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This article examines the representation of venture capitalists on the boards of private firms in their portfolios. If venture capitalists are intensive monitors of managers, their involvement as directors should be more intense when the need for oversight is greater. The authors shows that venture capitalists' representation on the board increases around the time of chief executive officer turnover, while the number of other outsiders remains constant. He also shows that distance to the firm is an important determinant of the board membership of venture capitalists, as might be anticipated if the oversight of local firms is less costly than more distant businesses.