Closing the gap or enlarging the pool: How venture capitalist differ in their syndication motives.

The question why venture capitalists syndicate their deals has been attract-ing growing attention. The paper analyses how the motives of two types of venture capitalists do differ. Focusing on information costs it expects that venture capitalists with the standard basic know-how in founding and financing new enterprises syndicate to get access to specific knowledge while venture capital-ists with specific knowledge concerning a certain industry or financing stage syndicate to get access to deal flow. Hypotheses are tested via a dataset of 103 venture capitalists in Austria, Germany, and Switzerland.