Future Planet Capital, together with the investment arm of Timpson Group, has submitted a joint proposal to establish a fund under the British Business Bank’s (BBB) Long-term Investment for Technology and Science (LIFTS) initiative.
The LIFTS scheme aims to unlock UK institutional investment, especially from defined contribution pension funds, into Britain’s most innovative science and technology companies. The BBB expects an initial government-funded commitment of up to £250m to be available to support successful proposals.
In partnership with Timpson Group, we will be using our existing relationships and new opportunities to partner with a range of pension funds and other investors in a fund that will be able to channel billions of pounds into venture capital on a rolling basis for many years to come.
In our joint proposal to the LIFTS initiative, we have outlined our plans to deploy capital to science and technology businesses solving global challenges in breakthrough fields such as quantum computing, artificial intelligence, semi-conductors, bio-engineering and climate technologies.
““We are pleased to be partnering with one of the UK’s most respected household names which has a reputation for putting people at the heart of its business. We look forward to working with Timpson to build on our great track record in delivering returns for investors by marrying profit with purpose.””
USING DATA-DRIVEN EXPERTISE TO IDENTIFY AND MANAGE IMPACTFUL INVESTMENTS
As part of this partnership, FPC will harness its global, data-driven expertise in identifying and managing the most impactful investments sourced from top universities and research centres. It also aims to strengthen Timpson’s exposure to an investment sector that has generated returns for leading pension funds of 23% per annum over the five years ending in 2021*.
FPC has a long track record of managing deep tech funds on behalf of the government, The British Business Bank, sovereign wealth funds and local government pension funds. FPC (Ventures) Ltd currently manages the UK Innovation and Science Seed Fund (UKI2S), a national early-stage investor in the UK’s publicly funded science and knowledge base, which is backed by UKRI, MOD, DSIT, UKAEA and other public bodies.
““Key to the success of our business is putting our people first, whether they are with us, have retired, or moved on. We are pleased to be partnering with Future Planet Capital on this LIFTS proposal to support our colleagues. Impact-led venture capital has been instrumental in backing new, disruptive technologies and providing high returns for investors. FPC’s established track record in this area and its enviable portfolio will help to support British companies and build long-term value for Timpson and its people.””
This partnership follows the government’s Mansion House Reforms, which aim to encourage pension fund investment into assets that support UK growth. These game-changing reforms are set to unlock £75 billion of pension fund money for this purpose.
*Source: CEM Benchmarking data