Should Venture Capitalists Put All Their Eggs in One Basket? Diversification versus Pure‐Play Strategies in Venture Capital
比较了风险投资家的两种投资策略：专注型纯策略和多元化策略，发现没有一种策略能同时优化风险投资增长和创业退出时间，建议机构投资者在设立基金时明确目标。
Managing the different companies in which they invest while at the same time performing portfolio optimization for themselves, venture capitalists position themselves as a pure‐play or diversified conglomerate through their cumulative portfolios. I examine the effects of two investment strategies of venture capitalists: 1) a specialist “pure‐play” strategy that maximizes venture capital involvement and 2) a more generalist strategy of diversification at the “firm” level that minimizes portfolio risk. I find that neither strategy optimizes both venture capital growth and time to entrepreneurial exit, which highlights a need for institutional investors to clarify fund objectives at the time a fund is established.