Determinants of required return in venture capital investments: a five-country study

This study of the required return by venture capitalists found that early-stage specialists seek a much higher return than other venture capitalists when investing in later-stage ventures. Acquisition-buyout specialists are looking for a much lower return when investing in expanding firms. Higher returns are found for venture capitalists that are more involved in the entity, have a shorter investment timeframe, or are located in the US or UK, vs the Netherlands, Belgium or France.