Abstract: Contraposing the incentive problems of venture capital syndication in second and later stage,an contract model is set up among venture capitalists in case the lead venture capitalist has already a signal about the project's quality from his initial funding of the project.Under symmetric and asymmetric information,the model analyzes how the optimal syndication contracts can induce venture capitalists to truthfully reveal their signals to each other,vary with the quality of venture capitalists'expertise in evaluating projects,and provides numerical simulations. The model provides with decision-making gist in second and later stage syndications.

Key words: venture capital, syndication, asymmetric information, incentive contract