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The Journal of Alternative Investments

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Primary Article

Corporate Venture Capital Contracts

Douglas Cumming
The Journal of Alternative Investments Winter 2006, 9 (3) 40-53; DOI: https://doi.org/10.3905/jai.2006.670099
Douglas Cumming
An associate professor in the Department of Finance and Accounting at Lally School of Management and Technology, Rensselaer Polytechnic Institute (RPI) in New York, NY.
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Abstract

This article introduces a dataset of securities used by US and Canadian venture capitalists (VCs) in seed, early and expansion stage Canadian entrepreneurial firms spanning the period 1991–2004. The data indicates that Canadian limited partnership VCs are more likely to use common equity and convertible securities than Canadian corporate VCs, while Canadian corporate VCs are more likely to use non-convertible debt than Canadian limited partnership VCs. Similar patterns in security design are observed in the data in this article for cross-border US limited partnership and corporate VC investments in Canadian entrepreneurial firms. Related evidence also indicates very similar contracting practices for European corporate VC investments. The securities used offer one explanation as to why corporate VC performance is typically less successful than limited partnership VC performance. The data also challenges the perception that VCs always use convertible preferred equity.

  • © 2006 Institutional Investor, Inc.

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The Journal of Alternative Investments
Vol. 9, Issue 3
Winter 2006
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Corporate Venture Capital Contracts
Douglas Cumming
The Journal of Alternative Investments Dec 2006, 9 (3) 40-53; DOI: 10.3905/jai.2006.670099

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Corporate Venture Capital Contracts
Douglas Cumming
The Journal of Alternative Investments Dec 2006, 9 (3) 40-53; DOI: 10.3905/jai.2006.670099
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