Research report for BIS exploring the reasons why institutional and co-investors chose to invest in venture capital funds and whether this funding was additional. It aimed to explore the reasons why private sector investors choose to invest in venture capital compared to other asset classes and the factors that would encourage further investment in the future. The study assesses the characteristics of investors; their motivations for investing in venture capital; the impact of BIS equity funds on leveraging additional finance to SMEs; and investor attitudes to venture capital as an asset class. It also explores the experiences of BIS fund managers. Underlying data for this publication is also available in a machine processable format on the Transparency/Report Data webpage.