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Staged Financing as a Means to Alleviate Risk in VC/PE Financing

J.K. Sharma and Smita Tripathi
The Journal of Private Equity Spring 2016, 19 (2) 43-52; DOI: https://doi.org/10.3905/jpe.2016.19.2.043
J.K. Sharma
is a professor in the Department of Business Administration at the University of Lucknow in Lucknow, India.
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  • For correspondence: sharma_jk@lkouniv.ac.in
Smita Tripathi
is a research scholar in the Department of Business Administration at the University of Lucknow in Lucknow, India.
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  • For correspondence: smita.261001@yahoo.co.in
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Abstract

This article investigates the determinants of staged financing of venture capital/private equity (VC/PE) funds in the Indian infrastructure sector. We test whether staging used by VC/PE funds reduces information asymmetry and uncertainty associated with infrastructure investments. The findings indicate that staging is more pronounced for new infrastructure firms and at early stages of development. The results are consistent the existing evidence that staging being more pronounced in syndication also mitigates the holdup problem induced through staging. Furthermore, the authors find evidence that the evaluation process used by experienced VC/PE funds reduces the potential danger of adverse selection as well as the need for staging. These findings are inconsistent with the view that VC/PE funds less acquainted with the country of operation are more inclined to use staging.

TOPICS: Private equity, emerging, statistical methods, other real assets

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The Journal of Private Equity: 19 (2)
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Staged Financing as a Means to Alleviate Risk in VC/PE Financing
J.K. Sharma, Smita Tripathi
The Journal of Private Equity Feb 2016, 19 (2) 43-52; DOI: 10.3905/jpe.2016.19.2.043

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Staged Financing as a Means to Alleviate Risk in VC/PE Financing
J.K. Sharma, Smita Tripathi
The Journal of Private Equity Feb 2016, 19 (2) 43-52; DOI: 10.3905/jpe.2016.19.2.043
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