As for the OECD study, I want to point out that apples and oranges are being compared. I have seen this study. Once again, the study did not specifically focus on the Quebec reality, which has been a success. Currently, the Quebec labour-sponsored venture capital funds account for 90% of the country's venture capital funds. However, the people who carried out the study did not look at the issue specifically through the lens of the Quebec reality.
In fact, if the tax credit was indeed harmful to private venture capital funds, why did the representatives of Canada's Venture Capital and Equity Association appear before us and talk about the willingness, desire and need to save labour-sponsored funds? The two types of funds are not mutually exclusive. They work together and they are complementary. If the reality on the ground was such as described by the OECD, the association that represents the majority of private venture capital companies would not come here to plead the case of that tax credit intended for labour-sponsored funds.