Venturing Beyond the IPO: Financing of Newly Public Firms by Pre-IPO Investors

Michelle Lowry, TD Bank Endowed Professor of Finance, and coauthors show that an increasing number of private companies are raising money from mutual funds.

Between 1995 and 2000, less than 15 mutual funds had investments in private, venture-capital backed firms. This had increased to over 90 by 2015.

Academic Director, Michelle Lowry discusses the number of mutual funds participating in private markets and their impact.