London Collective Funding Automobile (CIV) has change into the primary native authorities pension scheme pool to again a brand new initiative geared toward rising funding for early-stage startups.
London CIV, which manages the native authorities pensions for the 32 boroughs of London and the Metropolis, has agreed to work with the British Enterprise Financial institution on the launch of the British Progress Partnership, with a view to investing within the preliminary fund when launched.
Introduced on the Worldwide Funding Summit, the British Progress Partnership will encourage UK pension funds and different institutional buyers to place capital into revolutionary firms, consistent with authorities efforts to enhance entry to startup and scaleup capital.
London CIV joins pension teams Aegon UK and NatWest Cushon, each of which have additionally agreed to work with the brand new funding partnership.
“London CIV’s purpose continues to be growing funding options that mirror the evolving wants of our Accomplice Funds, notably in areas corresponding to personal fairness the place demand continues to develop,” mentioned Andrien Meyers, chief industrial officer at London CIV.
“It is a highly-positive step as a part of our complete course of to ship sound personal fairness options for London CIV Accomplice Funds – lots of whom have lobbied London CIV to discover and pursue for a while.”
The British Enterprise Financial institution mentioned the preliminary fund will search to boost tons of of hundreds of thousands of kilos.
The group obtained regulatory approval from the Monetary Conduct Authority earlier this month for BBB Funding Companies, a 3rd get together arm of the event financial institution, to offer funding providers to purchasers forward of the launch.
“This announcement is an endorsement of the work the British Enterprise Financial institution is doing to assist pension funds and different institutional buyers to entry enterprise capital alternatives,” added Ian Connatty, managing accomplice at BBB Funding Companies.
“By unlocking tons of of hundreds of thousands of kilos of home funding for the UK’s excessive development companies by way of the creation of the British Progress Partnership, the UK can seize the complete industrial potential of its world class breakthrough know-how firms whereas offering a legacy for future generations of pensioners.”
Learn extra: British Enterprise Financial institution commits £40m to regional funding fund
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