RT Journal Article SR Electronic T1 From Venture Capital to Private Equity JF The Journal of Private Equity FD Institutional Investor Journals SP 54 OP 63 DO 10.3905/jpe.2004.391049 VO 7 IS 2 A1 Marina Balboa A1 José Martí YR 2004 UL https://pm-research.com/content/7/2/54.abstract AB This article analyzes the evolution of the Spanish venture capital and private equity markets during the last 16 years, making at the same time a comparison with that experienced by the European markets. The aim of the article is to identify some key ideas that could explain the shift in the investment focus from the original concept of venture capital to the wider approach of private equity. Evidence of a shift towards mature companies is found, the difficulties in the exit processes of early-stage investments being the main constraint on real venture capital activity.