TY - JOUR T1 - Do Business Angels Alter the Risk-Return Equation in Early Stage Investments? JF - The Journal of Private Equity SP - 67 LP - 86 DO - 10.3905/jpe.2007.686431 VL - 10 IS - 3 AU - Franz H. Heukamp AU - Heinrich V Liechtenstein AU - Nick Walkeling Y1 - 2007/05/31 UR - https://pm-research.com/content/10/3/67.abstract N2 - 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 ER -