCs. Differences in education, prior work experience, and demographics predict career progression and investment outcomes, consistent with persistent investor-specific skills. Quasi-experimental variation from marginal inclusions on the Forbes Midas List shows that achieving superstar status increases access to highly-valued startups, complementing other human capital and contributing to concentration.

JEL-codes: G2 G23 G24 (search for similar items in EconPapers)
Date: 2026-07
Note: AP CF
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