The impact of fund inflows on staging and investment behaviour
研究发现，私募股权和风险投资基金的资金流入增加，会促使基金经理提高分阶段投资强度、增加每轮投资金额并加快资本配置速度，但这些变化与预期投资业绩改善无关。
This article demonstrates that increased inflows of capital into private equity and venture capital funds can influence the investment behaviour of fund managers by increasing staging intensity, increasing amount per financing round, and accelerating speed of capital allocation. These changes do not appear to be related to expectations of improved investment performance. The study extends the work of Gompers and Lerner who interpret these inflows as demand pressure for venture capital securities to drive up prices during periods of high inflows. Using a unique dataset, the study examines the effects of this pressure on investment behaviour.