Management Buy-outs and Venture Capital
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Management Buy-outs and Venture Capital

Into the Next Millennium

Edited by Mike Wright and Ken Robbie

This book presents up-to-date evidence on the issues facing financiers and intermediaries involved in venture capital and management buy-outs. It provides a comprehensive review of existing literature and an analysis of international trends in market development as well as a global comparison of the major issues.
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This book analyses the prospects for management buy­outs and venture capital into the next millennium. The collection of papers it contains is based on a two­day  symposium on this theme held to celebrate the 10th Anniversary of the Centre for Management Buy­out Research (CMBOR).  There has been a growing debate that traditional venture capital is now at a crossroads. Although venture capital has usually been associated with investments in early  stage ventures, management buy­outs increasingly play an important role in the activities and performance of UK and European venture capital firms. As we move  towards the millennium, venture capital markets worldwide are facing changing conditions, notably: greater funding availability; increased competition between venture  capital firms; increasing pressure on venture capital firms to perform from their institutional funds providers; increasing exits from initial venture capital investments and  growing prospects for investment in serial entrepreneurs; increasing pressure in certain market segments from non­domestic venture capital firms; and developments in  competing sources of funds such as relationship banking and informal venture capitalists. For the first time the broader scope of the issues facing the venture capital  market are brought together through the contributions in this volume. We hope that the contents of this book will be of interest to and stimulate further debate among practitioners, researchers and policy makers in the area of the financing  and management of growing and restructuring firms. We would like to thank the contributors for participating in the conference on which the papers...

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