INVESTMENTS from the North East taxpayer-backed venture capital funds are continuing to be made despite the uncertainty surrounding the future ownership of the two major regional fund managers.
After making 77 investments last year the Finance for Business North East Fund has made another 104 investments so far this year.
The growing activity of the firm launched in January last year comes despite the uncertainty surrounding the future ownership of the two largest regional fund managers NEL Fund Managers and Northstar Ventures.
All together more than £22.5m has been pumped into developing businesses by the fund, which has a total of £125m to invest in the region over the next five years.
In April it emerged the two Newcastle-based businesses are to be sold to the private sector.
The two Newcastle-based funds had been established by regional development agency One North East almost 10 years ago to manage its initial taxpayer funded venture capital investments.
Two years ago, the ownership of the two was transferred to NF Holdings, and this was put up for sale earlier this year with the demise of ONE imminent.