Private equity (finance) offered to outside investors in new/growing businesses. Venture capital investments are usually high risk, but offer the possibility of above-average returns. Mason and Harrison (2002) TIBG 27, 4 find that, in the UK, venture capital investments were concentrated in Greater London and the South-East in the 1980s, but that this regional concentration has been greatly reduced since the 1980s. Martin et al. (2002) J. Econ. Geog. 2, 2 find that, although it has recently experienced a marked increase in activity, the venture capital industry is much less developed in Europe than it is in the USA.