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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Chapter 3: The venture capital and buy-out markets in the UK and Europe

Mike Wright and Ken Robbie


Page 57 3.  The venture capital and buy­out markets in the UK and Europe  Mike Wright and Ken Robbie Introduction The European venture capital and buy­out markets have experienced considerable growth since the early 1980s, though this development has been uneven between  countries. Among European countries, the UK has the largest and longest established venture capital and buy­out markets. By 1996, the UK market had raised a  cumulative total of ECU 25.7 billion, which accounted for 43.7 per cent of the European total venture capital raised (EVCA, 1997). Similarly, the UK buy­out market  is as large as that for Europe combined (Initiative Europe/CMBOR, 1997). Given its importance, this chapter focuses primarily on an analysis of the UK venture capital  and buy­out market. Developments in Continental Western Europe are analysed in comparison with the UK position. The highly competitive market conditions of the  late 1990s, especially in the UK, in an environment of a plateauing of the growth in demand for venture capital from entrepreneurs, increasing attention by funds  providers for high returns on their investments and an emphasis on buy­out type investments, highlights the importance of analysing the trends and prospects for the  industry as the millennium approaches. The chapter draws on a number of sources of information, which include both secondary data sources and literature as well as original field research. Extensive use is  made of analyses provided for the authors by the British Venture Capital Association of trends in the UK market...

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