The UK Innovation Investment Fund, a government-backed fund of funds set up to benefit private British companies, is ready to announce the manager selected to oversee the vehicle’s investments.
Whilst a fund of funds manager has already been chosen, the name will be revealed next month as the government plans to raise a £1bn (€1.1bn) pool of capital to aid UK innovation.
The Departments for Business Innovation & Skills, Energy and Climate Change and Health are cornerstone investors, committing £150m (€168.2m) alongside private sector investors on a pari-passu basis. The fund of funds, therefore, will have a minimum of £300m (€336.4m) to invest in underlying venture capital funds; however, the UK IIF is targeting £1bn.
UK Innovation Investment Fund set to announce manager