This publication-based dissertation concerns the syndication and value creation activities of heterogenous corporate venture capital funds over six chapters. The first chapter serves as an introduction to venture capital heterogeneity and syndication and provides an overview of the four research papers included in the dissertation. The second chapter is a systematic literature review of recent research on heterogeneous venture capital syndication. Therein the underlying motivation, dynamics and results of fund- and affiliation-heterogenous syndicates are clearly identified, integrated and promising avenues for further research are specified. The third chapter is a research paper on the value creation activities of investment syndicates among independent and corporate venture capital funds. Building on a cross-industry sample of 35 interviews this inductive study identifies the determinants of value creation, integrating them in a matrix comprising shareholder relationships, corporate setup, venture lifecycle and deal terms. Chapter four is a research paper that empirically observes how corporate venture capital units leverage the resources of their incumbent parents to generate value for their portfolio firms. Based on case studies of 11 corporate venture capital units the paper reveals the mechanism behind corporate venture capital value creation holistically and identifies eight design elements that result in a typology of four distinctive archetypes. The last research paper is chapter five and concerns the distinct impact structurally heterogeneous corporate venture capital funds have on portfolio firms operating efficiency. Employing the longitudinal, European Union sponsored VICO dataset the paper finds differences in CVC structure, autonomy and objectives to have implications on firm efficiency. The present dissertation is concluded in the sixth chapter, highlighting contributions, limitations and promising avenues for further research.

Corporate Venture Capital (CVC) units position themselves as smart capital providers in new venture firm New Venture Firm (NVF) financing. In line with the resource-based view and social capital theory, extant research postulates that CVCs contribute complementary assets beyond capital to their NVFs. However, the non-financial value for NVFs is mainly created through a corporate business unit within the CVC's corporate parent company. As agency theory implies, the strategic agendas of CVCs, NVFs, and corporate business units may not always align and thereby often hamper value creation. Hence, our qualitative research builds on a cross-industry case study of eleven CVC units to show how they leverage resources from their corporate sponsors to add value for NVFs. We reveal the mechanism behind CVC value creation holistically by identifying eight design elements that lead to a typology of four distinctive CVC forms. This classification offers a representation of the CVC landscape based on their institutional environment.