Chi Onwurah – 2016 Parliamentary Question to the Department for Communities and Local Government

The below Parliamentary question was asked by Chi Onwurah on 2016-02-05.

To ask the Secretary of State for Communities and Local Government, what the remaining time period is of Northstar Ventures’ funding through the European Regional Development Funds; and what changes are planned in the terms and control of that funding.

James Wharton

Northstar Ventures manages five funds that have received funding from the European Regional Development Fund 2000-06 and 2007-13 Programme periods.

Three of these funds are closed to new investments and Northstar Ventures is exiting from remaining deals. This is likely to conclude by February 2017.

Two remaining funds – Proof of Concept and Accelerator Fund – will remain open to new investments until June 2016.

No changes to management arrangements are planned. Northstar Ventures will remain responsible for concluding the funds up to 2020. The Department of Communities and Local Government will remain responsible for directing the use of any legacy funding generated by the funds.