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I present a model of the venture capital (VC) and public markets in which VCs suffer from capacity constraints, due to the shortage of skilled VC managers. Consequently, VC fi rms can only handle a limited number of new projects at once, having to take ongoing projects public in order to take advantage of new opportunities. This framework is able to match key features presented by the VC and initial public offer (IPO) empirical literatures: (1) VC-backed fi rms are younger, smaller, and lessdoi:10.2139/ssrn.2034535 fatcat:rhs7pljgzzfhtde3hjmfazmp5u