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  1.  
  2. ANGELS 411
  3. Expected Returns
  4. SSRN-The Exit Rates of Liquidated Venture Capital Funds by Sami Torstila, Markus Laine
« VIDEO — Raising Money from Angel Investors
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SSRN-The Exit Rates of Liquidated Venture Capital Funds by Sami Torstila, Markus Laine

17 Aug 2008   | Expected Returns

Tags: exit returns · venture capital

LINK TO ORIGINAL ARTICLE:
  • http://papers.ssrn.com/sol3/papers.cfm?abstract_id=417641

Exit rates provide a simple yet practical measure for valuating and benchmarking the performance of venture capital funds. We create a sample of 138 liquidated U.S. venture capital funds and investigate the outcomes of their 4,549 portfolio companies. We study exit rates, proportions of different exit routes, and their determinants. The median fund in our sample exited 19% of portfolio companies through an IPO, 7% through a sale of listed equity, and 23% through mergers or acquisitions. There exist, however, interesting differences between funds even after ontrolling for industry and stage focus. In particular, large funds and fund management firms have significantly higher exit rates.

>>> READ MORE at:
  • http://papers.ssrn.com/sol3/papers.cfm?abstract_id=417641
« VIDEO — Raising Money from Angel Investors
Age of the Angel: Best Practices for Angel Groups and Investors »

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