Minority Venture Capital 090308（一）.pdfVIP

Venture Capital Funds Investing in Minority-Owned Businesses: Evaluating Performance and Strategy Timothy Bates Wayne State University and William Bradford University of Washington September 2008 This study was shaped by the extensive input provided by Stanley Tucker, Willie Woods, Donald Lawhorne, Roszell Mack, Matt Schaefer, Venita Fields, and Samuel Boyd Jr. We are most grateful for their assistance, which has added substantially to our understanding of the diverse forces shaping this rapidly growing and evolving industry sector. The comprehensive nature of this study was made possible by support provided by the National Association of Investment Companies and the Ewing Marion Kauffman Foundation. ©2008 by the Ewing Marion Kauffman Foundation. All rights reserved. Venture Capital Funds Investing in Minority-Owned Businesses: Evaluating Performance and Strategy The internal rate of return on investments that were initiated after 2001 and were realized by yearend 2006 was an impressive 29