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| Author: | Cumming, D. Fleming, G. Suchard, J-A. |
| Title: | Venture capitalist value-added activities, fundraising and drawdowns |
| Journal: | Journal of Banking and Finance
2005 : FEB, VOL. 29:2, p. 295-331 |
| Index terms: | Venture capital Fund-raising Compensation Value added Australia |
| Freeterms: | Returns |
| Language: | eng |
| Abstract: | This paper is the first to introduce an analysis of the effect of different types of venture capitalist value-added activities on fundraising. In addition, included is an analysis of the functional difference btw. committed funds and drawdowns from capital commitments. The data, collected by the Australian Bureau of Statistics for 1999-2001, enable controls for venture capitalist performance, risk, investment activity, and management and performance fees. The results indicate that significantly more capital is allocated to venture capitalists that provide financial and strategic/management expertise to entrepreneurial firms. In addition, fundraising is greater among funds with higher returns and performance fees and lower fixed management fees. |
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