벤처투자회사의 운용 경험과 모태펀드의 출자 결정: KVIC 모태펀드를 중심으로

This study empirically examines how the operational experience of venture capital firms (VCs) influences commitment decisions by Korea’s Fund of Funds (FOF). While prior research has mainly focused on post-investment fund performance, this study contributes by identifying key selection determinants at the fund formation stage. Using fund-level data disclosed through the DIVA system, we analyze 1,452 venture capital funds formed between 2005 and 2021. The results show that VCs with greater operational experience are significantly more likely to receive FOF commitments. We further examine the impact of the Rookie League program, introduced in 2018 to expand funding opportunities for emerging and small-scale VCs. However, we find that in the initial implementation period, no statistically significant immediate changes in experience-centered selection practices were observed, which may reflect the time lag necessary for policy effects to materialize. These findings suggest that operational experience remains a central criterion in FOF selection decisions. At the same time, the results highlight the potential benefits of adopting an evaluation framework that gives more balanced consideration to factors beyond experience.