To ask the Minister of State, Department for Business, Innovation and Skills what the (a) headcount and (b) employment cost was of Capital for Enterprise Limited in the last 12 months. (308401)

The headcount and total employment costs for Capital for Enterprise Ltd. for the 12 months ending 30 November 2009 are listed as follows:

To ask the Minister of State, Department for Business, Innovation and Skills how much has been paid in bonuses to staff at Capital for Enterprise Ltd. since April 2008. (308403)

Capital for Enterprise Ltd. commenced on 1 April 2008 and established a system whereby work objectives are set and bonuses earned according to performance against those objectives. Approval of bonus payments rests with the remuneration committee. Staff have been paid bonuses of £34,412 under this arrangement.

To ask the Minister of State, Department for Business, Innovation and Skills what financial performance objectives have been set for the (a) Capital for Enterprise Fund and (b) UK Innovation Investment Fund. (308404)

The capital for enterprise fund financial performance objective is to make commercial returns commensurate with the instruments used and the risk of the underlying investments. A performance incentive has been created for the manager of the capital for enterprise fund which entitles it to a share of profits once the investors have received a return equivalent to 8 per cent. per annum on their investment in the fund (8 per cent. internal rate of return). This is in line with normal commercial practices

The UK innovation investment fund is a fund of funds. The target financial return is the average of the performance of the top quartile funds available for investment in the relevant vintage years (2010 and 2011), less the fund-of-funds fees. This measure will provide a target for the funds-of-funds to select and manage funds which have the clear potential to be among the top 25 per cent. of funds in their peer group.