Stephen Donnelly (Wicklow, Independent)
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What are the current barriers? Some of them were laid out in Ms Breheny's statement, but what are the biggest barriers? Let us assume that we have a bunch of venture capital firms in Ireland, still fairly small-scale, and we have two hubs in Berlin and London of a bigger scale. We then have a load of cash floating around. It is owned by pension funds, private equity funds, corporates, Governments and so forth. Ms Breheny wants those funds and those fund managers reinvesting in venture capital. It sounds as though they have seriously deleveraged their venture capital exposure over the past number of years. What is involved? What barriers need to be taken away to get them to reinvest?