Turquoise International appointed to manage new low-carbon fund
Turquoise International, a merchant bank focusing on energy, environment and efficiency, has been appointed as fund manager for Low Carbon Innovation Fund 2 (LCIF2).
Following the success of the first Low Carbon Innovation Fund, also managed by Turquoise, LCIF2 will invest venture capital alongside private sector investors in a range of businesses delivering low carbon technologies.
LCIF2 is supported by GBP11 million of capital from the European Regional Development Fund (ERDF) to be invested alongside at least the same amount from private investors. Investment sizes will range up to GBP1 million, including follow-ons. The original Low Carbon Innovation Fund, managed by Turquoise, supported more than 70 companies and generated over GBP68 million of investment in the East of England region.
Ali Naini, managing director of Turquoise International, says: “Turquoise was selected to manage the original LCIF initiative and was privileged to see some world-class clean technologies being developed by investee companies. We are committed to continuing to support new, ground-breaking technologies through LCIF2.”