RT Journal Article SR Electronic T1 Do Business Angels Alter the Risk-Return Equation in Early Stage Investments? JF The Journal of Private Equity FD Institutional Investor Journals SP 67 OP 86 DO 10.3905/jpe.2007.686431 VO 10 IS 3 A1 Franz H. Heukamp A1 Heinrich V Liechtenstein A1 Nick Walkeling YR 2007 UL https://pm-research.com/content/10/3/67.abstract AB Venture capitalists in the German-speaking countries do not value the contribution of business angels in co-invested deals. Business angels do not reduce the risk perceived by venture capitalists in early stage deals even if the business angels have what venture capitalists regard as an ideal profile. Venture capitalists also refute that deals with business angels typically generate higher internal rates of return than deals without business angels. The results of this study can be particularly important for the delicate transition process in the venture financing from business angels to venture capitalists.TOPICS: Private equity, developed, quantitative methods, portfolio construction