Cumming, Douglas J.; Monteiro, Pedro - 2023 - This Draft: October 24, 2022
This paper examines the performance of 538 sovereign wealth fund (SWF) investments into venture capital, private equity … their investments in venture capital funds. The longer duration and lower performance of SWFs is more pronounced for … strategic SWFs than savings SWFs. We show that venture capital fund investments are more likely to be in countries with lower …