Purpose

This paper aims to examine the relative performance of multilateral development banks venture capital funds (MDBVCs) compared to that of government-sponsored venture capital funds (GVCs), assessing their impact on invested start-ups.

Design/methodology/approach

First, the authors survey the literature to understand the performance drivers of public programs designed to foster venture capital (VC). Second, the authors analyze the characteristics of multilateral development banks (MDBs) VC-related efforts. Third, based on their goals, structure, governance and management processes, the authors propose and test the hypothesis that MDBs initiatives outperform comparable public programs, overcoming the main limitations of the latter.

Findings

The authors find that start-ups funded by MDBVCs outperform GVC-funded start-ups in terms of access to subsequent financing and international expansion. Consistent with previous studies, the authors find that start-ups funded by private VCs show the highest levels of performance.

Originality/value

The paper features an unstudied actor – i.e. MDBVCs-, and an unstudied region – i.e., Latin America-, using a unique data set of 437 start-ups that received VC investments in 7 Latin American countries during the study period 2000–2018.

中文翻译：

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多边开发银行：了解它们对拉丁美洲初创企业发展的影响

目的

本文旨在比较多边开发银行风险投资基金 (MDBVC) 与政府资助风险投资基金 (GVC) 的相对表现，评估它们对投资初创企业的影响。

设计/方法/方法

首先，作者调查了文献以了解旨在促进风险投资 (VC) 的公共项目的绩效驱动因素。其次，作者分析了多边开发银行 (MDB) 风险投资相关工作的特点。第三，基于其目标、结构、治理和管理流程，作者提出并检验了 MDB 举措优于可比公共计划的假设，克服了后者的主要局限性。

发现

作者发现，由 MDBVC 资助的初创企业在获得后续融资和国际扩张方面的表现优于全球价值链资助的初创企业。与之前的研究一致，作者发现由私人风险投资公司资助的初创企业表现出最高水平的绩效。

原创性/价值

该论文使用了一个由 437 家初创企业组成的独特数据集，这些初创企业在 2000 年至 2018 年的研究期间在 7 个拉丁美洲国家获得了风险投资，其中介绍了一个未经研究的参与者——即 MDBVCs——和一个未经研究的地区——即拉丁美洲。