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The Syndication of Venture Capital Investments
Abstract
This paper examines three rationales for the syndication of venture capital investments, using a sample of 271 private biotechnology firms. Syndication is commonplace, even in the first-round investments. Experienced venture capitalists primarily syndicate first-round investments to venture investors with similar levels of experience. In later rounds, established venture capitalists syndicate investments to both their peers and to less experienced capital providers. When experienced venture capitalists invest for the first time in later rounds, the firm is usually doing well. Syndication also often insures that the ownership stake of the venture capitalist stays constant in later venture rounds. I argue that the results are consistent with the proposed explanations.
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Citations
Cited by
N. Berger, A., & F. Udell, G. (1998) · Journal of Banking & Finance · doi:10.1016/s0378-4266(98)00038-7 · Cited by 3,690
Optimal Investment, Monitoring, and the Staging of Venture Capital
GOMPERS, P. A. (1995) · The Journal of Finance · doi:10.1111/j.1540-6261.1995.tb05185.x · Cited by 2,053
Syndication Networks and the Spatial Distribution of Venture Capital Investments
Sorenson, O., & Stuart, T. E. (2001) · American Journal of Sociology · doi:10.1086/321301 · Cited by 1,925
Toward a Comparative Institutional Analysis
Aoki, M. (2002) · Journal of Institutional and Theoretical Economics · doi:10.1628/0932456022975150 · Cited by 1,200
Venture capitalists and the decision to go public
Lerner, J. (1994) · Journal of Financial Economics · doi:10.1016/0304-405x(94)90035-3 · Cited by 961
Self-citation
Metadata
- Authors
- Lerner, J.
- Venue
- Venture Capital
- Publisher
- Routledge
- Published
- 2022-03-23
- Pages
- 207-218
- ISSN
- 1369-1066 (ISSN-L)
- OpenAlex
- W3146692618
- Cited by
- 642
- References
- 0
- FWCI
- 34.93
- Type
- book chapter
- Language
- en
- Open access
- closed
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