Scrutiny of Welsh Government Life Sciences Investment Fund

The Wales Life Sciences Investment Fund was a dedicated equity fund that ran from 2012 to 2023 with an initial target investment value of up to £100 million. The closure of the Fund was announced in a written statement on 12 July 2023 by the Minister for Economy, with £21.1 million being written off by the Development Bank of Wales. The Public Accounts and Public Administration Committee agreed to examine the closure of the fund with the Welsh Government and the Development Bank of Wales.

The Committee held an evidence session with officials from the Welsh Government and the Development Bank of Wales on 27 September 2023, and subsequently wrote to officials for further information following the session. The Committee received a response on 15 January 2024.

The Committee wrote to Welsh Government on 3 December 2024 requesting an update on developments within the Wales Life Sciences Investment Fund. Welsh Government responded to the Committee’s letter on 31 March 2025; the Committee discussed the letter at its meeting on 1 May 2025.