PRESS: M&G and Schroders among bidders for Scale-up Fund - Sky News
M&G PLC and Schroders PLC are among asset managers seeking to manage the new Scale-up Fund, Sky News reported Wednesday.
The fund will see major UK pension providers explore the establishment of a £1 billion investment vehicle to support high-growth British science and technology companies.
The fund aims to increase the availability of growth capital in the UK and help companies scale and commercialise faster.
Sky reported that a number of other asset managers, including early-stage investors, have applied to manage the fund alongside M&G Investments, a subsidiary of M&G, and Schroders.
In July, UK Prime Minister Andy Burnham said: "Today sends a clear message: this is a vote of confidence in British business, British talent and British ambition.
"This new fund would help unlock good growth in every postcode, connecting pension investment with the entrepreneurs and technologies that will reindustrialise Britain and create the jobs of the future.
"That means more opportunities for working people, stronger returns for savers, and more businesses choosing to start, grow and stay in Britain."
Chancellor of the Exchequer John Healey said: "We create great companies in Britain but don’t do enough to grow them with British capital and keep profits in the UK. I want the UK to become the best place in the world both to start and scale a business, with investment, jobs and skills in every region.
"We have the third largest venture capital market in the world and this new £1 billion fund will mean more British money to back British scale-ups and better returns for pension savers."
The criteria for companies eligible for investment from the fund have not yet been disclosed publicly.
Shares in M&G were up 0.8% to 350.60 pence on Wednesday afternoon in London, while Schroders were up 0.1% to 584.00p.
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