§ 37. Dr. LadymanTo ask the Secretary of State for Trade and Industry what steps he has taken to extend the availability of venture capital for technology-based companies. [111568]
§ Ms HewittThe Government have created a £180 million Enterprise Fund to address the difficulties growth businesses face in accessing appropriate finance. This Fund will complement existing market provision, using public resources to partner private sector funds to address acknowledged gaps in the market.
An integral part of the Enterprise Fund is the UK High Technology Fund. The Fund will raise some £105 million from the private sector alongside some £20 million of Government money to invest in the United Kingdom's early stage high technology businesses.
My right hon. Friend the Secretary of State for Trade and Industry announced on 10 November last year that Westport Private Equity Ltd. had been appointed to manage the UK High Technology Fund.
The Fund Manager has already secured over £50 million of private sector investment alongside the Government's investment of £20 million.