Wales Life Science Investment Fund

The Public Accounts Committee considered the Auditor General for Wales’s report which was published on 25 February 2016.

The report looked at the establishment, governance, oversight and early operation of the Fund and examined whether the Welsh Government and Finance Wales established the Fund and oversaw its initial operations (including its first three investments) effectively.

The ‘life sciences’ (primarily biology, medical bio-technology, genetics and related disciplines) are a significant and growing driver of economic growth in modern industrialised nations across the globe, and many governments are either investing or supporting investment in this important business sector. The Fund is a dedicated equity fund that is held on behalf of the Welsh Government by Finance Wales Plc (Finance Wales). The Fund has a target investment value of £100 million for investment in life-sciences businesses located, or to be located, in Wales.

Due to time constraints, the Committee was only able to undertake one evidence session but has recommended, in its Legacy Report, that its successor Committee undertakes a more detailed inquiry into the Wales Life Science Investment Fund, early in the fifth Assembly.