Interim evaluation of ECF and CFEF equity funds
Project report
Owen, R., Macaulay, P., Lomax, S. and Lewis, A. 2014. Interim evaluation of ECF and CFEF equity funds. London, UK Centre for Enterprise, Environment an Development Research (CEEDR), Middlesex University London. https://doi.org/10.60528/25yvvv
| Type | Project report |
|---|---|
| Title | Interim evaluation of ECF and CFEF equity funds |
| Authors | Owen, R., Macaulay, P., Lomax, S. and Lewis, A. |
| Abstract | A 2014 interim review of UK Government Venture Capital Funds addressing early stage equity investment through the Enterprise Capital Fund (ECF) programme and established SME mezzanine funding through the Capital for Enterprise Fund (CfEF). This report provided evidence of funds addressing finance gaps and delivering additionality and value for money. They resulted in improved ECF programme funding from the Treasury and targeting of UK early stage equity funding gaps. This interim evaluation report to the UK Department for Business, Energy and Industrial Strategy and British Business Bank provides an in-depth evaluation of two UK Government sponsored equity funds; Enterprise Capital Funds (ECFs) and Capital for Enterprise Funds (CfEFs). The report draws on stakeholder interviews, fund manager interviews and interviews and case studies of assisted enterprises, undertaken in 2013-2014. The report finds that government equity co-funds continue to play an important role in stimulating and developing the private venture capital market in the UK, helping to grow and commercialise potential high growth small businesses and was used to successfully advocate an initial £400m Treasury uplift in the ECF programme. |
| Keywords | SME Finance; Equity; Government Venture Capital; Public Policy; Innovation |
| Sustainable Development Goals | 8 Decent work and economic growth |
| Middlesex University Theme | Creativity, Culture & Enterprise |
| Research Group | Centre for Enterprise, Environment and Development Research (CEEDR) |
| Publisher | Centre for Enterprise, Environment an Development Research (CEEDR), Middlesex University London |
| Middlesex University Research Repository | |
| Place of publication | London, UK |
| Publication dates | |
| Online | 25 Sep 2025 |
| Publication process dates | |
| Deposited | 25 Sep 2025 |
| Output status | Published |
| Publisher's version | License File Access Level Open |
| Copyright Statement | Copyright © The Authors 2014. This work is licensed under Creative Commons Attribution 4.0 International (CC BY 4.0). To view a copy of this licence, visit (https://creativecommons.org/licenses/by/4.0). For reuse or distribution, please include this copyright notice. |
| Additional information | Suggested citation: Owen, R., Macaulay, P., Lomax, S. and Lewis, A. 2014. Interim evaluation of ECF and CFEF equity funds. Centre for Enterprise, Environment an Development Research (CEEDR), Middlesex University London, UK. https://doi.org/10.60528/25yvvv |
| Digital Object Identifier (DOI) | https://doi.org/10.60528/25yvvv |
| Language | English |
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