Research suggests that venture capitalists could add value to their portfolio companies (e.g., Maula, Autio, & Murray, 2003). One of the value-adding mechanisms is to professionalize top management teams (TMT) of portfolio companies by replacing existing managers and adding executive veterans. On the other hand, management team restructuring, especially during the stages when the portfolio companies prepare for their initial public offerings, may be “window dressing” to impress the investors at the time of IPO (Hellmann & Puri, 2002). Thus, the first research question in this study is how pre-IPO TMT restructuring impacts on the portfolio company’s performance. In particular, different types of venture capitalists (CVC vs. VC) may strike this process of top management team building prior to IPO for different purposes and moderate the relationships between pre-IPO management team restructuring and the portfolio company’s performance.