From Mr Simon Walker.

Sir, It is extremely heartening that the government has announced a £150m fund-of-funds initiative aimed squarely at the venture capital sector. This is an issue on which the British Private Equity and Venture Capital Association has campaigned for more than two years and I am delighted that the model we have advocated has been adopted and appreciate the support that others such as NESTA and the CBI have afforded us in our lengthy endeavours.