@article {Huyghebaert25, author = {Nancy Huyghebaert}, title = {Institutional Affiliation of General Partners and Private Equity Investment Choices}, volume = {13}, number = {4}, pages = {25--41}, year = {2010}, doi = {10.3905/jpe.2010.13.4.025}, publisher = {Institutional Investor Journals Umbrella}, abstract = {This article empirically investigates whether and how the institutional affiliation of the general partners in a private equity fund affects the fund{\textquoteright}s choices of investment stage (seed and start-up venture capital versus later-stage expansion and buyout financing), industry, and geographical focus. Overall, the results show that compared to independent funds, bank-affiliated funds prefer expansion and buyout financing, whereas corporate subsidiaries favor start-up financing. Funds affiliated with the government and public organizations are less interested in late-stage ventures. The author finds little evidence of industry specialization by general-partner affiliation. Finally, corporate subsidiaries tend to invest globally. In contrast, funds affiliated with banks, the government, and public organizations have a more narrow geographical focus.TOPICS: Private equity, in portfolio management, developed, statistical methods}, issn = {1096-5572}, URL = {https://jpe.pm-research.com/content/13/4/25}, eprint = {https://jpe.pm-research.com/content/13/4/25.full.pdf}, journal = {The Journal of Private Equity (Retired)} }