Abstract
This research focused on the US venture capital (VC) industry over the period of 1980 to 2006. We found that supply and demand shifts occurred in the US VC during that period. Moreover, the US VC industry has gone under fundamental transformation in the early 1990s when pension funds started to invest in the sector. As a result, the US VC industry has transformed into a supply-driven market. We estimate that the VC industry is still inflated and predict degraded future returns if the current trend of institutional investors to further increase their allocation for venture capital investments continues.
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