Appointment of Co-Investors for the London Co-Investment Fund (LCIF).

Descriptions

The London Co-investment Fund (‘LCIF’) is a new fund established by Funding London and Capital Enterprise with the aim of investing GBP 23 000 000 in London-based, seed stage companies in the Science, Digital and Technology sectors. The LCIF defines seed stage as very early stage companies where the proof of concept stage has been successfully concluded. The LCIF is financed by GBP 25 000 000 provided by the Mayor of London and the London Enterprise Panel from the Growing Places Fund and GBP 1 700 000 from Funding London and will be managed by Funding London.The LCIF is a co-investment fund and will operate by contracting with early stage investors including venture capital funds and angel syndicates.Funding London was seeking to competitively select between six to eight organisations to become co-investment partners with the LCIF. The selected partners will enter into co-investment agreements with the LCIF with an initial duration of three years. The co-investment agreement sets out the requirements for potential investee companies and the rights and obligations of the co-investment partners.The aims of the LCIF are as follows:— To invest GBP 23 000 000 into high-growth early stage Science, Digital and Technology businesses in London during a 3-year period;— To achieve a target across the fund of GBP 2 900 000 of private sector investment for every GBP 1 invested by LCIF;— To generate approx. 2 653 jobs as a result of the investments being made; and— To maximise returns from exits to enable further investment in later years.The co-investment partners were selected on the basis of their knowledge of, focus on and track record of investing in the Science, Digital and Technology sectors; deal volume and pipeline; and investment approach.