The Department for Business Innovation & Skills (‘BIS’) has appointed Citigate Dewe Rogerson (‘Citigate’) to raise awareness of its UK Innovation Investment Fund (‘UKIIF’) with investors.
The UKIIF, which was announced by Prime Minister Gordon Brown on 29 June 2009 as part of the Building Britain’s Future programme, is aiming to raise £1 billion over 10 years, making it one of Europe’s largest technology funds. The fund of funds will invest in technology businesses that have high growth potential in strategically important sectors such as ICT, life sciences, low carbon, clean technology and advanced manufacturing.
The UKIIF will invest in established venture capital funds to ensure a good return to investors and the UK taxpayer, which has a £150 million stake in the fund. It is a pioneering initiative to address the equity gap but also to secure the investment the Government has made in science and the research base to ensure knowledge transfer and the development of sustainable businesses that can compete in the global economy.
The account team at Citigate is led by Managing Director Deborah Saw supported by Directors Chris Gardner, Alistair Kellie and Justin Griffiths and will work closely with Lord Drayson, Minister for Science & Innovation, and officials within the Department.
Over the next four months Citigate will be working with the Department for Business, Innovation & Skills to leverage additional private sector investment to the fund of funds from institutions and wealthy individuals. A fund of funds manager for the UKIIF will be appointed by 11th December 2009 and the first closing of the fund is due to follow soon after.
Fergus Harradence, Deputy Director, Innovation Policy, Department for Business, Innovation & Skills said: “Citigate demonstrated that it has the necessary experience to help us to communicate effectively with potential investors in the UKIIF. The fund will provide much needed equity finance to technology companies through the downturn and will offer investors an opportunity to invest in high growth companies in the UK technology sector.
Fergus Harradence continues: “The UKIIF will invest in companies that require equity finance at all stages of development, from seed and early stage funding through to later stage financing. The Government’s cornerstone investment of £150 million in the fund demonstrates its commitment to ensuring that there is long-term investment in this strategically important sector of the UK economy.”
Deborah Saw, Managing Director, Citigate Dewe Rogerson said: “The UKIIF is a pioneering initiative to address the equity gap in the technology sector. We are delighted to be working with the Department for Business, Innovation & Skills to raise investor interest in the fund and to highlight the opportunity to invest in potentially world-beating businesses. Evidence shows that now is an excellent time to invest in proven venture capital funds. The UKIIF is one way to do this.”
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For further information please call:
Deborah Saw 020 7282 1031
