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By Anthony H. Aylward

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Extra info for Trends in Capital Finance in Developing Countries (Discussion Paper (International Finance Corporation))

Sample text

The inside capital structure is the proportion of debt and equity held by the fund and investee company management, respectively. In the sample, the median level of equity held by investee company management was 28 percent and the median level of outside equity was 11 percent. Although venture capital funds in developing countries are usually investors in private or "inside equity" they are not exclusively so since the data indicate that venture funds hold 6 percent of investee company debt, on average, along with their equity holdings.

While the fund manager usually exercises considerable operational freedom, this operating latitude is not unlimited, and there is a reasonable probability that the fund manager has to share control over decisions on investment screening, investment policy and liquidity management with a parent or affiliate organization. The parent or affiliate sometimes enters into cost sharing arrangements with the venture capital manager. When a parent or affiliate is involved in one area of a fund's activities, it is likely to participate in other functions as well.

On the other hand, funds that have parent company involvement in management tend to be smaller on average, as are older funds, measured by proportion of capital called. 4 million, the mean fund size was $128 million with a standard deviation of $176 million. Thus the distribution of fund size is somewhat right skewed and shows considerable cross-sectional variation. Both effects are due to the inclusion of a small number of large sized funds in the sample. 11 This stands in marked contrast to the US venture capital sector where the limited partnership is the leading organizational form.

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