1. GDP growth) presents a negative sign, yet not statistically significant, at industry-wide and individual levels;however it is consistent with Jeng and Wells (2000) and Bonini and Alkan,2012
2. Stock Market Returns are statistically significant presenting a sign in line with the initial hypothesis that a 'hot' market would have a positive effect on the level of PE/VC fundraising (Lerner, 1994; Black and Gilson;Consistent with Jeng and Wells,1998
3. Taxation presents a significant negative sign in line with Porteba (1989) theoretical framework. It may indicate that a reduction in the capital gains taxation to investors has positive effect in the PE/VC industry fundraising from the supply side at industry level. My results differ from Gompers and Lerner (1998) and Jeng and Wells;I find that Investors,2000