Venture Capital Returns

Student: Akhmetov Rail

Supervisor: Carsten Sprenger

Faculty: International College of Economics and Finance

Educational Programme: Double degree programme in Economics of the NRU HSE and the University of London (Bachelor)

Year of Graduation: 2017

I investigate how entrepreneurial traits of individual partners of VC funds affect their performance in venture capital. I find no evidence supporting the hypothesis that venture capitalists that have entrepreneurial background are more likely to succeed than other types of venture investors. Moreover, the educational choices that entrepreneurial investors make are associated with lower overall performance. These results suggest that seemingly logical original hypothesis in reality is not true and originates in peoples mind from few ultra-successful public examples of entrepreneurial VCs.

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