However, this may simply reflect the government's desire not to give away one of its key bargaining chips in the Ulster peace process at too early a stage.
While venture returns are at their lowest since 1998 and VCs are proceeding with extra caution, NEA is sticking to its early-stage focus despite the perception that more developed later-stage deals are less risky.
This revelation, that it may have been almost impossible for UBS to spot Mr Adoboli's unauthorised dealings at an earlystage, is expected to reinforce political pressure in Switzerland for UBS to hive off its investment bank (see my earlier post for more on this).