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Venture capitalists' Decision to Syndicate

Manigart, S ; Lockett, A ; Meuleman, M ; Wright, M ; Landström, Hans LU ; Bruining, H ; Desbrieres, P and Hommel, U (2006) In Entrepreneurship Theory and Practice 30(2). p.131-153
Abstract
Financial theory, access to deal flow, selection, and monitoring skills are used to explain syndication in venture capital firms in six European countries. In contrast with U.S. findings, portfolio management motives are more important for syndication than individual deal management motives. Risk sharing, portfolio diversification, and access to larger deals are more important than selection and monitoring of deals. This holds for later stage and for early stage investors. Value adding is a stronger motive for syndication for early stage investors than for later stage investors, however. Nonlead investors join syndicates for the selection and value-adding skills of the syndicate partners.
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author
; ; ; ; ; ; and
organization
publishing date
type
Contribution to journal
publication status
published
subject
in
Entrepreneurship Theory and Practice
volume
30
issue
2
pages
131 - 153
publisher
Wiley-Blackwell
external identifiers
  • wos:000235955900002
  • scopus:33644801646
ISSN
1042-2587
DOI
10.1111/j.1540-6520.2006.00115.x
language
English
LU publication?
yes
id
21d6e76a-2194-4e98-8cd3-f836739a655c (old id 693531)
date added to LUP
2016-04-01 16:49:09
date last changed
2024-01-11 15:24:11
@article{21d6e76a-2194-4e98-8cd3-f836739a655c,
  abstract     = {{Financial theory, access to deal flow, selection, and monitoring skills are used to explain syndication in venture capital firms in six European countries. In contrast with U.S. findings, portfolio management motives are more important for syndication than individual deal management motives. Risk sharing, portfolio diversification, and access to larger deals are more important than selection and monitoring of deals. This holds for later stage and for early stage investors. Value adding is a stronger motive for syndication for early stage investors than for later stage investors, however. Nonlead investors join syndicates for the selection and value-adding skills of the syndicate partners.}},
  author       = {{Manigart, S and Lockett, A and Meuleman, M and Wright, M and Landström, Hans and Bruining, H and Desbrieres, P and Hommel, U}},
  issn         = {{1042-2587}},
  language     = {{eng}},
  number       = {{2}},
  pages        = {{131--153}},
  publisher    = {{Wiley-Blackwell}},
  series       = {{Entrepreneurship Theory and Practice}},
  title        = {{Venture capitalists' Decision to Syndicate}},
  url          = {{http://dx.doi.org/10.1111/j.1540-6520.2006.00115.x}},
  doi          = {{10.1111/j.1540-6520.2006.00115.x}},
  volume       = {{30}},
  year         = {{2006}},
}