rform co-investments, but not when the deals are venture. The addition of a control for home country deals does not affect the results, and the coefficient on this additional control variable is inconsistent in sign and significance. РAs a second proxy for information costs, we use the proximity between the institutional investor and the investment target, measured in hundreds of kilometers. The evidence in Table 9 is again generally consistent with the prediction that information problems will affect solo investment returns. More local solo investments have higher PMEs: the interaction between the solo investment dummy and distance is negative. This suggests that solo investments made in targets far away from the institutional investors’ location perform worse, all else equal [for similar
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