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HEC-Ecole de gestion de l'Université de Liège
HEC-Ecole de gestion de l'Université de Liège
MASTER THESIS
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Tourist investors in venture capital and innovation

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Köhne, Jonas ULiège
Promotor(s) : Professor Tykova, Teresa
Date of defense : 5-Sep-2018/11-Sep-2018 • Permalink : http://hdl.handle.net/2268.2/5987
Details
Title : Tourist investors in venture capital and innovation
Author : Köhne, Jonas ULiège
Date of defense  : 5-Sep-2018/11-Sep-2018
Advisor(s) : Professor Tykova, Teresa 
Committee's member(s) : Ledent, Maxime ULiège
Surlemont, Bernard ULiège
Language : English
Keywords : [en] venture capital
Discipline(s) : Business & economic sciences > Finance
Institution(s) : Université de Liège, Liège, Belgique
University of Hohenheim, Stuttgart, Germany
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] Using data from investment rounds in venture capital backed companies, I study the
characteristics of the recent trend of “tourist” venture capital investors directly investing
in start-ups alongside traditional venture capitalists. More specifically, I analyze the
investments made by these “tourist” VC investors – e.g. mutual funds, sovereign wealth
funds, investment banks and pension funds - to determine their investment behavior
compared to traditional venture capitalists.
By means of descriptive statistics, I fundamentally analyze a sample constituted of more
than 55,000 investments in 10,000 unique portfolio companies to identify patterns. The
implications drawn, and data issues uncovered require subsequent research.
Within the scope of the data sample, I find that “tourist” VC investors are likely to invest
in IT and healthcare sectors, they favor “high-volume” deals, later investment rounds,
larger and more mature companies compared to traditional VCs. In Addition, “tourists”
seem to prefer participation in VC syndications. Though, they can act as lead investors as
well.


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Author

  • Köhne, Jonas ULiège Université de Liège > Master sc. gest., à fin.

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