Arbeitspapier
Does family matter? Venture capital cross-fund cash flows
Venture capital (VC) funds backed by large multi-fund families tend to perform substantially better due to cross-fund cash flows (CFCFs), a liquidity support mechanism provided by matching distributions and capital calls within a VC fund family. The dynamics of this mechanism coincide with the sensitivity of different stage projects owing to market liquidity conditions. We find that the early-stage funds demand relatively more intra-family CFCFs than later-stage funds during liquidity stress periods. We show that the liquidity improvement based on the timing of CFCF allocation reflects how fund families arrange internal liquidity provision and explains a large part of their outperformance.
- Sprache
-
Englisch
- Erschienen in
-
Series: CFS Working Paper Series ; No. 695
- Klassifikation
-
Wirtschaft
Investment Banking; Venture Capital; Brokerage; Ratings and Ratings Agencies
Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
- Thema
-
Venture capital
Fund family
Subsidization
Liquidity
Performance
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Kräussl, Roman
Rinne, Kalle
Sunc, Huizhu
- Ereignis
-
Veröffentlichung
- (wer)
-
Goethe University Frankfurt, Center for Financial Studies (CFS)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2023
- Handle
- URN
-
urn:nbn:de:hebis:30:3-689720
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Kräussl, Roman
- Rinne, Kalle
- Sunc, Huizhu
- Goethe University Frankfurt, Center for Financial Studies (CFS)
Entstanden
- 2023
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