Venture Capital A Euro-System Approach
Josh Lerner Jacob H. Schiff Professor of Investment Banking Harvard Business School and National Bureau of Economic Research During much of the 1970s and 1980s, venture capital and private equity remained largely a United States phenomena. Over the past d
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Springer-Verlag Berlin Heidelberg GmbH
Stefano Caselli Stefano Gatti Editors
Venture Capital A Euro-System Approach
With 52 Figures and 46 Tables
Springer-Verlag Berlin Heidelberg GmbH
Prof. Stefano Caselli Prof. Stefano Gatti IEMIF Bocconi Via Sarfatti 25 20136 Milan Italy stefano. caselli @uni-bocconi.it [email protected]
ISBN 978-3-642-07300-7 ISBN 978-3-540-24829-3 (eBook) DOI 10.1007/978-3-540-24829-3 Cataloging-in-Publication Data applied for A catalog record for this book is available from the Library of Congress. Bibliographic information published by Die Deutsche Bibliothek Die Deutsche Bibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data is available in the Internet at . This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting' reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer-Verlag. Violations are liable for prosecution under the German Copyright Law.
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Originally published by Springer-Verlag Berlin Heidelberg New York in 2004 Softcover reprint of the hardcover 1st edition 2004 The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Hardcover-Design: Erich Kirchner, Heidelberg SPIN 11379768
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Preface Josh Lerner Jacob H. Schiff Professor of Investment Banking Harvard Business School and National Bureau of Economic Research
During much of the 1970s and 1980s, venture capital and private equity remained largely a United States phenomena. Over the past decade, however, private equity has spread around the globe, taking particularly firm root in Western Europe-indeed, growing 4,700% since 1984 through 200 I. Today, Europe is the dominant private equity market outside the United States. Despite this tremendous growth and the current recessionary climate, there is ample room for attractive expansion in European private equity; both for venture capital and private equity. There have been several reasons for this growth. The first has been the internationalization of capital sources. The key sources of capital for European private equity funds have traditionally been segmented by national boundaries: historically, the pattern in Europe has been for private equity groups to raise funds from banks, insurance companies, and government bodies in their own country, with little involvement from foreign investors. These barriers
