A group of venture capital, industry and trade bodies have written an open letter to Lord Mandelson with proposals for the new GBP750m strategic investment fund created in the Budget. An 'Innovation' venture capital fund of funds was proposed for investment in start-ups and 'early stage' businesses managed by private-sector venture capital funds and providing extra leverage to the managers.
The letter was signed by the chief executives of the British Private Equity and Venture Capital Association (BVCA); Intellect, the IT trade body; the BioIndustry Association; the London Chamber of Commerce and Industry; Nesta, the government-backed venture capital fund; the London Chamber of Commerce and Industry; the British In Vitro Diagnostics Association; the Association of British Healthcare Industries; and The Association of the British Pharmaceutical Industry.
The help was said to be needed for many of the companies that had already been identified as winners and received an initial round of venture capital funding but were "now struggling to access 'follow on' funding rounds in order to survive the downturn". The best results could be achieved with a large scale fund like this. "The US has tens of funds of over USD1bn able to finance a company through all stages of its development, from start-up to exit," said the letter. "The UK has very few investors with the firepower to do the same." Reaching this critical mass would help achieve the government's aim to "retain and develop strengths in high value areas of global growth or rapid and fundamental technology change".
Tax Shelters For Investors: Film, Finance, Forests, Venture Capital A comprehensive report in our Intelligence Report series examining tax-sheltering arrangements for investors, including Venture Capital, Forest Finance and Film Finance in a number of key jurisdictions, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report5.asp
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