TY - THES ID - 148638571 TI - Exit strategies for venture capital funds in the life science industry AU - Neuville, Thomas AU - Surlemont, Bernard AU - Foidart, Marc AU - Blondel, François PY - 2018 PB - Liège Université de Liège (ULiège) DB - UniCat KW - exit strategies KW - venture capital KW - life science KW - Sciences économiques & de gestion > Finance UR - https://www.unicat.be/uniCat?func=search&query=sysid:148638571 AB - This master thesis studies the factors influencing the venture capital funds managers’ exit strategies and the impact of those factors on the exit decisions in the life sciences particular industry. Indeed, the life sciences sector amount to 27% of the venture capital investment and its characteristics induce an important need of venture capital funding as we will explain it in the general context.
In order to carry out this master thesis, we extensively did a literature review on the different factors and elements that affect the exit decisions of venture capital funds. Simultaneously, we collected empirical data based on semi-structured qualitative interviews with venture capital fund managers specialised in life sciences investments. This allowed us to bridge the gaps between the theoretical framework and the practical reality in the particular context of a specific industry. 
The theoretical part and the empirical analysis were both divided in three parts, according to the funds lifecycle: the prior-investment stage, the post-investment stage and the divestment stage. We also identified, both theoretically and empirically, different sources of influence in the two first stages. Within those, we identified various factors influencing the exit process. Regarding the third stage, the divestment process, was analysed through its two main dimensions: the time-to-exit and the type of exit.
Mostly thanks to the empirical material, this master thesis allowed to identify new factors influencing the exit strategies of venture capital funds managers in the life science industry. ER -