| Description | This study provides fund level performance appraisal along with information on the effect on companies in which the fund has invested. It further examines the economic effect of the funds and their consequences on the market for finance in Scotland |
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| ISBN | 9780755969395 (Web Only) |
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| Official Print Publication Date | January 2008 |
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| Website Publication Date | January 21, 2008 |
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Centre for Strategy & Evaluation Services
ISBN 978 0 7559 6939 5 (Web only publication)
ISSN 0950 2254
This document is also available in pdf format (708k)
CONTENTS
LIST OF TABLES / CHARTS
LIST OF ABBREVIATIONS
SUMMARY
CHAPTER ONE: INTRODUCTION
Study aims
Structure of the report
CHAPTER TWO: METHODOLOGY
Approach
Interview Programme
Evaluation Framework
CHAPTER THREE: OVERVIEW OF FUNDS
Policy Background
EU Policy Developments
Developments in Scotland
Fund Covered by this Evaluation
Geographical Coverage and Objectives of currently operating VCLFs
Fund Investment Policy
Financial Resources
CHAPTER FOUR: THE MARKET FOR FUNDS
Market for Venture Capital
The Market for Loans
Sources of Funding for Companies
Market Failure
New Funds
CHAPTER FIVE: INVESTMENT PERFORMANCE - LOAN FUNDS
Rates of Investment of Funds
Sectoral Analysis of Investments
Non-Performing Loans
CHAPTER SIX: INVESTMENT PERFORMANCE EQUITY FUNDS
Rates of Investment
Cash Resources
Sectoral Analysis of Investments
Fund Financial Performance
Benchmarking Fund Returns
CHAPTER SEVEN: OPERATIONAL COSTS
Loan Funds
Venture Capital Funds
CHAPTER EIGHT: ECONOMIC EFFECT
ERDF Performance Measures
Investment per Job or Unit of Turnover
Costs per Job or Unit of Turnover
Venture Capital Effect on Investee Companies
Loan Fund Effect on Companies
CHAPTER NINE: ADDITIONALITY AND DISPLACEMENT
Approach
Additionality - Loan Funds
Additionality - Scottish Co-Investment Fund
Additionality - Other Venture Capital Funds
Displacement
SCF Investment Partners
Displacement between Funds
CHAPTER TEN: CONCLUSIONS AND RECOMMENDATIONS
Conclusions
Recommendations
ANNEX A: FUND PROFILE - SCOTTISH CO-INVESTMENT FUND
ANNEX B: FUND PROFILE - SIGMA INNOVATION
ANNEX C: FUND PROFILE - SIGMA SUSTAINABLE ENERGIES
ANNEX D: FUND PROFILE - GENOMIA
ANNEX E: FUND PROFILE - WEST OF SCOTLAND LOAN FUND
ANNEX F: FUND PROFILE - WEST OF SCOTLAND REGENERATION FUND
ANNEX G: FUND PROFILE - SOUTH OF SCOTLAND LOAN SCHEME
ANNEX H: FUND PROFILE - MICRO CREDIT EAST
ANNEX I: FUND PROFILE - PSYBT
ANNEX J: INTERVIEW LIST
ANNEX K: SCF INVESTMENT PARTNERS
ANNEX L: INVESTMENT READINESS
ANNEX M: ERDF APPLICATIONS
The views expressed in this report are those of the researcher and
do not necessarily represent those of the Department or Scottish Ministers.
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