Venture capital plea for fund aid

Business secretary Lord Mandelson has been urged to use the new £750m strategic investment fund to support the recession-battered venture capital sector. The fund, created in April’s Budget, was not earmarked for investment into specific areas but eight leading venture capital, biotechnology and IT trade bodies last night issued a plea for assitance. The proposal made by groups including the British Venture Capital Association, would see the government create a venture capital fund of funds to boost the sector.