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The Journal of Alternative Investments

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Venture Capital Fund Performance

Michael McKenzie and Bill Janeway
The Journal of Alternative Investments Fall 2011, 14 (2) 24-35; DOI: https://doi.org/10.3905/jai.2011.14.2.024
Michael McKenzie
is a professor in the Faculty of Economics and Business at the University of Sydney in New South Wales, Australia, and is a research associate at the Centre for Financial Analysis and Policy at the Judge Business School in Cambridge, UK.
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  • For correspondence: michael.mckenzie@sydney.edu.au
Bill Janeway
is a senior research associate at the Centre for Financial Analysis and Policy at the Judge Business School in Cambridge, UK, and is a senior advisor at Warburg Pincus in New York, NY.
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  • For correspondence: bill.janeway@warburgpincus.com
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Abstract

In this article, the authors analyze the investment performance of a large database of venture funds sourced from two limited partners. The results suggest that a portfolio of venture capital partnerships can provide an average return that is superior to the public equity market, although the individual fund returns are highly positively skewed. Absent these outliers, the level of fund performance is more in line with public equity market returns. This article also provides some preliminary evidence of venture capital fund performance during and immediately following the dot-com bubble.

TOPICS: Real assets/alternative investments/private equity, portfolio construction, performance measurement

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The Journal of Alternative Investments: 14 (2)
The Journal of Alternative Investments
Vol. 14, Issue 2
Fall 2011
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Venture Capital Fund Performance
Michael McKenzie, Bill Janeway
The Journal of Alternative Investments Sep 2011, 14 (2) 24-35; DOI: 10.3905/jai.2011.14.2.024

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Venture Capital Fund Performance
Michael McKenzie, Bill Janeway
The Journal of Alternative Investments Sep 2011, 14 (2) 24-35; DOI: 10.3905/jai.2011.14.2.024
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  • Article
    • Abstract
    • VENTURE CAPITAL FUND CHARACTERISTICS
    • VENTURE FUND PERFORMANCE
    • VENTURE FUND PERFORMANCE VERSUS PUBLIC EQUITY PERFORMANCE
    • VENTURE FUND PERFORMANCE RELATIVE TO THE INDUSTRY
    • VENTURE CAPITAL FUNDS AND THE DOT-COM BUBBLE
    • CONCLUSION
    • ENDNOTES
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