Members of Sweden’s Nobel family are backing a new venture capital fund that will promote sustainable technologies in the UK.
The £100 million Nobel Sustainability Growth Fund was launched this week by Sustainable Technology Investors Ltd. (STIL) in partnership with the Nobel Sustainable Trust (NST) and SET3.
NST was founded by members of the Nobel family, best known for the series of prizes bearing their name, to respond to the challenges of climate change.
The new fund will make sustainable private equity investments in the UK to build technology, manufacturing, services and asset development, according to a statement announcing the fund’s launch.
“The UK continues to offer a strong pipeline of investments post Brexit,” said Jim Totty and Nick Curtis of STIL, which will manage the fund.
“Sustainability, innovation and technology will continue to drive the UK economy over the next 10 years, as underlying economic and environmental drivers see institutional capital flows continue into the sustainable sector.”
The fund will evaluate sustainability using the Earth Dividend, a proprietary measure of sustainability in private equity that assesses sustainable development across five themes: Natural Resources, Ecosystem Services, Pollution, Social & Economic Contribution, and Society & Governance.
According to Reuters, the fund has received an initial backing of £10 million by SET3, a global investment group founded by Gordon Power and Stephen Lansdown, and Monaco’s sovereign wealth fund. It will make 10-12 investments of between £3 and £10 million each in UK ventures.
The UK fund will be followed by other regional funds around the world focused on resource efficiency, clean energy and sustainable technology.
Image credit: Tim Ereneta via Flickr