Lead investors’ human capital and fundraising performance: mediating role of reputation

Equity crowdfunding syndicate emerged in recent years characterised as crowd investors (co-investors) using online platforms to co-invest with other professional investors (lead investors). We investigate the effects of lead investors’ general human capital and specialised human capital on their fundraising performance. We also examine the role of reputation in mediating the relationship between human capital and fundraising performance. Result indicates that lead investors’ specialised human capital is indeed mediated by their reputation.