What is UK FTF?
The UK Future Technologies Fund is a technology focused 'fund-of-funds' launched by the EIF and the UK Government. It invests into venture capital funds in the ICT, life sciences and advanced manufacturing sectors. The funds should have a UK focus and an emphasis on early and development stage companies. UK FTF L.P. held a first closing in February 2010 at GBP 200m with the UK Government and the EIF as cornerstone investors and will continue to make new investments up until February 2014.
What are its main characteristics?
- High quality team with a sound collective investment record, strong experience and insight into the UK market
- Investment Period : 4 years until February 2014
- Invests only in venture capital funds and does not make direct investments in companies
- Invests on commercial terms and seeks a market return on its investments
- Aims to build a diversified portfolio of funds: 12 to 20 funds
- Balanced focus across main technology sectors: ICT, life sciences and advanced manufacturing
- Funds will target all stages: seed, start-up, early and growth stage
- Pan-European approach: Fund will also consider European teams that have shown an ability to invest successfully into UK businesses
What are its investment conditions?
- Investments will be made predominantly in established venture capital teams with a proven track record of investing in UK
- Investee funds should have a coherent strategy, taking into account the know-how of the team as well as fund size and geographic, industrial and technological focus of the fund
- There must be commercially viable fund sizes for team stability and the fund’s investment capacity
- Clear legal and tax structure for the investee funds including market standard terms and conditions
- Pari passu treatment of all investors
The EIF aims to support venture capital investment in the UK through a variety of initiatives including the UK FTF L.P.Managers seeking to raise new funds are welcome to contact EIF with their proposals. In order to facilitate the screening of any investment opportunity, please submit a presentation or PPM to Mr Will Vizard, Investment Manager, E-mail w.vizard[at]eif.org