Using data on the establishment of Venture Capital syndicates in Germany during the period 1995-2005 I document that relationships are formed between VCs that occupy different strategic positions in the network to allow for the combination of complimentary investment expertise

Using a sample of 2,373 unique capital contributions from 437 VCs over subsequent rounds into 961 start-ups during the period 1995-2005 in Germany we disentangle the circumstances under which lead VCs engage in syndicate relationships with partner VCs. The results indicate that syndication is...

The successful foundation of entrepreneurial firms comprises a multitude of complementary human tasks. Within entrepreneurial teams, the effect of founders' human capital on firm success hinges on the information structure that prevails when nascent entrepreneurs are matched in partnerships....