FOI release

FOI2020/00332: UK Innovation and Science Seed Fund LP

This request was refused in part, so we didn't provide some of the information the requester asked for. This may include information where we can neither confirm nor deny that we hold it.

Case reference FOI2020/00332

Published 24 June 2021

Request

Request Received: 4 October 2020

This request for information is made under Freedom of Information.

Background: The Baker Report, published in August 1999, identified the need and opportunity to commercialise government intellectual property arising from publicly funded research output in the Public Sector Research Establishments (PSREs).

An implementation plan published by HM Treasury, called "Implementing Baker: Developing the Bridge between Public Sector Science and the Market", was published in May 2000 and resulted, inter alia, in the setting up of the Rainbow Seed Fund in 2001, now renamed the UK Innovation and Science Seed Fund LP (Company number LP007823 at Companies' House), hereafter "the Fund".

We understand the Fund has been managed since, or shortly after its set up, by a private company in Birmingham called Midven Ltd.

Question 1: What is the total amount of public money that has been put into the Fund since its creation?

Question 2: What is the total sum of money still held in the Fund at the present time, as measured in cash terms?

Question 3: What is the total value of all investments made by the Fund since its creation?

Question 4: What is the total sum of money that has been returned to the Fund since its creation, from exits from investments made?

Question 5: What is the current value of investments from the Fund that are still held within investees, as measured by the most recent audited accounts of such investee companies?

Question 6: How much money has been paid in management and administrative expenses since the Fund was created including but not limited to fees paid to Midven Ltd? [please provide as detailed a breakdown as is possible].

Question 7: How often is the contract to manage the Fund re-tendered in open competition to prospective organisations capable of such work?

Response

Response Sent: 28 October 2020

Full details of the response is provided in the attached document.

Documents

This is UK Research and Innovation's response to a freedom of information (FOI) or environmental information regulations (EIR) request.

You can browse our other responses or make a new FOI request.