The VCT scheme offers large tax breaks (worth around 38.4% of the amount subscribed) to encourage UK taxpayers to invest in start-up companies. Taking account of deadweight and other effects, the scheme currently costs close to £1 in tax subsidies per additional £1 invested in eligible venture...

General partners (GPs) in private equity (PE) report the performance of an existing fund while raising capital for a follow-on fund. Interim performance has large effects on fundraising outcomes; the impact is greatest when backed by exits and for low reputation GPs. Faced with these incentives,...

How do private equity firms decide on a fair price for a business? Drawing on 76 semi- structured interviews, this article contributes to the sociology of finance and valuation studies by showing that pricing companies is not just a valuation operation but also a capital- repartition issue. In...