Designing and explaining the fuzzy model for evaluating the performance of venture capital funds with an improvement approach

Subject Areas : Accounting

Shahla Khanfari Pour Khanfari ¹ , Nader Khedri ² , Saeed Nasiri ³ , Mehdi Basirat ⁴

1 - Department of Accounting, Ahv.C., Islamic Azad University, Ahvaz, Iran.
2 - Department of Accounting, Aba.C., Islamic Azad University, Abadan, Iran.
3 - Department of Accounting, Aba.C., Islamic Azad University, Abadan, Iran.
4 - Department of Economics, Ahv.C., Islamic Azad University, Ahvaz, Iran.

Received: 2024-08-20 Accepted : 2025-07-13 Published : 2025-06-23

Keywords: Investment, Venture Capital, Improvement,

Abstract :

Purpose: This study aims to design and develop a fuzzy evaluation model for assessing the performance of venture capital funds, with a focus on performance improvement.

Research Methodology: The research was conducted in 2024 (1403 SH) using a mixed-methods approach (qualitative–quantitative). In the qualitative phase, organizational and academic experts were interviewed to identify the key components of the model. In the quantitative phase, the identified components were validated through the Delphi method, and the fuzzy evaluation model was subsequently developed using fuzzy inference techniques.

Findings: Based on the analysis of interviews conducted with 20 experts, 29 initial sub-themes were extracted, leading to the identification of 17 core factors in the qualitative phase. These components were confirmed through the fuzzy Delphi process. To enhance innovation and distinction from previous studies, a fuzzy inference system was constructed based on the validated components. The model was then applied to evaluate the performance of four venture capital funds, revealing that the second fund demonstrated the highest performance.

Originality / Value: This study incorporates fuzzy logic and fuzzy inference modeling to address the inherent uncertainty and instability of the evaluation environment. The model provides a novel framework for assessing the performance of venture capital funds in uncertain conditions, contributing both theoretical and practical value to the field of financial decision-making.

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