§ Matthew TaylorTo ask the Secretary of State for Trade and Industry what business birth rate targets have been set for each of the regional venture capital funds; and how much additional private investment the ventures backed by the funds are expected to receive in subsequent funding rounds. [22497]
§ Nigel GriffithsSpecific business birth rate targets have not been set for individual Regional Venture Capital Funds (RVCFs). Their primary aims are to ensure that established small growing businesses in each of the English regions are able to access risk capital finance in the equity gap and to demonstrate to institutional investors that robust returns can be made by investing in this sector. As part of the assessment process, all proposals seeking to manage funds were asked to demonstrate their compatibility with the Regional Economic Strategy developed by the Regional Development Agencies.
As a cornerstone investor the Government will be investing around £80 million to the RVCF programme with up to another £190 million being levered in from private sector investors. There is no indication at present how much additional private investment ventures backed by the RVCFs are likely to receive in subsequent funding rounds.
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