British Innovation Fund launched with $39m

Royal County of Berkshire Pension Fund has provided half the capital secured by the fund so far.

Future Planet Capital and Milltrust International Group launched the British Innovation Fund (BIF) with £30m ($39m) in commitments last month from investors including Royal County of Berkshire Pension Fund.

The pension fund has contributed £15m to the evergreen vehicle. Nick Greenwood, pension fund manager for the Royal Borough of Windsor & Maidenhead which administers the pension fund, has been named chair of BIF’s investment committee.

That committee is further made up of members of Future Planet, including its chair Douglas Hansen-Luke and Milltrust Agricultural Investments, a subsidiary of Milltrust International Group, including Griff Williams, its chief information officer and co-founder.

BIF will focus on commercialisation of research emerging out of UK universities. It has already injected capital into Oxford Sciences Innovation, the university venturing fund of Oxford University, participating in a £230m extension earlier in December.

Simon Hopkins, chief executive of Milltrust International Group, said: “Recent concerns have been voiced that Brexit will jeopardise funding for the development and subsequent commercialisation of key science, patents and technologies coming out of the leading UK universities. We believe that the British Innovation Fund provides a direct response to these concerns."

See more from this Government Report: UK

Back

Copyright Mawsonia Limited 2010. Please don't cut articles from www.globalgovernmentventuring.com or the PDF and redistribute by email or post to the web without written permission.

Most read

  1. STT reinforces Armor with $89m investment

    April 06, 2017

  2. UK to review tax breaks

    April 03, 2017

  3. BDC helps accelerate Calgary startups

    April 13, 2017

  4. Tianjin City launches $17.4bn fund

    April 13, 2017

  5. Arralis appears on Hong Kong-based consortium’s radar

    April 05, 2017

Events

  • 23 May - 24 May, 2017

    GCV Symposium 2017 - London

    Join 400+ business leaders from the corporate venturing and wider high growth business ecosystem for the two-day 2017 GCV Symposium.

  • More Events