£125m Hermes Fund is ready for investing.
The UK Innovation Investment Fund has got off the ground with the first closing of the £125m Hermes Private Equity environmental innovation fund.
The Environmental Innovation Fund, managed by Hermes Private Equity, will now start investing in low carbon and clean technology funds, as well as co-investing in relevant companies.
The Hermes Fund will focus on investment opportunities aimed at increasing the efficient use of resources, both renewable and non renewable, at all stages of production and consumption.
With the UK emerging as a European frontrunner in alternative energy investment, it is well positioned to further develop a sustainable market competitive globally. The Hermes Fund will look to benefit from this attractive market framework and expects to commit its capital over the next two to three years.
The fund has already raised £125m and will continue to seek further funding from investors.
?The UK has a wealth of innovators and entrepreneurs seeking to create the businesses of tomorrow ? businesses that will make the UK a world-leader in low carbon innovation and industry, and help to tackle some of the biggest challenges we face around energy and climate change,? said Prime Minister Gordon Brown. ?This fund will provide substantial investment where it is needed and deliver strong returns for investors."
Added the 27 January 2010 in category Innovation News