Venture Capital and Customer Capital -- by Martin Aragoneses, Young Soo Jang, Amir Sufi

We thank Xiangyu Chen, Tanvi Jindal, and Oleg Telegin for excellent research assistance. We are grateful for comments from Philippe Aghion, Michael Alter, Luise Eisfeld (discussant), Jessica Jeffers (discussant), Steve Kaplan, Antoinette Schoar, Scott Stern, Per Strömberg, and participants at the INSEAD Finance Symposium and St. Gallen’s Private Markets Workshop. We are also grateful to the Institute for Private Capital and MSCI for their support and for granting us access to the MSCI Private Capital Universe database, and to Wendy Hu for her invaluable assistance with the data. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.