Persistence in venture capital strategy and performance: Which role does the individual investor play?

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Lehrstuhl für Wirtschaftswissenschaften für Ingenieure und Naturwissenschaftler


VC funds are largely shaped by the investors who work for them ("GPs") - they enjoy a great deal of discretion as to which investments are made by the fund. A still ongoing debate is whether the investor itself or the fund as an institution is the driver of investment behavior and also performance in the VC sector. This paper will aim to provide an overview of the relevant literature and also (qualitatively) elaborate how organizational factors in the decision-making process (e.g. investment committees, independent due diligences, etc.) can affect the decisions made by investors. A quantitative analysis using e.g. Crunchbase data is possible.

Keywords: VC, Venture Capital, Entrepreneurship, Entrepreneurial Finance, Business Angels, Finance