Investment Patterns of Informal Investors in the Alberta Private Equity Market*
研究识别出私募市场中三类非正式投资者：关系型、机会型和天使投资者，发现前两类偏好小规模本地投资，而天使投资者的投资金额随生命周期分层，且降低投资门槛的监管改革能增加早期企业资本供给。
This study identifies three main types of informal investors in private equity markets: relationship investors, opportunity‐based investors, and angel investors. We find evidence that the first two investor types are a major total source of capital and they prefer to invest smaller amounts close to home and in the context of existing relationships. With respect to angel investors, we find evidence of stratification in their desired investment amount which is consistent with a model where their investments evolve though a life cycle of investing. We also find evidence that changes to capital market regulations that allow for lower investment amounts by this type of investor increase the amount of capital available for early‐stage firms.