Abstract The study analyzes the effects of syndication network and limited partner(LP) network on venture capital fundraising simultaneously. Using the data between 2004 and 2016, which is collected from PEdata database, we find that:①Occupying a center position in syndication network can help VCF to raise capital.②Affiliations with LP that occupy a central position in limited partner network can help VCF to raise capital.③The positive effect of affiliations with central LP on venture capital fundraising diminishes as VCF’s position in syndication networks improves. All these empirical results suggest that the signaling value generated by different types of network (syndication network and limited partner network) in reducing information asymmetry will substitute each other.
