Venture capital funds and the public equity market

Michael D. McKenzie, William H. Janeway

Research output: Contribution to journalArticlepeer-review

10 Citations (Scopus)


This paper considers the relationship between the public equity market and the returns to venture investing using a dataset which is derived from the records of two large limited partners who have been investing in venture capital for almost 30years. Evidence is found to suggest that market conditions over the investment cycle, and exit conditions at the time of exit in particular, are an important determinant. This paper also investigates whether any other aspects of the venture investment process respond to events in the broader market. While general trends are evident in the venture investment cycle, only the intensity of the investment process is found to respond to events in the public equity market.
Original languageEnglish
Pages (from-to)764-786
Number of pages23
JournalAccounting and Finance
Issue number3
Publication statusPublished - 2011
Externally publishedYes


  • Hot issue market
  • Initial public offering
  • Venture capital


Dive into the research topics of 'Venture capital funds and the public equity market'. Together they form a unique fingerprint.

Cite this