The Merseyside, South Yorkshire and Strathclyde pension funds are among the investors in the Clean Growth Fund, a venture capital fund that has closed at £101 million ($133 million; €119 million). The UK government is also a backer.
Pension funds do not typically have the risk appetite for venture capital investments. But George Graham, a director at the £10.5 billion South Yorkshire Pensions Authority, said: “Achieving the country’s and our pension fund’s net-zero goals requires the development and exploitation of new technologies which support the decarbonisation of the economy.”
Merseyside and South Yorkshire jointly invested £31 million, a statement from CGF said. Other investors include Queens’ College Cambridge, Aviva Investors, investment manager CCLA and the UK government’s Department of Business, Energy & Industrial Strategy.