UK's Seraphim Space Fund drops to just £50m

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Earlier this year they were saying £83m:-

http://www.cityam.com/225788/vc-fund-targets-83m-space-sector-shake

Now just £50m:-

http://www.esa.int/Our_Activities/Telecommunications_Integrated_Applications/Venture_capital_available_for_space-based_companies

I suspect, given the investors in the fund, most of it will flow to pet projects of the various agencies...