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A) Ukhtf and B) the Bridges Fund

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A) Ukhtf and B) the Bridges Fund BIS EQUITY FINANCE PROGRAMMES QUALITATIVE REVIEWS OF: A) UKHTF AND B) THE BRIDGES FUND JULY 2011 1 Acknowledgements The authors would like to thank the investors, fund managers and other organisations that took part in this research… The findings and interpretation of this report are those of the authors and do not necessarily represent the view of BIS. Equity Finance Programmes Private Investors Survey Report completed by Sundeep Aulakh and Laura Thorpe Report reviewed by Karl Dalgleish Date: May 2011 Office: St James House, Vicar Lane, Sheffield, S1 2EX Telephone No: 0845 644 5407 2 CONTENTS 1 EXECUTIVE SUMMARY ...........................................................................6 INTRODUCTION................................................................................................6 MARKET FAILURE AND POLICY RESPONSES.......................................................7 THE OPERATION OF THE UKHTF......................................................................8 THE OPERATION OF BRIDGES FUND I ................................................................9 THE ROLE OF CAPITAL FOR ENTERPRISE.........................................................10 UKHTF ACTIVITY AND PERFORMANCE............................................................11 BRIDGES FUND I ACTIVITY AND PERFORMANCE................................................12 THE BUSINESS PERSPECTIVE .........................................................................12 THE IMPACT OF UKHTF AND BRIDGES FUND I.................................................13 2 INTRODUCTION .....................................................................................16 THE AIMS OF THE EVALUATION AND RESEARCH METHODS................................16 THE STRUCTURE OF THE REPORT...................................................................17 TERMINOLOGY ..............................................................................................18 3 MARKET FAILURE AND POLICY RESPONSES...................................19 THE EQUITY GAP ..........................................................................................19 POLICY RESPONSES ......................................................................................26 FACTORS AFFECTING FUND PERFORMANCE ....................................................27 SUMMARY.....................................................................................................29 4 THE OPERATION OF THE UKHTF ........................................................30 THE AIMS OF THE UKHTF AND THE SELECTION OF UNDERLYING FUND MANAGERS ....................................................................................................................30 INVESTMENT STRATEGIES ..............................................................................31 THE INVESTMENT PROCESS ...........................................................................34 POST INVESTMENT SUPPORT .........................................................................35 SUMMARY.....................................................................................................37 5 THE OPERATION OF THE BRIDGES FUND .........................................38 ESTABLISHING THE BRIDGES FUND AND ITS AIMS .............................................38 3 INVESTMENT STRATEGY.................................................................................39 THE INVESTMENT PROCESS ...........................................................................41 POST INVESTMENT SUPPORT .........................................................................41 SUMMARY.....................................................................................................42 6 FUND ACTIVITY AND PERFORMANCE................................................43 OVERVIEW OF UKHTF FUND ACTIVITY ...........................................................43 OVERVIEW OF THE BRIDGES FUND ACTIVITY....................................................46 OVERVIEW OF UKHTF FUND PERFORMANCE ..................................................48 OVERVIEW OF BRIDGES FUND PERFORMANCE.................................................51 THE ROLE OF CAPITAL FOR ENTERPRISE.........................................................51 SUMMARY.....................................................................................................53 7 THE BUSINESS PERSPECTIVE ............................................................55 AWARENESS AND MOTIVATION .......................................................................55 ALTERNATIVES TO EQUITY FINANCE................................................................56 STRENGTHS AND DRAWBACKS OF EQUITY FINANCE .........................................57 INVESTMENT PROCESS ..................................................................................59 POST INVESTMENT SUPPORT AND IMPACT .......................................................60 SUMMARY AND CONCLUSIONS ........................................................................61 8 THE IMPACT OF UKHTF AND BRIDGES..............................................62 THE ECONOMIC IMPACT OF UKHTF AND BRIDGES ...........................................62 THE SOCIAL IMPACT OF THE BRIDGES FUND ....................................................66 THE IMPACT ON FUND MANAGERS ..................................................................68 THE IMPACT ON THE MARKET .........................................................................69 SUMMARY.....................................................................................................71 9 STUDY CONCLUSIONS .........................................................................72 INCREASING THE SUPPLY OF EQUITY FINANCE .................................................72 IMPACTS ON THE GROWTH OF RECIPIENT BUSINESSES AND UK ECONOMY ..........72 IMPACTS ON THE FUND MANAGERS.................................................................73 FUND PERFORMANCE ....................................................................................74 RATIONAL FOR GOVERNMENT INTERVENTION AND POLICY LESSONS..................74 APPENDIX 1: CASE STUDIES.....................................................................76 4 CASE STUDY 1 – VENTURE CAPITAL SUPPORTS INNOVATION............................76 CASE STUDY 2 – VENTURE CAPITAL SUPPORTS AWARD WINNING GREEN TECHNOLOGY ...............................................................................................78 CASE STUDY – VENTURE CAPITAL FUNDING A CONSUMER CHAMPION...............80 CASE STUDY – VENTURE CAPITAL AS A SPRINGBOARD FOR EMPLOYMENT.........82 5 1 EXECUTIVE SUMMARY Introduction Although only a small proportion of companies seek equity finance, including venture capital, (estimated to be 1-2% of small and medium sized enterprises (SMEs)) it is an important source of funding for young, innovative companies with the potential for high growth. Partly as a result of a number of market failures, however, viable SMEs with growth potential have been experiencing problems in raising capital investment in amounts too large for business angels and too small for traditional private equity funds. Commonly referred to as the ‘equity gap’, this became exacerbated over the last decade or so as investors sought to minimise risk by supporting companies at a later stage in their development. Given the importance of SMEs to the economy and the links between equity capital, innovation, and economic growth, the Department of Business, Innovation and Skills (BIS) and its predecessors initiated a range of hybrid venture capital schemes to increase the supply of this form of funding. This included the introduction of the Community Development Ventures Fund in 2002 and is commonly known as Bridges Ventures Fund I (Bridges Fund I). Alongside this, there were also concerns, as set out in the 2000 Myners Report1 that institutions in the UK were not investing sufficiently in the wider Venture Capital asset class. In order to encourage more of this activity, the UK High Technology Fund of Funds (UKHTF), was launched in 2000, In 2010, BIS commissioned ekosgen and Baldhu Consulting to undertake a qualitative assessment of the UKHTF and Bridges Fund I to complement an ongoing econometric study. This report brings together the findings from the evaluation. The evaluation has assessed the effectiveness of each Fund against its initial objectives and for the extent to which wider economic benefits have accrued. In relation to these the study has examined the extent to which the two Funds increased the supply of equity finance, the impact they had on recipient 1 HM Treasury (May 2000) The Myners Review of Institutional Investment. London: HM-Treasury. 6 businesses and their impact on fund managers. The evaluation has also examined the factors affecting the financial performance of each Fund and the nature of exit arrangements. The evaluation combined several research methods, drawing on primary and secondary evidence. Twelve in-depth qualitative interviews were undertaken with fund managers from the two schemes, as well as Capital for Enterprise and the British Venture Capital Association. Twenty six qualitative interviews were undertaken with businesses that had received investment from one of the two Funds. Alongside primary research, key documents and policy literature were reviewed to ascertain the aims and objectives of each Fund and their performance. Wider academic and policy literature was also summarised to set the research findings within the broader market failure context
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