commiss decis june aid scheme region ventur capit fund notifi document number english text authent text eea relev ec commiss european commun regard treati establish european commun subparagraph articl thereof regard agreement european econom area articl thereof call interest parti submit comment pursuant provis regard comment procedur letter date regist june unit kingdom notifi commiss scheme quot region ventur capit fund quot provid commiss inform letter date august regist august letter date novemb commiss inform unit kingdom decid initi procedur laid articl ec treati respect scheme unit kingdom author answer letter date novemb regist decemb commiss decis initi procedur publish offici journal european commun commiss call interest parti submit comment commiss receiv comment interest parti forward unit kingdom opportun react comment receiv letter date march regist march regist dai detail descript scheme purpos scheme address lack provis equiti fund region level invest quot equiti gap quot rang gbp gbp eur eur small medium size enterpris sme unit kingdom author exist quot equiti gap quot due high fix cost remuner invest execut cost direct cost due dilig legal document fall proportion smaller size invest rise incent ventur capit firm pursu larger invest matur compani cost reduc rel invest enhanc return lower manag charg investor investor seek identifi invest growth except capit gain compens high earli cost unit kingdom author claim privat investor demonstr reluct invest busi equiti base financ amount gbp eur lead edg technolog sector prove difficult sme london obtain risk capit explain region approach region ventur capit fund scheme base industri develop act section unit kingdom author plan establish region ventur capit fund english region durat scheme year initi life expect region fund year budget foreseen year gbp million eur million expect privat investor contribut time amount govern minor investor fund select fund manag establish fund person set fund region call sponsor natur legal person includ region develop agenc sponsor appoint manag fund base commun wide public tender enter competit expect authoris financi servic author oper british ventur capit associ guidelin main criterion appoint experi success fund manag quot equiti gap quot part market track record region criteria prospect sponsor account lack experi region prevent prospect fund manag enter competit region unit kingdom author insist proven track record region prior appoint restrict open competit process appoint fund manag prospect fund manag demonstr strategi place ensur expertis transfer utilis region region ventur capit fund commerci manag profession fund manag regul auspic financi servic author invest manag regulatori organis british ventur capit associ appoint fund manag proce tender privat investor fund sponsor fund manag prospect privat investor negoti term privat sector invest step public tender sponsor england submit state bid agre investor select criteria tender procedur extent subordin state return potenti investor request sponsor explain bid degre type subordin propos minimum attract privat investor win bid select independ apprais board subcommitte newli creat small busi invest taskforc sbit consist member ventur capit academ experienc institut investor financi institut region develop agenc ventur capitalist final decis make commit invest govern monei fund remain state practic decis commit invest gener follow advic board invest invest equiti base form ordinari share prefer share cumul prefer share principl maximum amount invest compani gbp eur point indent region fund invest small medium size enterpris fulfil commun definit difficulti fund invest sme meet legal moral ethic standard compani activ product process market product list annex treati rough estim sme benefit invest year fund invest sector consid low risk request public stimul return invest fund manag invest commerci term expect intern rate return unit kingdom author claim line data invest area state seek commerci return invest return subordin privat investor minimum level requir order stimul creation fund type subordin depend individu bid brought forward tender includ state guarante investor region fund form limit partnership limit partnership agreement claus carri interest set profit quot hurdl quot manag exce order extra bonu claus negoti sponsor investor point view hurdl rate attain stretch give incent fund manag reach exce hurdl commit unit kingdom author undertaken appli commiss notic applic articl state aid form guarante region fund choos state guarante form subordin state return unit kingdom author set formal limit govern invest region ventur capit fund unit kingdom author undertaken ensur region ventur capit fund invest compani activ sensit sector special commun rule govern state aid laid region fund invest compani activ product process market product list annex ec treati ground initi procedur weak proof market failur commiss express gener doubt incent effect notifi scheme thing unit kingdom author state notif british ventur capit associ member england invest gpb eur averag invest size gbp exclud technolog specialist commiss doubt market failur presenc incompat aid privat investor state expect subordin return invest term present pure commerci invest situat commiss consid state act privat investor market economi financi market intern commiss consid benefit grant privat investor distort competit affect trade member state scheme forese link aid provid privat investor expenditur consid constitut elig cost develop sme region develop commun object commiss doubt scheme ensur aid minimum attain object reason appear notif call tender investor limit england commiss doubt aid investor compat state aid rule ec treati region limit call tender constitut infring articl ec treati freedom establish articl ec treati free movement capit presenc incompat aid sme receiv invest sme region fund invest receiv equiti capit access true equiti gap resourc partli invest state privat capit fund rais state aid provid privat investor impli capit provid term accept privat investor fund manag invest commerci term recipi sme strengthen competit posit threaten distort competit affect intra commun trade beneficiari activ intern trade scheme forese explicit commit link equiti base invest initi invest beneficiari compani line commun guidelin state aid sme forc time commun guidelin nation