In recent years, venture capital funds in emerging Asian markets have witnessed significant growth. This study investigates the impact of institutional investors and intellectual property payments on venture capital fund using panel data from 8 emerging Asian countries and 13 developed countries over the 10-year period from 2011 to 2020. In emerging Asian markets, the results show that new institutional investors have a significant positive impact on the development of venture capital funds. Intellectual property payments has a significant negative impact on venture capital in emerging Asian Markets. On the other hands, in developed markets, new institutional investors and intellectual property payments do not have a significant impact on the development of venture capital funds. Furthermore, we find that market capitalization has a strong negative impact on venture capital fund investment in emerging Asian markets, unlike in developed markets. Rule of law has a strong positive impact on venture capital fund investment in emerging Asian markets. GDP growth in emerging Asian markets has a strong negative effect on venture capital fund in emerging Asian markets. These findings suggest that the factors affecting venture capital funds in emerging Asian markets are somewhat different from the developed markets. Therefore, future research on venture capital should consider the characteristics of emerging Asian markets.