University College London hopes to generate as much as $126m for its second Technology Fund, with British Business Bank thought to be among potential limited partners.
University College London (UCL) is aiming to raise between £75m and £100m ($95m and $126m) for a second UCL Technology Fund, Business Insider reported on Tuesday.
Like its predecessor, the vehicle will be co-managed by UCL’s tech transfer office, UCL Business (UCLB), and AlbionVC, the venturing arm of investment firm Albion Capital.
The fund’s limited partners have not been named yet, however they are thought to include corporates, financial institutions, sovereign wealth fund and private investors.
UK government-owned investment bank British Business Bank is being considered as a replacement for the EU-owned European Investment Fund (EIF), which has suspended new UK commitments following the country’s decision to pursue Brexit.
EIF had contributed approximately $35m to UCL’s first $70m fund, a sum matched by Imperial Innovations, the tech transfer office of Imperial College London now owned by commercialisation firm IP Group. Albion had also committed to…
