Author Archives: Douglas J. Cumming

Sovereign Wealth Fund Investment in Venture Capital, Private Equity, and Real Asset Funds

By | November 30, 2022
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In a new paper, we show with a large sample of international data that sovereign wealth funds (SWFs) earn lower returns and are slower to fully liquidate their positions relative to other types of institutional investors. The data comprise 538 SWF investments in venture capital, private equity, and real asset funds from 52 countries from… Read More »

Decentralized Finance, Crypto Funds, and Value Creation in Tokenized Firms

By | May 31, 2022
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Decentralized fundraising through Initial Coin Offerings (ICOs) for early-stage ventures is one important new business model that has only become viable through blockchain technology and smart contracts. Utility tokens, voucher-like assets providing access to a service or product that a venture promises to provide in the future, are generally considered as perfectly disintermediated peer-to-peer transactions,… Read More »