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FIIE-3: VC, PE and Entrepreneurship
VC Financing and the Entrepreneurship Gender Gap
University of Alberta
Women’s participation in venture capital-financed entrepreneurship is lower than in other sectors of the economy. And the women that do participate lead startups that perform worse than startups led by men. Does interaction with venture capitalists (VCs) contribute to the low participation and performance gap? To answer these questions, I compare the gender gap in successful exits from VC financing between two sets of startups: those initially financed by VCs with only male general partners (GPs) and those initially financed by VCs that include female GPs. Constructing a novel dataset to perform this analysis, I find a large performance gender gap among startups financed by VCs with only male GPs but no such gap among startups financed by VCs that include female GPs. The disparity is solely due to improved performance among female-led startups. This suggests that VC gender composition has contributed strongly to the performance gap between female- and male-led startups, which could deter women from leading VC-financed projects and lower their participation.
Adverse Selection and the Performance of Private Equity Co-Investments
1Technical University Munich; 2University of Oxford
Investors increasingly look for private equity funds to provide opportunities for co-investing outside the fund structure, thereby saving fees and carried interest payments. In this paper we use a large sample of buyout and venture capital co-investments to test how such deals compare with the remaining fund investments. In contrast to Fang et al. (2015) we find no evidence of adverse selection. Gross return distributions of co-investments and other deals are similar. Co-investments generally have lower costs to investors. We simulate net returns to investors and demonstrate how reasonably sized portfolios of co-investments have significantly out-performed fund returns.
Winning a Deal in Private Equity: Do Educational Networks Matter?
1University of St. Gallen; 2University of Oxford
Networks can establish business connections and facilitate information flows. But how valuable are they in competitive settings, such as the deal generation of private equity? We find that access to a diverse set of universities is important for fund performance. In addition, educational ties between acquiring partner and target firm management are frequent (around 15%) and increase the odds of winning a deal (by 79%). When competing with other funds, exclusivity rather than the school’s ranking matters. Educational ties also appear to mitigate a potential home bias. Yet, their pure existence does not automatically lead to better deal performance.
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Conference: EFA 2017
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