BVCA Responds to EIF

The next stage of implementation for the UK Innovation Investment Fund (UKIIF) was announced this morning, as the government confirmed the launch of the Environmental Investment Fund.

Science & Innovation Minister Lord Drayson spoke at the event this morning with Susan Flynn, CEO of Hermes Private Equity, who will manage the £125m fund, which will focus on clean tech investments.

Simon Havers, Chairman of the BVCA, who attended the event in central London, said:

"Today's launch of the Environmental Investment Fund represents a positive step forward for clean tech financing in the UK.  By more than doubling its own commitment to this fund through private contributions, the government is demonstrating that there is an appetite for venture capital as an asset class in the UK.  The money raised also shows that investment in low carbon technology will be a key area for future growth, as we move towards a greener economy."

FOR FURTHER INFORMATION PLEASE CONTACT

Emily Hartman, BVCA: 0207 420 1805

Notes to editors:

1.       The Department for Business, Innovation and Science's release can be viewed at:

http://nds.coi.gov.uk/content/detail.aspx?NewsAreaId=2&ReleaseID=410596&SubjectId

2.       The Environmental Investment Fund forms one part of the UKIIF.  The second fund of funds (of £200m) will be managed by the European Investment Fund and will be a generalist fund.

3.       The British Private Equity and Venture Capital Association (BVCA) is the industry body for the UK private equity and venture capital industry. The BVCA has over 450 member firms, representing the overwhelming number of UK-based private equity and venture capital firms and their advisers.