PERFORMANCES OF VC AGENTS: EVIDENCE FROM THE ISRAELI VC MARKET

This research analyzes seven types of VC agents. It presents characteristics and performances of such agents in Israel. The empirical part of the paper, which is based on a sample of 2,464 Israeli high tech firms created during the years 1991-2000, presents the investment patterns and success rates of those agents. The main findings are that foreign VC agents have superior performances to domestic agents, CVC has superior performances to LP VCs, business angels has similar success rate as LP VC funds while lower failure rate and that incubators have significantly inferior performances to all other agents.

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