EUROPE - The £12bn (€17.4bn) BP Pension Fund has been named as one of the investors in the new InnKap 4 fund of Swedish venture capital firm InnovationsKapital.
The BP scheme is one of the 20 international investors from Sweden, Europe and the US, who have jointly invested a total of €113m in the new fund, which focuses on start-up and early stage growth firms, active in the ICT and healthcare and life sciences market sector, operating in the Nordic region.
Three other pension funds, including Sweden's own AP1 and AP3 buffer funds, are also investing.
Staffan Ingeborn, chief executive of InnovationsKapital, thinks that it is an interesting investment opportunity for pension funds in particular as it is a solid long-term investment with a well established firm.
"The investors have recognised our attractive market position and consistency in terms of track record and proprietary deal access," he said. InnovationsKapital has €317m in aggregated capital under management.
The firm declined to mention how much the pension funds have invested individually. No one was available for comment at the BP fund.