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investment in minority business - uw faculty web server.pdf

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investment in minority business - uw faculty web server

Venture Capital Investment in Minority Business By William Bradford, Professor University of Washington Seattle, WA 98195 206-543-4559 206-221-6856 (Fax) bradford@u.washington.edu and Timothy Bates, Professor Wayne State University Detroit, MI 48202 313-577-0769 313-577-8800 (Fax) aa4811@wayne.edu May 2004 *This study was funded by the Kauffman Center for Entrepreneurial Leadership at the Ewing Marion Kauffman Foundation. Venture Capital Investment in Minority Business Abstract This study analyzes the performance of investments made by venture capital (VC) funds that specialize in financing in minority-owned businesses (MBEs). We explore the hypothesis that financing MBEs offers attractive returns to VC funds because this market niche is underserved. Traits of the VC funds – including their sources of capital and the firms they invest in – are selectively used to explain returns generated by their investments in MBEs. Minority VC funds collectively earn yields on their realized investments that are higher than those of the broader VC industry, but these yields vary greatly from fund to fund. VC fund traits that predict high yields on individual investments are identified by estimating