Ms Regina Breheny:

If a pension fund pool of money is of the order of a couple of billion and a venture capital fund has €100 million, it will not get much bang for its buck by investing 10%, or €10 million. It does not feel like putting the effort into understanding, monitoring and going through the process of due diligence unless there is a vehicle large enough for it to be able to put in a couple of hundred million, whereby the due diligence is done over a whole series of venture capital funds underneath a layer.