ABSTRACT
The British Venture Capital Association (BVCA) survey respondents were asked if they saw continental Europe as a major opportunity for the UK venture capital industry. Actual and potential industry growth may be measured, respectively, in terms of the annual total investment committed by venture capitalists to investee companies and by reference to the amounts of external finance raised for future investment activity by the industry. An annual management fee is paid by the institutional investors as a proportion of the total funds invested. The likelihood of a decline in the future rate of venture capital investments is also supported by the annual figures for the value of new, institutional funds raised by independent UK venture capital firms. In practice, the change in BVCA membership has been occasioned almost entirely by a smaller number of industry leavers than the greater flows forecast.
