§ Mr. Stephen O'BrienTo ask the Secretary of State for Trade and Industry what action her Department is taking to attract corporate investment in regional venture capital funds. [157210]
§ Mr. TimmsIn order to enable Fund Managers to attract private sector investors, the Government subordinated its investment position in the Regional Venture Capital Funds (RVCFs). This has allowed around £74 million of Government investment to lever an additional £176 million from private sector investors, some of whom were corporate investors.
§ Mr. CousinsTo ask the Secretary of State for Trade and Industry pursuant to her answer of 12 February 2004,Official Report,column 1628W, to the hon. Member for Eddisbury (Mr. O'Brien) on the Regional Venture Capital Fund, what the regional breakdown by (a)number and (b)value is of the regional venture capital fund investments; and what proportion of the funds have been drawn down in each region. [157000]
§ Nigel GriffithsAs at 31 January 2004, the nine Regional Venture Capital Funds had made 112 investments in 87 small businesses, totalling over £21 million. Details of the numbers of investments made in each region are contained in the table.
1509W
£ Total investments RVCF Number Amount Total fund size DTI investment commitment Drawn down from DTI as at 31 January 2004 London 10 2,250,000 50,000,000 15,000,000 2,950,000 East Midlands 19 3,245,047 30,000,000 9,000,000 3,650,000 North East 23 3,321,882 15,000,000 4,500,000 4,200,000 West Midlands 11 1,720,000 20,000,000 6,000,000 1,850,000 South West 4 1,000,000 25,000,000 7,500,000 1,000,000 Yorkshire and Humber 4 1,000,000 25,000,000 10,000,000 1,050,000 South East 27 6,100,000 30,000,000 7,500,000 7,050,000 North West 14 2,446,333 35,500,000 8,875,000 4,187,500 East of England 0 0 20,000,000 6,000,000 600,000