Private equity investment criteria: An experimental conjoint analysis of venture capital, business angels, and family offices
通过实验联合分析749位私募股权投资者的数据，发现收入增长是最重要的投资标准，不同投资者类型（家族办公室、商业天使、风险投资等）对盈利能力和收入增长的重视程度存在差异。
We use an experimental conjoint analysis to investigate the investment criteria of 749 private equity investors, distinguishing between family offices, business angels, venture capital funds, growth equity funds, and leveraged buyout funds. Our results indicate that revenue growth is the most important investment criterion, followed by the value-added of product/service, the management team's track record, and profitability. Regarding differences across investor types, we find that family offices, growth equity funds, and leveraged buyout funds place a higher value on profitability as compared to business angels and venture capital funds. Venture capital funds, in turn, pay more attention to companies' revenue growth, business models, and current investors. With these results, our study contributes to the corporate finance literature by deepening our understanding of how different types of private equity investors make investment decisions.