Subordination
It's been written by a technology guru from Belfast called David Kirk.
He has made it big in Silicon Valley and now lives in California but has invested in a few small technology companies in Northern Ireland.
In his report, he noted how a few months ago one venture capital fund, which took money from Invest NI, reported a profit for other private investors while Invest NI lost money on its loan.
It's a process called subordination - private investors are given a good return on their money, even when there isn't really a profit to be shared to encourage them to keep investing.
Invest NI takes the financial hit.
Mr Kirk thinks that is bad for the economy on a number of levels.
Firstly, he said the funds didn't seem to be focused on the areas that needed to be fixed.
Secondly, he said if investors are only getting a return for their money because they are being bailed out by public funds then they have no reason to trust the fund managers.