DCC Venture Capital Fund?

Last week's "The Independent' magazine has a story (not on-line), reporting that the Dunedin City Council and local business incubator, Upstart, are co- funding study to look at establishing a "side-car" investment fund for investors. This fund would co-invest with Upstart's Angel investors, who are used to analysing startup companies.
Upstart chief executive, Norman Evans, is quoted as saying:

Anything that stops people putting their money into bad investments by spreading their risk is a good idea

Evans tells of a local farmer who had invested $1,000,000 in a local IT company:

I thought, "poor guy, he’s just blown a million bucks in a sector he knows nothing about trying to do the right thing to help a young company get going". There should be a place for people like this to invest

Such a venture capital fund is not a bad idea. I would consider investing in it myself. But I would be interested in knowing the performance of the investments that the Upstart Angels have made so far.
And wasn't the farmers unfortunate investment very like the investment of the Dunedin City Council in "The Street" where $700,000 was lost. Norman Evans was on the board of "The Street".