The vehicle, which has already secured $470m in commitments, will aim to help commercialise British research and help companies expand into China.
UK-based innovation platform Future Planet Capital signed a memorandum of understanding with venture capital vehicle Eight Great Technologies Fund (8GT) on Thursday for an initiative that will invest in British spinouts and companies.
The fund has secured initial commitments for RMB3bn ($470m). Limited partners include Shenzhen Qian Hai Sunflower Financial Services, a subsidiary of financial services firm China Construction Bank, and Jian Xin Tian Ran Investment Management, a subsidiary of the Sichuan provincial government.
The agreement, signed during UK prime minister Theresa May’s recent visit to China, will focus on the healthcare and biotechnology industries. It will invest in UK-based spinouts and companies, with a large proportion allocated to firms hoping to expand into China.
Douglas Hansen-Luke, executive chairman at Future Planet Capital, said: “We are honoured to support 8GT’s leading scientists and delighted to be part of a consortium receiving China’s biggest ever single investment into foreign intellectual property.
“This partnership demonstrates our continued commitment to accelerating innovation in leading centres of innovation around the world. This collaborative effort is unique: we look forward to working together closely to fund the companies of the future addressing global challenges today.”
Malcolm Glaister, partner and CEO of the Eight Great Technologies Fund, said: “Future Planet Capital and 8GT have formed a unique platform, integrating leading scientists and sector experts at the core of the investment process.
“We already have a pipeline of companies who are keen to grow both in the UK and through Chinese markets, to become the global technology successes of the future.”
