Families in Corporate Venture Capital

In a recent CEPR working paper we study the role of family in venture capital. Families are a key engine of corporate venturing activities: about one third of CVC deals in the US from 2000 to 2017 originated from family firms. Moreover, we find marked differences in the strategies and outcomes of family and non-family CVCs. Family CVCs syndicate more, join larger syndicates, and invest in ventures closer to the parent in terms of geography and industry. Family CVCs add more value to their portfolio companies, which exhibit a higher likelihood of successful exit, better post-IPO market performance, and more valuable patents after the IPO. Family CVCs are also better able than non-family CVCs to generate shareholder value. Finally, family CVCs invest more during a financial crisis. The article has been covered by the magazine Institutional Investor.

I will present this work at the joint IMO/ENT CEPR conference, and at the 18th Corporate Finance day.


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