Institutional Affiliation of General Partners and Private Equity Investment Choices KU Leuven
This article empirically investigates whether and how the institutional affiliation of the general partners in a private equity fund affects the fund’s choices of investment stage (seed and start-up venture capital versus later-stage expansion and buyout financing), industry, and geographical focus. Overall, the results show that compared to independent funds, bank-affiliated funds prefer expansion and buyout financing, whereas corporate ...