TY - JOUR T1 - Institutional Affiliation of General Partners and Private Equity Investment Choices JF - The Journal of Private Equity SP - 25 LP - 41 DO - 10.3905/jpe.2010.13.4.025 VL - 13 IS - 4 AU - Nancy Huyghebaert Y1 - 2010/08/31 UR - https://pm-research.com/content/13/4/25.abstract N2 - This article empirically investigates whether and how the institutional affiliation of the general partners in a private equity fund affects the fund’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 ER -