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<p>We examine how lead venture capital (VC) investors adjust VC syndicate resource diversity to meet ventures’ evolving developmental needs. As ventures transition from early to later stages, lead VCs tend to assemble more resource-diverse syndicates to support expanding resource requirements. However, greater diversity also increases coordination costs of managing the syndicate. We argue that lead VCs balance these competing considerations, such that syndicate composition depends on attributes of both the lead VC and the syndicate that shape this trade-off. We test our conjectures using a sample of US ventures receiving VC funding between 1990 and 2019. Our findings offer an evolutionary perspective on VC syndicate composition across venture life stages.</p>

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Evolving ventures and venture capital syndicate resource diversity

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年5月9日

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  • Yu Luna Liu,
  • Haemin Dennis Park

摘要

We examine how lead venture capital (VC) investors adjust VC syndicate resource diversity to meet ventures’ evolving developmental needs. As ventures transition from early to later stages, lead VCs tend to assemble more resource-diverse syndicates to support expanding resource requirements. However, greater diversity also increases coordination costs of managing the syndicate. We argue that lead VCs balance these competing considerations, such that syndicate composition depends on attributes of both the lead VC and the syndicate that shape this trade-off. We test our conjectures using a sample of US ventures receiving VC funding between 1990 and 2019. Our findings offer an evolutionary perspective on VC syndicate composition across venture life stages.