Journal article
Alumni Networks in Venture Capital Financing
Journal of financial and quantitative analysis
10/28/2025
DOI: 10.1017/S0022109025102354
Abstract
One-third of deals in the venture capital (VC) market involve a founder and investor from the same university. Venture capitalists are more likely to invest in, and place larger bets on, startups with founders from their alma mater. These deals are also more likely to lead to IPOs post-funding. Tests using VC partner turnover confirm a direct link between education ties and funding likelihood. Taken together, our results suggest that university connections facilitate improved deal-making and outcomes, rather than diverting funds toward lower-quality startups.
Details
- Title: Subtitle
- Alumni Networks in Venture Capital Financing
- Creators
- Jon A. GarfinkelErik J. MayerIlya A. StrebulaevEmmanuel Yimfor
- Resource Type
- Journal article
- Publication Details
- Journal of financial and quantitative analysis
- DOI
- 10.1017/S0022109025102354
- ISSN
- 0022-1090
- eISSN
- 1756-6916
- Publisher
- Cambridge University Press; CAMBRIDGE
- Grant note
- Mitsui Life Financial Research Center
We thank Mitsui Life Financial Research Center for financial support and Haocheng Xu for outstanding research assistance.
- Language
- English
- Electronic publication date
- 10/28/2025
- Academic Unit
- Finance
- Record Identifier
- 9985019035502771
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