TAILIEUCHUNG - The Performance and Prospects of European Venture Capital

You’ll pay a commission when you buy and sell an ETF. ETFs pay management fees and operating expenses. They may also pay trailing commissions. The fees and expenses for an ETF are often lower than what you would pay for a mutual fund. If an ETF simply follows an index, the manager doesn’t have to do as much research into investments or as much buying and selling of investments. Segregated funds Segregated funds are insurance products that combine investment funds with insurance coverage. You buy and sell segregated funds under an insurance contract. The contract comes with a guarantee that protects some. | The Performance and Prospects of European Venture Capital Roger Kelly Working Paper 2011 09 EIF Research Market Analysis Author Roger Kelly Research and Market Analysis EIF. Contact Tel. 352 42 66 88 396 Editor Helmut Kraemer-Eis Head of EIF s Research Market Analysis Contact European Investment Fund 96 Blvd Konrad Adenauer L-2968 Luxembourg Tel. 352 42 66 88 1 Fax 352 42 66 88 280 Luxembourg May 2011 Disclaimer The information in this working paper does not constitute the provision of investment legal or tax advice. Any views expressed reflect the current views of the author s which do not necessarily correspond to the opinions of the European Investment Fund or the European Investment Bank Group. Opinions expressed may change without notice. Opinions expressed may differ from views set out in other documents including other research published by the EIF. The information in this working paper is provided for informational purposes only and without any obligation. No warranty or representation is made as to the correctness completeness and accuracy of the information given or the assessments made. Reproduction is authorized except for commercial purposes provided the source is acknowledged. 2 Abstract This paper takes a critical look at possible explanations for poor European venture capital performance over the past two decades. Various supply-side hypotheses are discussed including arguments relating to insufficient investment investment in the wrong markets exit difficulties due to fragmented exit markets and fundraising difficulties arising due to differing regulatory regimes. In addition a number of demand side issues which have been used to suggest that Europe has a weaker entrepreneurial culture than the US are scrutinized. The paper concludes that a number of these factors are likely to be responsible for the poor performance and these factors can be summarised by the argument that within Europe venture capital has not reached a

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