The changing face of the European venture capital industry: Facts and analysis

Bottazzi, Laura, Da Rin, Marco and Hellmann, Thomas (2004) The changing face of the European venture capital industry: Facts and analysis. Journal of Private Equity, 7 (2). pp. 26-53.

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Abstract

The Survey of European Venture Capital (SEVeCa) is the largest academic study to date on the European venture capital industry, providing information on more than 1,300 investment companies, 400 venture partners, and 150 venture funds. The European venture capital industry is found to be more integrated than previously believed: 27% of all venture firms have an office in a foreign country, and 24% of investments are cross-border. Significant links to the U.S. lead to increasing emulation of U.S. investment practices. However, distinctively European aspects, such as the prominence of bank and corporate investors, do remain. The study also debunks the belief that all European venture capitalists are conservative and “hands-off.” A majority of the deals are early stage, and involvement with portfolio companies is substantial. The experience and education of of venture partners (their “human capital”) is shown to play an important role in promoting an active investment style.

Item Type: Article
Keywords: venture capital, finance
Subject(s): Entrepreneurship
Finance
Centre: Entrepreneurship Centre
Related URLs:
Date Deposited: 26 Sep 2018 15:38
Last Modified: 26 Sep 2018 15:38
Funders: not applicable
URI: http://eureka.sbs.ox.ac.uk/id/eprint/6973

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