Lansdowne Partners has launched a venture capital fund focused on backing high potential British companies emerging from the UK’s university research base and startup ecosystem.
The fund has announced a first close of $150m (£112m) and will hold a second and final close in December, with indicated interest in excess of the fund cap of $200m (£149m).
The new fund includes commitments from British Business Bank, who are investing £40m, in addition to Aviva Investors, Lloyds Banking Group, and Lansdowne investors and internal partners.
Lansdowne Partners says the goal of the fund is to bridge the gap between early-stage innovation and global commercial success, and will work closely with founders to develop their ideas.
The funding will be used to optimise UK’s strength in innovation and back globally competitive ideas that are relevant to the industries of the future.
These sectors include healthcare data, quantum computing, natural capital, advanced materials, semiconductors and defence technology, as well as complementary sectors where secure supply chains and domestic capability are becoming increasingly important.
“The UK has at least as much intellectual property per capita as any country in the world, yet too often the companies built around those ideas struggle to access the capital needed to scale globally,” says Peter Davies, partner and head of developed markets at Lansdowne Partners.
“By backing a concentrated set of exceptional businesses with substantial capital and disciplined strategic guidance, we aim to help them realise their potential to be global leaders and drive domestic economic growth while delivering strong returns for our investors.”
Lansdowne Partners were one of the first funders of innovation platforms such as Oxford Science Enterprises, IP Group, Entrepreneur First, Cambridge Innovation Capital and Northern Gritstone.
