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    Government as fund-of-fund and VC fund sponsors: Effect on employment in portfolio companies

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    Publication type
    Vlerick strategic journal article
    Author
    Manigart, Sophie
    Standaert, Thomas
    Publication Year
    2018
    Journal
    Small Business Economics
    Publication Volume
    50
    Publication Issue
    2
    Publication Begin page
    357
    Publication End page
    373
    
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    Abstract
    Governments around the world have set up fund-of-fund programs to increase the supply of venture capital financing to young growth-oriented firms. In these programs, a government fund-of-fund acts as limited partner in a venture capital fund. The venture capital investment process is hereby delegated to external investors, which were selected by the government fund-of-fund. We investigate employment growth in 108 portfolio companies that benefited from the ARKimedes fund-of-fund in Flanders. Accounting for the heterogeneity in the types of venture capital investors managing hybrid funds, and the associated goal diversity and resource endowments, we find that portfolio companies backed by hybrid independent venture capital funds show greater employment growth than those backed by hybrid captive or hybrid government venture capital funds. This finding is relevant because it indicates that the financial objectives of hybrid independent venture capital funds are highly compatible with the government's objective of employment growth, as providing companies with superior monitoring and value adding services with the objective of realizing a successful exit creates employment in the process.
    Keyword
    Public Policy, Venture Capital, Hybrid Funds, Employment Growth
    Knowledge Domain/Industry
    Accounting & Finance
    DOI
    10.1007/s11187-016-9831-9
    URI
    http://hdl.handle.net/20.500.12127/5729
    ae974a485f413a2113503eed53cd6c53
    10.1007/s11187-016-9831-9
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