Is a VC Partnership Greater than the Sum of its Partners?

We thank Viral Acharya, Joan Farre-Mensa, Thomas Hellmann, Bill Kerr, Josh Lerner, Ramana Nanda, David Robinson, Merih Sevilir and Morten Sorensen for fruitful discussion and comments as well as participants at the American Finance Association meetings, Fed/NYU Conferences on Private Equity, Washington University 9th Annual Corporate Finance Conference, Stanford / JOIM Private Equity conference, Jackson Hole Finance Group conference, Harvard University, as well as Correlation Ventures and VentureSource for access to the data. Both authors are advisors to, and investors in Correlation Ventures. All errors are our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.