THE UMIP Premier Fund, launched last year to invest in Manchester University spin-outs, is to close at least £10m short of its original £50m target.Set up by the University of Manchester Intellectual Property company, and run by technology investment company MTI, the fund announced its first close of £32m in April 2008, and its expected final close of £50m was widely reported.But the economic downturn means the fund has since been downsized by at least £10m.

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