The Impact of Patient Capital

We thank Emanuele Colonnelli, Antonio Coppola, Fabrizio Core, Sabrina Howell, Victoria Ivashina, Josh Lerner, Bo Li, Xiyue Li, Kevin Tseng as well as conference and seminar participants at the NBER SI Entrepreneurship, Red Rock Finance Conference, WAPFIN@NYU, AIEA-NBER Conference on Innovation and Entrepreneurship, LTI-Bank of Italy Workshop on Long-term Investors’ Trends, CICF, WEFI Conference, University of Toronto, University of Connecticut, Tsinghua PBC, SAIF, ShanghaiTech University, and Bentley University for helpful comments. We are grateful to Emily Yang from Cenova Capital, Yingrui Li from CBC Group, and Libo Guo and Wenhao Li from LP Institute for helping us understand various institutional details. We thank Ruilin Cheng, Weixuan Jiang, Yujia Si, Shengyi Qian, and Yukai Wang for excellent research assistance. This project received IRB approval from the City University of Hong Kong (#7200807). Yingxiang Li thanks the financial support from the Research Grants Council of Hong Kong (Project No. 21502826). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

• September 1, 2026