Abstract

The first essential step in the overall venture capital (VC) process is framed by the necessity to raise funds from potential limited partners (LP). Prior research concludes that VC fundraising is predominantly determined by the individual VC firm’s level of reputation, or, more specifically, its track record. However, as most prior research relies on the analysis of secondary data, the reduction to one dominant organizational factor leads to the conclusion that a more elaborate picture of VC fundraising and its antecedents of success is desirable. It is this apparent research gap that the present study addresses by answering the research question of what additional factors drive success in VC fundraising.

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