Aegon UK, NatWest Cushon and M&G commit £200m in funding for science and tech businesses
Funds will support UK companies in areas such as clean energy, fintech and medical technology, aiming to create skilled jobs across the country.
Aegon UK, NatWest Cushon and M&G have backed a £200m fund to help scale science and technology businesses in Britain.
The investment follows Government pension reforms and is close to final approval.
Funds will support UK companies in areas such as clean energy, fintech and medical technology, aiming to create skilled jobs across the country.
The announcement came after a meeting between Chancellor Rachel Reeves, Pensions Minister Torsten Bell and senior leaders from the pension funds.
Louis Taylor, CEO at British Business Bank, said: “Today’s announcement brings us one step closer to mobilising institutional capital at scale into the UK’s fastest growing companies, both diversifying pension portfolios and providing much needed scale up funding.”
The British Business Bank plans to launch its VentureLink initiative to give institutional investors more information about venture capital opportunities.
Reeves said: “My number one priority is economic growth, and by unlocking investment in Britain’s most exciting sectors – from science and technology to clean energy – we’re backing the businesses that will power our future, deliver well paid jobs, and put more money in people’s pockets.”
Bell said: “Britain is becoming a nation of savers, with many more of us now saving into a pension.
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