The British Business Bank has launched the Long-term Investment for Technology and Science (LIFTS) initiative, calling for proposals from industry to establish new funds or investment structures. The aim is to attract UK institutional investment, particularly from Defined Contribution (DC) pension schemes, to support the growth of innovative science and technology companies. Up to £250 million of government funding is expected to be available to support successful proposals.
Facts
- The British Business Bank seeks proposals for the LIFTS initiative to attract institutional investment into UK science and technology companies.
- Up to £250 million of government funding is expected to be available to support one or more successful proposals.
- Managed fund proposals are invited from DC pension schemes (or consortia) and authorised asset managers.
- The LIFTS initiative aims to unlock UK institutional investment, catalyze private investment into UK science and technology, and stimulate the UK VC ecosystem.
- UK DC pension schemes currently hold over £500 billion in assets, and the figure is expected to double to £1 trillion by 2030.
- UK pension schemes are currently under-invested in venture capital and growth equity compared to overseas schemes.
- The deadline for proposals is 15:00 on Friday, July 28, 2023.
