Abstract Human capital characteristics of venture capitalists have close relation with venture capital fundraising. Using the data on145 fundraising teams and 252 team leaders of the top 50 VC institutions in China,this paper empirically explores the relation between fundraising of VCs and human capital characteristics of venture capitalists. The results show that,from the team level,overseas background,and education degree has significant positive influence on fundraising scale,while average tenure has significant negative effect on fundraising scale; from the individual level of team leader,overseas background and professional background of administration has significant positive effect on fundraising scale; and overseas background has positive effect on the foreign currency fundraising from both team and leader perspective; besides,compared to team leader's individual characteristics,general characteristics of team are more important in VC fundraising. This article has deepened the study on VC fundraising,and provided theoretical advice for VCs to develop human capital and teams for fundraising.
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