Venture Capital Enters Academia: An Analysis of University-Managed Funds

41 Pages Posted: 8 Jan 2013 Last revised: 11 Sep 2014

See all articles by Annalisa Croce

Annalisa Croce

Polytechnic University of Milan - Dipartimento di Economia e Produzione

Luca Grilli

Polytechnic University of Milan - Department of Management, Economics and Industrial Engineering

Samuele Murtinu

Utrecht University - School of Economics

Date Written: July 3, 2013

Abstract

In recent years, a “third mission” pursued by universities, i.e. knowledge transfer to industry and society, has become more important as a determinant of enhancements in economic growth and social welfare. In the vast world of technology transfer practices implemented by universities, the establishment and management of university venture capital and private equity funds (UFs) is largely unknown and under-researched. The focus of this work is to provide a detailed description of this phenomenon from 1973 to 2010, in terms of which universities set-up UFs, their target industries and the investment stages of portfolio companies, which types of co-investors are involved in the deals, and which are the determinants of UFs’ ultimate performances. The picture offers us the opportunity to draw some implications about the relevance of UFs in different contexts (i.e. Europe and the United States) and provide to interested stakeholders with some useful guidelines for future development.

Keywords: university-managed funds, university, venture capital and private equity, technology transfer, third mission, fund performance

JEL Classification: G24, I23

Suggested Citation

Croce, Annalisa and Grilli, Luca and Murtinu, Samuele, Venture Capital Enters Academia: An Analysis of University-Managed Funds (July 3, 2013). Journal of Technology Transfer, 39(5), 688-715., Available at SSRN: https://ssrn.com/abstract=2197377 or http://dx.doi.org/10.2139/ssrn.2197377

Annalisa Croce

Polytechnic University of Milan - Dipartimento di Economia e Produzione ( email )

Piazza Leonardo da Vinci, 32
Milan, 20133
Italy

Luca Grilli

Polytechnic University of Milan - Department of Management, Economics and Industrial Engineering ( email )

Via Lambruschini 4C - building 26/A
Milano, 20156
Italy

Samuele Murtinu (Contact Author)

Utrecht University - School of Economics ( email )

Kriekenpitplein 21-22
Adam Smith Building
Utrecht, +31 30 253 7373 3584 EC
Netherlands

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