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U.S. venture capitalists are more likely to invest in start-ups with executives of the same
ethnic origins as themselves, and these investments tend to bring superior payoffs,
benefiting from close VC–manager communication and coordination, say Deepak
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Hegde of New York University and Justin Tumlinson of the University of Munich. About
84% of U.S. venture capitalists are of Anglo-Celtic or European origin, a proportion
that nearly reflects these groups’ share of the country’s population. 3.74% and 2.96%
of U.S.-based VC partners are of Indian and Chinese origin, respectively, about 6 and 4
times these ethnic groups’ share of the population.
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