STORY
UK pension funds have agreed to work together on a new investment initiative intended to provide up to £1 billion for British growth companies. The announcement was made as part of the Government’s efforts to increase domestic investment.
The initiative is intended to direct more long term pension capital towards innovative businesses seeking to expand. Ministers said it would support companies in sectors including technology and life sciences.
Further details will be developed by participating pension providers and investment managers. The Government said the scheme would operate on a commercial basis.