The UK Innovation Investment Fund (UK IIF) has released a request for proposal (RFP) that sets out parameters for the creation of the largest technology fund in Europe.
The RFP, which has been compiled by asset management group Capital for Enterprise sets out key targets for delivering the UK IFF- a venture capital fund of funds spearheaded by Lord Drayson to support the UK’s technology industry.
The document asks fund managers to target ‘sectors of the future’, including life sciences, low carbon, digital and advanced manufacturing as part of government strategy to increase skilled jobs and promote technology-based businesses in the UK.
The fund is expected to focus on supporting small businesses, start-ups and spin-outs in these industries, as well as boosting venture capital and syndication markets during the recession.
Around £150m will be invested by the departments for Business Innovation and Skills, Energy and Climate Change, and Health, alongside private investment. The government forecasts that this investment will be enough to create a 10-year fund worth £1bn.