Phoenix Group has launched its first dedicated venture capital fund with an initial allocation of £100m ($137m).
Phoenix Venture Capital Partners was developed and administered with Aberdeen Standard Investments, the insurer’s strategic asset management partner.
The fund was designed for Phoenix Life unit-linked and with-profits policyholders.
It will predominantly invest in early stage UK based start-ups and businesses that have an environmental, social and governance approach in a number of sectors including fintech, green energy, and healthcare.
“Subject to market conditions, we intend to increase this allocation in due course as we see this as an attractive asset class,” James Mitchell, head of manager oversight, said.