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Cross-border private equity syndication: Institutions and learning
Meuleman, Miguel Wright, Mike
Meuleman, Miguel
Wright, Mike
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Publication Type
Journal article with impact factor
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Supervisor
Publication Year
2011
Journal
Journal of Business Venturing
Book
Publication Volume
26
Publication Issue
1
Publication Begin page
35
Publication End page
48
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Abstract
Private equity (PE) has become an increasingly international phenomenon but there is a lack of research that looks at the process by which PE firms invest across borders. We aim to fill this gap in the literature by examining the role of institutional context and organizational learning as determinants of cross-border PE syndication. We examine these issues by studying the international expansion by later-stage UK PE investors into continental Europe over the period 1990 to 2006. Our results indicate that institutional context (in terms of the number of PE firms in the local environment and the presence of investment bankers in the local market) and organizational learning (in terms of the PE firm's experience in the host country; the PE firm's multinational experience; and the number of investment managers per portfolio company; but not the presence of local offices) are significantly related to the use of cross-border syndicates. Implications for theory and practice are suggested.
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Keywords
Private Equity, Institutional Theory, Organizational Learning, Internationalization