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Yan Alperovych, Anita Quas and Thomas Standaert
''Direct And Indirect Government Venture Capital Investments In Europe''
( 2018, Vol. 38 No.2 )
This paper provides evidence of the broad government presence in the European venture capital industry. Two forms of intervention are considered: first, direct stand-alone government venture capital funds and, second, indirect private funds to which governments commit funds as limited partners. The overall government presence seems to be much more important than previously documented, as we find that the government intervenes, on average, in 42.2% of venture capital investments in Europe. We also show that European countries are heterogeneous in their use of these two channels, and we consider possible early explanations for this choice of policy mix. Lastly, we provide some evidence on the consequences of these policies in terms of SME's perceived access to financing.
Keywords: Venture capital, government venture capital, governmental limited partners, policy mix
JEL: G3 - Corporate Finance and Governance: General
G2 - Financial Institutions and Services: General
Manuscript Received : Dec 19 2017 Manuscript Accepted : Jun 21 2018

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