region aid commiss doubt compat ec treati presenc incompat aid region fund unit kingdom author state notif british ventur capit associ member england invest gbp eur averag invest size gbp exclud technolog specialist ventur capitalist activ segment region fund ventur capitalist member state region fund undertak fact oper aid public resourc distort competit ventur capit market compat problem aid region fund potenti aid recipi comment interest parti commiss receiv comment interest parti time limit articl council regul ec march lai detail rule applic articl ec treati unit kingdom italian german govern comment unit kingdom submit region author ventur capit compani advisori bodi trade associ univers comment unit kingdom mp unit kingdom mep prospect sponsor fund fund manag privat investor investe compani repres market failur interest parti address question market failur agre amount gbp eur mention equiti gap gbp million eur million sector high technolog gap due high cost due dilig data show disproportion high risk low return segment gap perceiv real risk time success larger invest creat drive larger remark busi angel network fill gap member bvca supposedli activ equiti gap segment interest parti state ventur capitalist regist activ segment actual activ reason fund fulli invest appear comment fund satisfi market demand state major unit kingdom ventur capit compani region offic servic deal larger end market london develop agenc quot bvca report find quot london main european centr ventur capit london sme benefit equiti gap exist london gbp extend greater cost pressur tend push london base firm rapidli larger invest quot final interest parti claim equiti gap small medium size enterpris problem link number employe ventur capit compani propos defin elig compani sought rais gbp eur year interest parti mention restrict small compani increas risk fund privat investor requir return subordin state return aid investor gener opinion offer equiti gap high risk low return quadrant market competit distort aid investor time parti stress possibl invest wide advertis order elimin discrimin investor minimis subordin need parti mention incent grant investor vehicl pass benefit sme comment risk capit invest small part investor portfolio slightli higher return region ventur capit fund impact perform investor aid sme impress interest parti aid sme invest invest made commerci term element aid acknowledg interest parti avail fund compat aid refer fact recipi undertak quot elig quot invest order grow aid region fund interest parti mention basi region fund receipt aid standard limit partnership structur industri creat separ legal entiti region fund earn profit asset liabil held partner proport invest number parti explain fund began offer market segment concern danger distort competit fund case polici accomplish aim problem distort address comment unit kingdom unit kingdom author clarifi technic detail scheme equiti gap london scheme oper london region fund total tranch invest compani strictli limit gbp eur month tranch principl amount invest compani limit gbp eur except gbp limit invest requir order maintain region fund percentag hold compani make invest judgement fund manag commerci interest fund invest subject limit fund invest compani unit kingdom author point invest gbp eur happen risk dilut sharehold happen alongsid privat sector invest invest term good offer privat sector invest unit kingdom author undertak ensur fund manag advertis wide investor trade journal offici journal european commun restrict locat nation investor unit kingdom author undertak prescrib incent fund manag maximis perform fund principl investor commit life fund year investor releas commit sell invest investor wish fund manag investor consent transfer ownership govern intend offer purchas share partnership sold privat sector investor govern share region fund hand govern sell share partnership privat sector investor board subordin term addit comment made issu rais commiss decis open procedur market failur unit kingdom author state strong evid market failur caus investor relianc histor aggreg perform data averag deal size ventur capit market increas sme found difficult access type size financ suit establish fund unit kingdom govern seek stimul market provid fund area demonstr wider ventur capit industri good commerci return made sector scheme intend long term public support programm unit kingdom author agre interest parti equiti gap england widen cover amount gbp million eur million number fund exist make invest equiti gap fulli invest unit kingdom author privat fund rais invest equiti gap fund propos support erdf region ventur capit fund scheme aid investor unit kingdom author stress investor region fund attract wide dissemin invit limit number geographi predetermin oper region ventur capit fund commerci fund manag chosen rigor competit process ensur aid minimum requir fund creat aid sme unit kingdom author claim fund oper accord market economi investor principl perform incent fund manag privat investor commit fund offer highest return mechan scheme encourag quot soft quot invest made scope aid sme neglig return investor gener growth investe compani growth initi invest virtual imposs inconceiv unit kingdom author invest fund lead directli invest sme privat investor restrict invest small compani limit region fund abil secur highest rate return investor requir higher level public support aid region fund unit kingdom author explain distinguish fund investor fund separ taxat statu abil make profit loss profit loss attribut investor line legal agreement assess scheme time open procedur commiss state aid rule deal specif form state aid contain measur provid risk capit enterpris present assess base articl ec treati refer commiss commun state aid risk capit presenc state aid articl ec treati point iv commun list criteria risk capit measur constitut state aid level investor state particip directli region fund state resourc involv state expect subordin return invest term present pure commerci invest situat state act privat investor market economi advantag privat investor privat investor found eu wide call tender measur select applic final particip discret point firstli fund manag select offer prospect privat investor state decid propos region fund invest select base qualit quantit criteria invest capit activ subject larg trade member state scheme threaten distort