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MASTER THESIS
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Exit strategies for venture capital funds in the life science industry

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Neuville, Thomas ULiège
Promotor(s) : Surlemont, Bernard ULiège
Date of defense : 19-Jun-2018/21-Jun-2018 • Permalink : http://hdl.handle.net/2268.2/4743
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Title : Exit strategies for venture capital funds in the life science industry
Author : Neuville, Thomas ULiège
Date of defense  : 19-Jun-2018/21-Jun-2018
Advisor(s) : Surlemont, Bernard ULiège
Committee's member(s) : Foidart, Marc 
Blondel, François 
Language : English
Keywords : [en] exit strategies
[en] venture capital
[en] life science
Discipline(s) : Business & economic sciences > Finance
Institution(s) : Université de Liège, Liège, Belgique
Degree: Master en sciences de gestion, à finalité spécialisée en Banking and Asset Management
Faculty: Master thesis of the HEC-Ecole de gestion de l'Université de Liège

Abstract

[en] This master thesis studies the factors influencing the venture capital funds managers’ exit strategies and the impact of those factors on the exit decisions in the life sciences particular industry. Indeed, the life sciences sector amount to 27% of the venture capital investment and its characteristics induce an important need of venture capital funding as we will explain it in the general context.
In order to carry out this master thesis, we extensively did a literature review on the different factors and elements that affect the exit decisions of venture capital funds. Simultaneously, we collected empirical data based on semi-structured qualitative interviews with venture capital fund managers specialised in life sciences investments. This allowed us to bridge the gaps between the theoretical framework and the practical reality in the particular context of a specific industry.
The theoretical part and the empirical analysis were both divided in three parts, according to the funds lifecycle: the prior-investment stage, the post-investment stage and the divestment stage. We also identified, both theoretically and empirically, different sources of influence in the two first stages. Within those, we identified various factors influencing the exit process. Regarding the third stage, the divestment process, was analysed through its two main dimensions: the time-to-exit and the type of exit.
Mostly thanks to the empirical material, this master thesis allowed to identify new factors influencing the exit strategies of venture capital funds managers in the life science industry.


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Author

  • Neuville, Thomas ULiège Université de Liège > Master sc. gest., à fin.

Promotor(s)

Committee's member(s)

  • Foidart, Marc
  • Blondel, François
  • Total number of views 65
  • Total number of downloads 10










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