In this study, we drew on human capital theory and entrepreneurship theory to develop a framework for investigating the unique and joint effects of venture capitalists’ (VC) human capital and business opportunity characteristics on investment performance. In our study, we examine three types of human capital endowments a VC accumulates from past experience: operational knowledge, entrepreneurial knowledge, and financial knowledge. We consider VC as the entrepreneur in their unique context and propose that these endowments provide a unique ability for a VC to exploit an entrepreneurial opportunity (i.e., an investment opportunity).