Interorganizational partnerships, particularly in Corporate Venture Capital (CVC) investments, are crucial to foster innovation and firm growth. However, forming these partnerships involves significant risks, particularly regarding knowledge misappropriation. While prior research has focused on firm-level factors influencing partnerships, the role of individual CVC managers remains underexplored. This study examines how CVC managers' prior working experience—within the parent company or in independent VC or private equity firms—and their functional background (technical vs. commercial) affect partnership formation and deal closure. Analyzing CVC deals involving 901 managers from 76 CVC firms (2017–2022), we find that CVC managers with prior experience in independent VC firms significantly increase the likelihood of partnership formation, while those with experience in the parent company decrease it, particularly in weak intellectual property protection (IPP) regimes. However, under strong IPP regimes, CVC managers with prior technical roles in the parent company facilitate partnerships. On the contrary, those with commercial backgrounds deter them.
