Returns from venture capital investments exceed those made in the stock market, according to Mr Niall Carroll, chairman of the Irish Venture Capital Association.

Mr Carroll said that, between 1996 and 1997, European investment in venture capital projects rose by 250 per cent, from $9 billion to $23 million (£15.4 billion). He said such figures proved the returns from venture capital investments were very attractive.

He was speaking at the Irish Association of Pension Funds's annual investment seminar in Dublin.