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Article Dans Une Revue International Journal of Banking, Accounting and Finance Année : 2011

International Allocation Determinants of Institutional Investments in Venture Capital and Private Equity Limited Partnerships

Résumé

We examine the determinants of institutional investors when deciding about international capital allocation in venture capital and private equity limited partnerships through a questionnaire addressed to limited partners world-wide. The respondents provide information about their criteria for international asset allocation. The protection of property rights is the dominant concern, followed by the need to find local quality general partners, and the quality of management and skills of local entrepreneurs. Furthermore, the expected deal flow plays an important role in the allocation process, while investors fear bribery and corruption. Public funding and subsidies are not important for the international allocation process. Hence, private money does not follow public money. Additionally, IPO activity and the size of local public equity markets are not as relevant as proposed by other researchers. Our results can support policymakers to increase the attractiveness of their countries for institutional investors to receive more risk capital for innovation, entrepreneurship, employment and growth.
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Dates et versions

hal-02312820 , version 1 (13-03-2020)

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  • HAL Id : hal-02312820 , version 1

Citer

Alexander Groh, Heinrich Von Liechtenstein. International Allocation Determinants of Institutional Investments in Venture Capital and Private Equity Limited Partnerships. International Journal of Banking, Accounting and Finance, 2011, 3 (2/3), pp.176-206 P. ⟨hal-02312820⟩

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