Pension and Sovereign Funds to Invest in UK’s $1.7B Innovation Fund

Nov 23 2009 | 8:12pm ET

Pension and sovereign wealth funds are set to be among the investors in the UK government’s planned £1 billion ($1.7 billion) Innovation Fund for the life science, cleantech and digital sectors.

The fund was launched by Prime Minister Gordon Brown in June 2009, with an initial government investment of GBP 150 million ($248 million).

Paul Drayson, the UK Minister for Science and Innovation, told that the Innovation Fund has “pension fund investors with sovereign wealth funds plus a number of very high net worth individuals.” Drayson did not name names, but said he expected the fund, if achieved, to provide a “real boost” to the UK’s cleantech sector.

The government is currently at the due diligence stage of appointing a fund manager. Officials say the name of the manager and the value of the first closing will be announced shortly.

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