competit affect trade member state privat investor cover articl ec treati extent constitut undertak state point iv commun fact due market failur investor make invest suffici rebut presumpt advantag level sme resourc made sme constitut state resourc issu advantag aim measur give sme access capit access exist advantag depend term capit made accept privat investor market economi discuss paragraph level measur select region fund invest sme region unit kingdom recipi sme strengthen posit relat competitor threaten distort competit effect trade member state beneficiari activ intern trade state point iv iii commun fact invest decis commerci manag risk capit fund repres investor interest ensur maximum return fund import indic compani receiv invest term accept privat investor market economi conclus risk capit measur reduc risk increas reward investor obtain make invest longer oper normal econom oper commiss found court justic agre advantag grant investor persuad invest class enterpris constitut advantag enterpris accord point iv iii commun commiss account possibl advantag accord investor fund pass enterpris invest invest made fund pari passu privat investor market economi typic invest fund made pari passu commiss conclud enterpris receiv invest term accept privat investor market economi commiss consid exist advantag state aid level exclud level region fund region ventur capit fund limit partnership commiss separ aid beneficiari principl establish commiss decis unit kingdom ventur capit scheme viridian growth fund exempt articl ec treati point vi commun commiss requir provis evid market failur proceed authoris risk capit measur prepar accept market failur tranch financ enterpris risk capit measur turn wholli partial financ state aid maximum eur gbp criterion fulfil case examin addit unit kingdom author interest parti state major fund present equiti gap segment fulli invest evid privat fund establish agreement fact fund suffici cover demand final indic equiti gap increas amount gbp million eur million gbp eur point vii form aid measur state form aid commiss prepar view favour compat criteria scheme state investor ventur capit fund advantag term investor section viii commun compat criteria list order import target enterpris size transact scheme limit small enterpris medium size enterpris start earli stage assist area restrict total fund measur inclus stage medium size enterpris accept commiss note invest made excess gbp eur enterpris made term good privat investor invest time posit element ceil tranch financ provid stipul threshold eur assist region eur region qualifi assist articl ec treati eur million region qualifi assist articl ec treati focu risk capit market failur posit element measur limit provis equiti base invest profit driven invest decis posit element unit kingdom author undertaken ensur link invest perform remuner respons invest decis case common practic fund establish limit partnership undertak unit kingdom author commiss confid invest equiti sme made commerci basi market economi investor provid region fund capit consid signific involv fund oper assist area commiss privat capit share signific minimis distort competit investor invest fund posit element extent subordin return public resourc determin seri call tender invit invest fund publish offici journal european commun trade journal sponsor fund present govern bid explan subordin propos attract privat investor ensur overcompens privat investor sector focu posit element sector focu low risk sector manag state intervent exclud unit kingdom author undertaken ensur region ventur capit fund invest compani activ sensit sector special commun rule govern state aid laid invest compani activ product process market product list annex ec treati invest basi standard commerci practic fund manag posit element region fund commerci manag profession fund manag regul auspic financi servic author invest manag regulatori organis british ventur capit associ ensur fund manag make profession judgement expect return propos equiti inject sme good commerci proposit commun mention lack quot exit mechan quot state involv individu enterpris neg element exit mechan safeguard scheme provid long term financ compani viabl natur scheme take form ventur capit fund individu investor includ state withdraw individu invest made fund exit mechan built ventur capit fund design state exit time investor fund wound region fund oper commerci term withdraw compani viabl seek realis success invest advantag lead ultim withdraw fund state particip compani invest avoid cumul aid measur singl enterpris commun commiss request commit member state assess set limit form state aid enterpris fund risk capit measur includ authoris scheme measur aid enterpris invest case commiss decid exercis ow small size total invest individu tranch conclus commiss take note comment receiv interest parti explan commit made unit kingdom author open procedur note scheme posit element criteria stipul commun commiss favour view scheme conclud aid grant privat investor small medium size enterpris compat state aid rule doubt infring articl ec treati allai commiss conclud aid level region fund fund legal entiti resourc fund belong investor unit kingdom author invit monitor develop equiti gap situat ensur crowd prospect fulli privat ventur capit fund adopt decis articl notifi state aid scheme region ventur capit fund complet comment made unit kingdom author open procedur unit kingdom plan implement base industri develop act section compat common market mean articl ec treati implement aid authoris articl decis address unit kingdom great britain northern ireland brussel june commiss mario monti member commiss oj footnot prospect sponsor creation fund authoris fund manag requir undertak competit process appoint commiss recommend april definit small medium size enterpris oj deal land commod futur share secur financi instrument deal good normal wholesal retail trade bank insur monei lend debt factor hire purchas financ financi activ leas let asset hire case ship charter activ provid legal account servic properti develop farm forestri market garden oj oj bvca report busi angel invest activ adopt commiss publish offici journal case oj case subject judgment court case septemb decis adopt commiss februari publish offici journal separ inject capit month consid part tranch instal longer period commit made simultan part singl transact